In a May 2014 Historical Echoes post, Marja Vitti describes what happened to money too old to be left in circulation: it was incinerated by the Federal Reserve Banks until passage of the Clean Air Act of 1970, after which the money was shredded.
Look for our next post on May 12.
October 10, 2014
Historical Echoes: “Burns Money” on What’s My Line?
Posted at 7:00 am in Historical Echoes | Permalink
October 8, 2014
Demographic Trends and Growth in Japan and the United States
Japan’s population is shrinking and getting older, with the population falling at a 0.2 percent rate this year, and the working-age population (ages 16 to 64), falling at a much faster rate of almost 1.5 percent.
Posted at 7:00 am in International Economics, Labor Market, Macroeconomics | Permalink | Comments (1)
October 6, 2014
What Can We Learn from Prior Periods of Low Volatility?
Volatility, a measure of how much financial markets are fluctuating, has been near its record low in many asset classes.
October 3, 2014
Crisis Chronicles: The Crisis of 1816, the Year without a Summer, and Sunspot Equilibria
In 1815, England emerged victorious after what had been nearly a quarter century of war with France.
October 1, 2014
Cross‑Country Evidence on Transmission of Liquidity Risk through Global Banks
Over the past thirty years, the typical large bank has become a global entity with subsidiaries in many countries.
Posted at 7:00 am in Banks, Euro Area, Financial Institutions, Financial Markets, International Economics, Liquidity | Permalink
September 30, 2014
Do Unemployment Benefits Expirations Help Explain the Surge in Job Openings?
Job openings are arguably one of the most important indicators of recovery in the labor market, as they reflect employers’ willingness to hire.
September 29, 2014
Direct Purchases of U.S. Treasury Securities by Federal Reserve Banks
Kenneth D. Garbade From time to time, and most recently in the April 2014 meeting of the Treasury Borrowing Advisory Committee, U.S. Treasury officials have questioned whether the Treasury should have a safety net that would allow it to continue to meet its obligations even in the event of an unforeseen depletion of its cash balances. […]
Posted at 7:00 am in Fed Funds, Financial Institutions, Liquidity, Monetary Policy, Treasury | Permalink | Comments (2)
September 26, 2014
The FRBNY DSGE Model Forecast
The U.S. economy has been in a gradual but slow recovery. Will the future be more of the same?
Posted at 10:00 am in DSGE, Fed Funds, Forecasting, Macroeconomics, Monetary Policy | Permalink | Comments (3)
September 25, 2014
Connecting “the Dots”: Disagreement in the Federal Open Market Committee
People disagree, and so do the members of the Federal Open Market Committee (FOMC).
An Assessment of the FRBNY DSGE Model’s Real‑Time Forecasts, 2010‑13
The previous post in this series showed how the Federal Reserve Bank of New York’s DSGE model can be used to provide an interpretation of the Great Recession and the slow recovery.
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