107 posts on "Credit"
July 13, 2016
Could Liquidity Regulation Revive the Bank Lending Channel?
Dong Beom Choi and Ulysses Velasquez How does monetary policy affect spending in the economy? The economic literature suggests two main channels of monetary transmission: the money or interest rate channel and the bank lending channel. The first view focuses on changes in real interest rates resulting from a shift in monetary policy and corresponding […]
July 11, 2016
How Have High Reserves and New Policy Tools Reshaped the Fed Funds Market?
Gara Afonso and Sammuel Stern Over the last decade, the federal funds market has evolved to accommodate new policy tools such as interest on reserves and the overnight reverse repo facility. Trading motives have also responded to the expansion in aggregate reserves as the result of large-scale asset purchases. These changes have affected market participants […]
February 12, 2016
Just Released: Household Debt Grew Slowly in 2015 as Mortgage Balances Stayed Flat
This morning, New York Fed President William Dudley spoke to the press about the growing resilience of the U.S. household sector. His speech was followed by a briefing by New York Fed economists on developments in household borrowing. Their presentation included a detailed decomposition on mortgage borrowing and payment trends, and some new research on how borrowing has evolved differently across age groups. Today, the New York Fed also released the Quarterly Report on Household Debt and Credit for the fourth quarter of 2015. The report, the press briefing, and the following analysis are all based on the New York Fed Consumer Credit Panel, which is itself based on consumer credit data from Equifax.
April 20, 2015
Credit Supply and the Housing Boom
There is no consensus among economists as to what drove the rise of U.S. house prices and household debt in the period leading up to the recent financial crisis. In this post, we argue that the fundamental factor behind that boom was an increase in the supply of mortgage credit, which was brought about by securitization and shadow banking, along with a surge in capital inflows from abroad. This argument is based on the interpretation of four macroeconomic developments between 2000 and 2006 provided by a general equilibrium model of housing and credit.
March 27, 2015
Just Released: SCE Credit Access Survey Shows Higher Likelihood of Consumers Applying for Credit
The Federal Reserve Bank of New York today released results from its February 2015, which provides information on consumers’ experiences with and expectations about credit demand and credit access.
February 23, 2015
Insolvency after the 2005 Bankruptcy Reform
Personal bankruptcy was introduced in the United States through the Bankruptcy Act of 1978.
November 20, 2014
Introducing the SCE Credit Access Survey
Today, we are releasing new data on consumers’ experiences and expectations regarding credit demand.
September 8, 2014
Why Aren’t More Renters Becoming Homeowners?
Recent activity in the U.S. housing market has been widely perceived as disappointing.
March 7, 2014
Crisis Chronicles: The Credit and Commercial Crisis of 1772
During the decade prior to 1772, Britain made the most of an expansion in colonial lands that required significant capital investment across the East and West Indies and North America.
February 7, 2014
Crisis Chronicles: The Commercial Credit Crisis of 1763 and Today’s Tri‑Party Repo Market
During the economic boom and credit expansion that followed the Seven Years’ War (1756-63), Berlin was the equivalent of an emerging market, Amsterdam’s merchant bankers were the primary sources of credit, and the Hamburg banking houses served as intermediaries between the two.
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