Liberty Street Economics
October 19, 2015

Reframing the Debate about Payday Lending

Except for the ten to twelve million people who use them every year, just about everybody hates payday loans.

The Tri-Party Repo Market Like You Have Never Seen It Before

The tri-party repo market is a large and important market where securities dealers find a substantial amount of short-term funding. Despite its importance, this market was very opaque before the crisis. Since March 2010, in accordance with recommendation 13 of the Task Force on Tri-Party Repo Infrastructure Reform report, the Federal Reserve Bank of New York has made monthly data on the tri-party repo market available to the public. Today, with our new interactive tool, there is a whole new way to view the market and its evolution. You can make your own charts, looking at volumes for specific asset classes, at haircuts, or at concentration, over your preferred time horizon.

October 16, 2015

Just Released: Regional Service Sector Resilient even as Manufacturing Slumps

The October 2015 Business Leaders Survey of regional service firms, released today, paints a considerably more benign picture of local business conditions than the more troubling October 2015 Empire State Manufacturing Survey, released yesterday.

Historical Echoes: Who Wants to Be the Richest Economist?

You might think that, given the extreme levels of wealth that exist today, the richest economist would be someone who was still alive. But you’d be wrong.

Posted at 7:00 am in Historical Echoes | Permalink | Comments (3)
October 15, 2015

Evaluating the Rescue of Fannie Mae and Freddie Mac

In September 2008, the U.S. government engineered a dramatic rescue of Fannie Mae and Freddie Mac, placing the two firms into conservatorship and committing billions of taxpayer dollars to stabilize their financial position.

October 14, 2015

Dealers’ Positions and the Auction Cycle

Michael J. Fleming and Collin Jones The aftermath of the financial crisis and changes in technology and regulation have spurred a spirited discussion of dealers’ evolving role in financial markets. One such role is to buy securities at auction and sell them off to investors over time. We assess this function using data on primary […]

October 9, 2015

The Liquidity Mirage

Market efficiency is often pointed to as a main benefit of automated and high-frequency trading (HFT) in U.S. Treasury markets.

October 8, 2015

Redemption Risk of Bond Mutual Funds and Dealer Positioning

Market participants have recently voiced concerns that bond markets seem to become illiquid precisely when they want to sell bonds.

October 7, 2015

Changes in the Returns to Market Making

Since the financial crisis, major U.S. banking institutions have increased their capital ratios in response to tighter capital requirements.

October 6, 2015

Has Liquidity Risk in the Treasury and Equity Markets Increased?

Market participants have argued that market liquidity has deteriorated since the financial crisis.

About the Blog

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.

The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.

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