Marc P. Giannoni and Hannah Herman The Federal Reserve Reform Act of 1977 established the monetary policy objectives of maximum employment, stable prices, and moderate long-term interest rates. The goal of “stable prices” has long been understood to mean a low positive inflation rate. On January 25, 2012, the Federal Open Market Committee (FOMC) explicitly […]
November 27, 2013
November 25, 2013
A Way With Words: The Economics of the Fed’s Press Conference
When central bankers speak, traders, journalists, and politicians listen with bated breath.
November 22, 2013
At the N.Y. Fed: Managing the Risk of Catastrophes—Protecting Critical Infrastructure in Urban Areas
James Orr, Rae Rosen, Max Livingston, Kaivan K. Sattar, and Eric Stern Correction: An earlier version of this posting misspelled Stephane Hallegatte’s surname. We apologize for the error.
Posted at 1:00 pm | Permalink
Historical Echoes: What Color Is My Day of the Week?
Black Monday, Black Friday, Green Monday, Black Thursday, Silver Thursday, Red Thursday, Black Tuesday – How to keep track?
Posted at 7:00 am in Historical Echoes | Permalink
November 20, 2013
Just Released: Lifting the Veil—For‑Profits in the Higher Education Landscape
Higher education is pivotal in our society—yet, its landscape is changing. Over the past decade, the private, for-profit sector of higher education has seen unprecedented growth, and its market share is at an all-time high.
Posted at 10:00 am in Education, Equitable Growth, Labor Market, Student Loans | Permalink | Comments (2)
Intermediary Leverage Cycles and Financial Stability
The financial crisis of 2007-09 highlighted the central role that financial intermediaries play in the propagation and amplification of shocks.
Posted at 7:00 am in Financial Institutions, Financial Intermediation, Financial Markets, Systemic Risk | Permalink
November 18, 2013
Yen and Yang: The Response of the Nikkei to the Yen
To what extent are Japanese equities driven by changes in the value of the yen?
Posted at 7:00 am in Exchange Rates, Exports, International Economics, Macroeconomics | Permalink | Comments (2)
November 15, 2013
Just Released: November Empire State Manufacturing Survey Shows a Decline in Activity
The results of this morning’s November Empire State Manufacturing Survey point to slightly weaker conditions in New York’s manufacturing sector.
Posted at 8:45 am in Regional Analysis | Permalink
A Long Road to Economic Recovery for the U.S. Virgin Islands
The U.S. Virgin Islands are a small and unique component of the Second Federal Reserve District.
November 14, 2013
Just Released: Deleveraging Decelerates and Household Balances Increase
Today, the New York Fed released the 2013:Q3 Quarterly Report on Household Debt and Credit.
Posted at 11:15 am in Household Finance | Permalink
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