6 posts from "December 2015"
December 21, 2015
The Effect of Fed Funds Rate Hikes on Consumer Borrowing Costs
Nina Boyarchenko, Sooji Kim, and Matthew Plosser The target federal funds rate has hovered around zero for nearly a decade, and observers are questioning what effect an increase could have on both the financial markets and the real economy. In this post, we examine the historical reaction of loan rates to target rate increases. Specifically, […]
December 7, 2015
Dealer Positioning and Expected Returns
Tobias Adrian, Michael Fleming, and Erik Vogt Securities broker-dealers (dealers) trade securities on behalf of their customers and themselves. Recently, analysts have pointed to the decline in U.S. dealers’ corporate bond inventories as evidence that dealers’ market making capacity is impaired. However, historically such inventories also reflect dealers’ risk management and proprietary trading activities. In […]
Posted at 7:00 am in Financial Institutions, Financial Markets, Liquidity, Treasury | Permalink | Comments (2)
December 4, 2015
At the New York Fed: Conference on the Evolving Structure of the U.S. Treasury Market
Michael Fleming, Frank Keane, Michael McMorrow, Ernst Schaumburg, and Nathaniel Wuerffel The New York Fed recently hosted a two-day conference on the evolving structure of the U.S. Treasury market, co-sponsored with the U.S. Department of the Treasury, the Federal Reserve Board, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission. The […]
December 3, 2015
The FRBNY DSGE Model Meets Julia
Marco Del Negro, Marc Giannoni, Pearl Li, Erica Moszkowski, and Micah Smith We have implemented the FRBNY DSGE model in a free and open-source language called Julia. The code is posted here on GitHub, a public repository hosting service. This effort is the result of a collaboration between New York Fed staff and folks from […]
December 2, 2015
Just Released: Job Market Remains Tight as Regional Economy Slows
The New York Fed’s latest Beige Book report indicates that regional economic growth slowed in October and early November, while the job market stayed strong and prices remained stable.
Posted at 2:15 pm in Regional Analysis | Permalink
December 1, 2015
The FRBNY DSGE Model Forecast—November 2015
This post presents an update of the economic forecasts implied by the Federal Reserve Bank of New York’s (FRBNY) dynamic stochastic general equilibrium (DSGE) model, which we first introduced in a series of blog posts in September 2014.
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