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15 posts from "May 2015"
May 11, 2015

Financial Innovation: The Origins of the Tri-Party Repo Market

The conventional wisdom about financial innovation is that it is typically undertaken as a way to increase profits.

Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
May 8, 2015

Crisis Chronicles: The Man on the Twenty-Dollar Bill and the Panic of 1837

Thomas Klitgaard and James Narron Correction: This post was updated on May 8 to correct the book title and spelling of the author’s name in the fifth paragraph. We regret the error. President Andrew Jackson was a “hard money” man. He saw specie—that is, gold and silver—as real money, and considered paper money a suspicious […]

May 7, 2015

From the Vault: Monetary Policy and Government Finances

Anna Snider Each year, the manager of the Federal Reserve’s System Open Market Account (SOMA) submits an accounting of open market operations and other developments influencing the composition and performance of the Fed’s balance sheet to the Federal Open Market Committee (FOMC).

Posted at 7:00 am in Fiscal Policy | Permalink | Comments (0)
May 6, 2015

U.S. Potential Economic Growth: Is It Improving with Age?

Samuel Kapon and Joseph Tracy The contribution of labor input to the potential GDP growth rate for the United States has changed over time. We decompose this contribution into two components: the size of the adult population and the average demographically adjusted employment rate. We find that these two components in the late 1960s and […]

May 4, 2015

Interest-Bearing Securities When Interest Rates are Below Zero

Negative interest rates have evolved, over the past few years, from a topic of modest academic interest to a practical reality.

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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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