At the New York Fed, our mission is to make the U.S. economy stronger and the financial system more stable for all segments of society. We do this by executing monetary policy, providing financial services, supervising banks and conducting research and providing expertise on issues that impact the nation and communities we serve.
Look for our next post on November 3.
The Federal Reserve has paid interest on reserves held by banks in their Fed accounts since 2008. Why should it do so? Here, we describe some benefits of paying interest on required reserve balances. Since forcing banks to hold unremunerated reserves would be akin to levying a tax on them, paying interest on these balances is a way to eliminate or greatly reduce that tax and its negative effects.
Today marks the launch of the monthly publication of the Underlying Inflation Gauge (UIG). We are reporting two UIG measures, described recently on Liberty Street Economics, that are constructed to provide an estimate of the trend, or persistent, component of inflation. One measure is derived using a large number of disaggregated price series in the consumer price index (CPI), while the second measure incorporates additional information from macroeconomic and financial variables.
This post presents our quarterly update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic stochastic general equilibrium (DSGE) model. We describe very briefly our forecast and its change since May 2017.
A major question facing policymakers is how to deal with slumps in bank credit.
While the U.S. mortgage finance system was at the center of the recent financial crisis, it remains largely untouched by legislative reforms. At the center of these conversations are Fannie Mae and Freddie Mac—both of which were placed into federal conservatorship in September 2008.
The New York Fed has just released new data on individuals’ experiences and expectations in the labor market. These data have been collected every four months since March 2014 as part of the Survey of Consumer Expectations (SCE). In this post we introduce the SCE Labor Market Survey and highlight some of its features.
This week, four Ph.D. students in economics and finance are wrapping up their summer internships at the New York Fed’s Research Department. The ten-week internships—which are compensated—offer interns the opportunity to further their dissertation research, interact with the Bank’s research economists, and give informal, “brown bag” lunch seminars to hear feedback on their work.
In a previous post, we compared the Federal Reserve’s discount window with the standing lending facilities (SLFs) at the Bank of England (BoE), the European Central Bank (ECB), and the Bank of Japan (BoJ). We showed that the Fed’s discount window was less integrated with monetary policy than the SLFs of the other central banks. In this post, we observe that the counterparty and collateral policies of the Fed’s discount window are similarly less integrated with the practices involved in monetary policy operations, in comparison with the other central banks.
Today the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the second quarter of 2017.
The New York-Northern New Jersey region is home to some of the most and least unequal places in the nation, based on research presented today at our economic press briefing examining wage inequality in the region. Wage inequality—meaning the disparity in earnings between workers—has increased significantly in the United States since the early 1980s, though some places have much more wage inequality than others. Fairfield, Conn., for example, ranks as the most unequal metropolitan area in the country, and the New York–Northern New Jersey metropolitan area ranks in the top ten. On the other hand, most of the metropolitan areas in upstate New York are among the least unequal places in the country.
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