Liberty Street Economics

Liberty Street Economics

Liberty Street Economics Anniversary image, text on the page, 15 Years of Economic Insight with years 2011 through 2026 with a red dot separating the years. Tap image to watch LSE at 15 with play icon.

Coming May 1:
Consumer Spending Trends and the K-Shaped Economy

May 13, 2014

Just Released: Young Student Loan Borrowers Remained on the Sidelines of the Housing Market in 2013

Last year, our blog presented results from the FRBNY Consumer Credit Panel (CCP) indicating that, at a time of unprecedented growth in student debt, student borrowers were collectively retreating from housing and auto markets. In this post, we compare our 2012 findings to the news for 2013.

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Posted at 11:15 am in Economic History, Education, Household Finance, Housing | Permalink | Comments (3)
May 12, 2014

Treasury Term Premia: 1961‑Present

Tobias Adrian, Richard Crump, Benjamin Mills, and Emanuel Moench

Treasury yields can be decomposed into two components: expectations of the future path of short-term Treasury yields and the Treasury term premium.

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Posted at 7:00 am in Financial Markets, Forecasting | Permalink | Comments (5)
May 9, 2014

Crisis Chronicles: Central Bank Crisis Management during Wall Street’s First Crash (1792)

As we observed in our last post on the Continental Currency Crisis, the finances of the United States remained chaotic through the 1780s as the young government moved to establish its credit.

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Posted at 7:00 am in Central Bank, Crisis, Exchange Rates, Lender of Last Resort, Stocks, Treasury | Permalink | Comments (3)
May 7, 2014

Can Investors Use Momentum to Beat the U.S. Treasury Market?

Decades of research have produced a library on the “momentum” anomaly in markets. Momentum refers to the tendency for financial assets with the best prior returns to continue to outperform, at least for a time.

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Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
May 5, 2014

No Good Deals—No Bad Models

The recent financial crisis has highlighted the significance of unhedgable, illiquid positions in complex securities for individual financial institutions and for the global financial system as a whole.

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Posted at 7:00 am in Financial Markets | Permalink
April 21, 2014

Introduction to the Floating‑Rate Note Treasury Security

Ezechiel Copic, Luis Gonzalez, Caitlin Gorback, Blake Gwinn, and Ernst Schaumburg

Ezechiel Copic, Luis Gonzalez, Caitlin Gorback, Blake Gwinn, and Ernst Schaumburg Introduction The U.S. Department of the Treasury (Treasury) auctioned its first floating-rate note (FRN) on January 29, 2014. With this auction, Treasury introduced the first new marketable debt instrument since Treasury inflation-protected securities (TIPS) in 1997. The new two-year FRN is a fixed-principal security with […]

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Posted at 7:00 am in Financial Institutions, Treasury | Permalink | Comments (3)
April 18, 2014

How Liquidity Standards Can Improve Lending of Last Resort Policies

Prior to the Great Recession, the focus of bank regulation was on bank capital with little consensus about the need for liquidity regulation.

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Posted at 7:00 am in Financial Institutions, Lender of Last Resort, Liquidity, Regulation | Permalink
April 17, 2014

Just Released: The 2013 SOMA Annual Report in a Historical Context

Alyssa Cambron, Michael J. Fleming, Deborah Leonard, Grant Long, and Julie Remache

Alyssa Cambron, Michael Fleming, Deborah Leonard, Grant Long, and Julie Remache In August 2013, we wrote a series of blog posts on the use of the Federal Reserve’s System Open Market Account (SOMA) portfolio in monetary policy operations. Since the onset of the financial crisis, the Federal Open Market Committee (FOMC) has increased the size […]

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Posted at 12:00 pm in Financial Markets, Monetary Policy | Permalink | Comments (2)

Liquidity Policies and Systemic Risk

One of the most innovative and potentially far-reaching consequences of regulatory reform since the financial crisis has been the development of liquidity regulations for the banking system.

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Posted at 7:00 am in Financial Institutions, Financial Markets, Liquidity, Regulation, Systemic Risk | Permalink
April 16, 2014

Just Released: April Surveys Find Businesses Face Increasing Difficulty Retaining Skilled Workers

The Federal Reserve Bank of New York’s monthly business surveys include special supplementary questions on topics of interest.

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Posted at 8:45 am in Regional Analysis | Permalink | Comments (1)
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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, Thomas Klitgaard, Maxim Pinkovskiy, and Asani Sarkar, all economists in the Bank’s Research Group.

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Most Read this Year

  1. Who Is Paying for the 2025 U.S. Tariffs?
  2. Are Businesses Absorbing the Tariffs or Passing Them On to Their Customers?
  3. Is College Still Worth It?
  4. Why Does the U.S. Always Run a Trade Deficit?
  5. Student Loan Delinquencies Are Back, and Credit Scores Take a Tumble 
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