Liberty Street Economics posts from New York Fed economists can serve as teaching tools for new monetary policy and lending tools that are “not found in any textbook.”
Look for our next post on September 19.
August 27, 2015
August 26, 2015
Just Released: An Update on Regional Economic Conditions Provided at Our Economic Press Briefing
Jaison R. Abel, Jason Bram, Richard Deitz, and James Orr Today’s Economic Press Briefing at the New York Fed presented our economic outlook for New York, Northern New Jersey, and Puerto Rico. We showed that many parts of the region have bounced back quite well from the Great Recession and are growing at a solid […]
Mind the Gap: Assessing Labor Market Slack
Indicators of labor market slack enable economists to judge pressures on wages and prices.
August 25, 2015
Incentive Pay and Gender Compensation Gaps for Top Executives
Stefania Albanesi, Claudia Olivetti, and Maria Prados The persistence of a gender gap in wages is shaping the debate over women’s equality in the workplace and underscores the challenge facing policymakers as they consider their potential role in closing it. While the disparity affects females at all income levels, women in professional and managerial occupations […]
August 24, 2015
Rethinking Mortgage Design
John Campbell, Andreas Fuster, David O. Lucca, Stijn Van Nieuwerburgh, and James Vickery Because mortgages make up the majority of household debt in most developed countries, mortgage design has important implications for macroeconomic policy and household welfare. As one example, most U.S. mortgages have fixed interest rates—if interest rates fall, existing borrowers need to refinance […]
August 21, 2015
What’s Driving Dealer Balance Sheet Stagnation?
Tobias Adrian, Michael J. Fleming, Daniel Stackman, and Erik Vogt Fifth in a five-part series Securities brokers and dealers (“dealers”) engage in the business of trading securities on behalf of their customers and for their own account, and use their balance sheets primarily for trading operations, particularly for market making. Total financial assets of dealers […]
August 20, 2015
The Evolution of Workups in the U.S. Treasury Securities Market
Michael J. Fleming, Ernst Schaumburg, and Ron Yang Fourth in a five-part series The market for benchmark U.S. Treasury securities is one of the deepest and most liquid in the world. Although trading in the interdealer market for these securities is over-the-counter, it features a central limit order book (CLOB) similar to that found in […]
August 19, 2015
High‑Frequency Cross‑Market Trading in U.S. Treasury Markets
Dobrislav Dobrev and Ernst Schaumburg Third in a five-part series The U.S. Treasury market is one of the deepest and most liquid markets in the world, with significant trading in both Treasury futures and benchmark securities. In this post, we examine the pattern of trading activity in these instruments and document the substantial increase in […]
August 18, 2015
Liquidity during Flash Events
“Flash events,” extremely large price moves and reversals over just a few minutes, have occurred in some of the world’s most liquid markets in recent years.
August 17, 2015
Has U.S. Treasury Market Liquidity Deteriorated?
The issue of financial market liquidity has received tremendous attention lately. This partly arises from market participants’ concerns that regulatory and structural changes have reduced dealers’ market making abilities, but also from events such as the taper tantrum and the flash rally, in which Treasury prices fluctuated sharply amid seemingly little news. But is there really evidence of a sustained reduction in Treasury market liquidity?
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