Did you know that the Federal Reserve once had not one, but two offices in Cuba?
Look for our next post on September 20, 2024.
July 15, 2016
Implementing Monetary Policy Post‑Crisis: What Do We Need to Know?
Columbia University’s School of International and Public Affairs and the New York Fed co-sponsored a recent workshop to discuss important issues related to monetary policy implementation. The May 4 event, held at Columbia, supports the extended effort that the Federal Reserve has undertaken to evaluate potential long-run monetary policy implementation frameworks, which was announced at a Federal Open Market Committee meeting last July.
Posted at 7:00 am in Monetary Policy | Permalink
July 13, 2016
Could Liquidity Regulation Revive the Bank Lending Channel?
Dong Beom Choi and Ulysses Velasquez How does monetary policy affect spending in the economy? The economic literature suggests two main channels of monetary transmission: the money or interest rate channel and the bank lending channel. The first view focuses on changes in real interest rates resulting from a shift in monetary policy and corresponding […]
July 11, 2016
How Have High Reserves and New Policy Tools Reshaped the Fed Funds Market?
Gara Afonso and Sammuel Stern Over the last decade, the federal funds market has evolved to accommodate new policy tools such as interest on reserves and the overnight reverse repo facility. Trading motives have also responded to the expansion in aggregate reserves as the result of large-scale asset purchases. These changes have affected market participants […]
July 8, 2016
Hey, Economist! Why—and When—Did the Treasury Embrace Regular and Predictable Issuance?
Few people know the Treasury market from as many angles as Ken Garbade, a senior vice president in the Money and Payments Studies area of the New York Fed’s Research Group. Ken taught financial markets at NYU’s graduate school of business for many years before heading to Wall Street to assume a position in the research department of the primary dealer division of Bankers Trust Company. At Bankers, Ken conducted relative-value research on the Treasury market, assessing how return varies relative to risk for particular Treasury securities. For a time, he also traded single-payment Treasury obligations known as STRIPS—although not especially successfully, he notes.
Posted at 7:00 am in Economic History, Fed Funds, Financial Institutions, Fiscal Policy, Hey, Economist!, Treasury | Permalink
June 29, 2016
Monetary Policy Transmission before and after the Crisis
The Federal Open Market Committee implements monetary policy by raising or lowering its target for the federal funds rate, the interest rate banks charge each other for overnight loans.
June 27, 2016
Hey, Economist! How Is the Research and Statistics Group Changing?
As Director of Research for the New York Fed for the past seven years, Jamie McAndrews has been responsible for the Bank’s financial and economic policy research, as well as the collection of data and statistics from financial institutions. On the eve of his retirement on June 30, Jamie shared his perspective on how the Research and Statistics Group has changed with Andrew Haughwout, a senior vice president in the Group.
June 24, 2016
Just Released: May’s Indexes of Coincident Economic Indicators Show Economic Growth Moderating across the Region
The May Indexes of Coincident Economic Indicators (CEIs) for New Jersey, New York State, and New York City, released today, show some slowing in economic growth across the region—in part reflecting the Verizon strike (which has since been settled), as well as somewhat weaker economic fundamentals.
June 22, 2016
The Rapidly Changing Nature of Japan’s Public Debt
Japan’s general government debt-to-GDP ratio is the highest of advanced economies, due in part to increased spending on social services for an aging population and a level of GDP that has not increased for two decades.
Posted at 7:00 am in Bank Capital, Exchange Rates, Fiscal Policy, Monetary Policy | Permalink | Comments (6)
June 20, 2016
Risky Business: Government Mortgage Insurance Programs
W. Scott Frame, Kristopher Gerardi, and Joseph Tracy Editors’ note: The column headings in the final table in this post have been corrected from an earlier version. Homeownership has long been a U.S. public policy goal. One of the many ways that the federal government subsidizes homeownership is through mortgage insurance programs operated by the […]
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