Last October, Superstorm Sandy caused widespread destruction and massive disruptions to the regional economy, not to mention the lives of millions of residents.
March 11, 2013
March 8, 2013
Historical Echoes: The Founding and Foundation of the New York Fed
On November 17, 1914, the New York Times reported on Treasury Secretary W. G. McAdoo’s involvement in the authorization of the Federal Reserve System’s operations, including a notice to member Banks, telegrams, and new Reserve notes.
Posted at 7:00 am in Historical Echoes | Permalink
March 6, 2013
Pick Your Poison: How Money Market Funds Reacted to Financial Stress in 2011
The summer of 2011 was an unsettling period for financial markets. In the United States, Congress was unable to agree to terms for raising the debt ceiling until August, creating considerable uncertainty over whether the government would be forced to default on its debt.
March 4, 2013
How the Nation Resolved Its First Debt Ceiling Crisis
In the second half of 1953, the United States, for the first time, risked exceeding the statutory limit on Treasury debt. How did Congress, the White House, and Treasury officials deal with the looming crisis?
March 1, 2013
Historical Echoes: Retirement Timing Discussions with Nary a Mention of Finances
One would be hard-pressed to find a discussion about the timing of retirement these days that doesn’t mention finances.
Posted at 7:00 am in Historical Echoes | Permalink
February 28, 2013
Just Released: Press Briefing on Household Debt and Credit
This morning, New York Fed director of research Jamie McAndrews joined Bank economists to brief the press on economic developments.
February 27, 2013
State Unemployment and the Allocation of Federal Stimulus Spending
Fiscal stimulus, in the form of large discretionary increases in federal spending and tax reductions, is often triggered by a strong and persistent rise in the national unemployment rate.
February 25, 2013
The Macroeconomic Effects of Forward Guidance
In this post, we quantify the macroeconomic effects of central bank announcements about future federal funds rates, or forward guidance.
Posted at 7:00 am in DSGE, Expectations, Fed Funds, Forecasting, Inflation, Monetary Policy | Permalink | Comments (3)
February 22, 2013
Historical Echoes: Cash or Credit? Payments and Finance in Ancient Rome
Imagine yourself a Roman citizen in the 1st Century B.C. You’ve gone shopping with your partner, who’s trying to convince you to buy a particular item.
February 20, 2013
Primary Dealers’ Waning Role in Treasury Auctions
On December 12, 2012, primary government securities dealers bought just 33 percent of the new ten-year Treasury notes sold at auction.
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