These two fine old entities—the New York Fed and Grand Central Terminal—have at least three things in common: they are both about 100 years old, they both feature beautiful vaulting in some part of their structure by the same “designer” masons, and they both go very deep into the ground.
May 10, 2013
Historical Echoes: What Do the New York Fed and Grand Central Terminal Have in Common?
Posted at 7:00 am in Historical Echoes | Permalink
May 8, 2013
Are Stocks Cheap? A Review of the Evidence
We surveyed banks, we combed the academic literature, we asked economists at central banks.
May 6, 2013
Uncertainty, Liquidity Hoarding, and Financial Crises
One of the most interesting phenomena marking the recent financial crisis were the disruptions in the interbank market, where banks borrow and lend reserves to each other.
April 22, 2013
Japanese Inflation Expectations, Revisited
An important measure of success for monetary policy is a central bank’s ability to anchor inflation expectations; inflation expectations influence actual inflation and, hence, the achievement of a given inflation goal.
The Effect of Superstorm Sandy on the Macroeconomy
The Bureau of Economic Analysis (BEA) of the U.S. Department of Commerce has reported that real Gross Domestic Product (GDP) increased at a very sluggish 0.4 percent annual rate in the final quarter of 2012.
April 19, 2013
Historical Echoes: Fedspeak as a Second Language
First there was Newspeak (from George Orwell’s book 1984, which intended to bend the thinking of the masses), then there was doublespeak (derived from Newspeak, meaning a deliberate disguising or distortion of meaning, and with its very own achievement award), and then there was Fedspeak (and likely many other “-speaks”).
Posted at 7:00 am in Historical Echoes | Permalink
April 17, 2013
Young Student Loan Borrowers Retreat from Housing and Auto Markets
Student loans have soared in popularity over the past decade, with the aggregate student loan balance, as measured in the FRBNY Consumer Credit Panel, reaching $966 billion at the end of 2012.
April 15, 2013
Just Released: April Empire State Manufacturing Survey
According to the most recent Empire State Manufacturing Survey, manufacturing conditions are continuing to improve in New York State, but only barely.
Posted at 8:45 am in Regional Analysis | Permalink
Do Treasury Term Premia Rise around Monetary Tightenings?
Some commentators have expressed concern that Treasury yields might rise sharply once the Federal Open Market Committee (FOMC) begins to raise the federal funds rate (FFR), worrying, in particular, about a sudden increase in Treasury term premia.
Posted at 7:00 am in Expectations, Financial Markets, Forecasting, Macroeconomics, Unemployment | Permalink
April 12, 2013
Historical Echoes: The Invention of the ATM–A Case of Multiple Independent Discovery?
Amazingly, something resembling a drive-through automated bank teller existed back in 1941 (twenty-six years before the invention of the true ATM, or automated teller machine).
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