Liberty Street Economics

Liberty Street Economics

Look for our next post on November 3.

January 23, 2017

Measuring Americans’ Expectations Following the 2016 Election

John J. Conlon and Basit Zafar

While consumer confidence as measured by various surveys has increased sharply since the national election, the New York Fed’s Survey of Consumer Expectations (SCE) has shown little notable change in expectations. In this post, we show that the difference may partly reflect systematic compositional changes whereby respondents who answer a survey after the election differ in important ways from those answering the survey before the election—something which the SCE largely avoids. We also show that the flat average aggregate outlook in the SCE masks substantial regional/partisan heterogeneity in shifts in expectations.

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Posted at 7:00 am in Expectations, Household Finance | Permalink | Comments (1)
January 20, 2017

Historical Echoes: Are There Any Banks on Bank Street?

Amy Farber

Bank Street in New York City is a quaint little six-block stretch in Greenwich Village (see this 48-second video) with a huge cultural legacy—but no banks. Many cities and towns have a Bank Street and often the street is so named because that’s where most of the banks were originally located. (It is not likely that any Bank Street got its name because of proximity to a riverbank.) However, New York City’s Bank Street is not where the banks were originally located and it’s not even in the financial district—it’s in Greenwich Village. Why, then, is it called “Bank Street?”

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Posted at 7:00 am in Historical Echoes | Permalink | Comments (1)
January 18, 2017

Advent of Trade Reporting for U.S. Treasury Securities

Michael J. Fleming

Greater transparency is coming to the U.S. Treasury securities market. Members of the Financial Industry Regulatory Authority (FINRA) will be required to report their trades in Treasuries using FINRA’s Trade Reporting and Compliance Engine (TRACE) starting July 10, 2017. Although initial collection efforts are focused on providing such data to the official sector, the public will likely have access in the future. In this post, I discuss the motivation for such reporting, how it came to be decided on, and the evidence from the corporate bond market on how public access to such data affects trading costs.

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Posted at 7:00 am in Financial Markets | Permalink
January 13, 2017

Historical Echoes: Tracking Money

Hayley Mink

Have you ever wondered where your dollars go when you spend them? Not in financial terms, but their physical location? Well, there’s an app and a website for that.

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Posted at 7:00 am in Historical Echoes | Permalink | Comments (3)
January 11, 2017

Credit Market Arbitrage and Regulatory Leverage

Nina Boyarchenko, Pooja Gupta, Nick Steele, and Jacqueline Yen

In a companion post, we examined the recent trends in arbitraged-based measures of liquidity in the cash bond and credit default swap (CDS) markets.

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Posted at 7:00 am in Financial Markets | Permalink | Comments (1)
January 9, 2017

Trends in Arbitrage‑Based Measures of Bond Liquidity

Nina Boyarchenko, Pooja Gupta, and Jacqueline Yen

Corporate bonds are an important source of funding for public corporations in the United States.

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Posted at 7:00 am in Financial Markets, Regulation, Treasury | Permalink | Comments (1)
December 21, 2016

Hey, Economist! Tobias Adrian Reflects on His Work at the N.Y. Fed before Heading to the IMF

Tobias Adrian is leaving the New York Fed to become the Financial Counselor and Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF). In announcing Adrian’s appointment, Christine Lagarde, managing director of the IMF, described Tobias as “internationally highly regarded for his insightful analytical work.” Until he starts his new position at the beginning of 2017, Adrian will be winding down his service as Senior Vice President of the New York Fed and Associate Director of the Bank’s Research and Statistics Group. Before he moves on to the IMF, Adrian shared some insight on his time at the Bank.

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Posted at 7:00 am in Hey, Economist!, Monetary Policy | Permalink | Comments (2)
December 20, 2016

At the N.Y. Fed: Capital Flows, Policy Dilemmas, and the Future of Global Financial Integration

Bianca De Paoli, Luca Dedola, Linda Goldberg, Arnaud Mehl, John Rogers, and Livio Stracca

The New York Fed recently hosted the third bi-annual Global Research Forum on International Macroeconomics and Finance, an event organized in conjunction with the European Central Bank (ECB) and the Federal Reserve Board. Bringing together a diverse group of academics, policymakers, and market participants, the two-day conference (November 17-18) was aimed at promoting discussion of frontier research on empirical and theoretical issues in international finance, banking, and open-economy macroeconomics. Understanding the drivers and implications of international capital flows was a major area of focus, along with the policy challenges posed by global financial integration.

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Posted at 7:00 am in Financial Markets, International Economics, Macroeconomics, Monetary Policy | Permalink
December 19, 2016

Investigating the Proposed Overnight Treasury GC Repo Benchmark Rates

Alexandra Altman, Kathryn Bayeux, Marco Cipriani, Adam Copeland, Scott Sherman, Brett Solimine

In its recent “Statement Regarding the Publication of Overnight Treasury GC Repo Rates,” the Federal Reserve Bank of New York, in cooperation with the U.S. Treasury Department’s Office of Financial Research, announced the potential publication of three overnight Treasury general collateral (GC) repurchase (repo) benchmark rates.

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Posted at 7:00 am in Financial Institutions, Repo | Permalink | Comments (2)
December 16, 2016

Just Released: Regional Business Surveys Point to Growth in Economic Activity

By Jason Bram and Richard Deitz

The latest editions of the New York Fed’s two regional business surveys point to improvement in business conditions and widespread optimism about the near-term outlook. The December Business Leaders Survey of regional service firms, released today, shows service sector activity steadying after declining for a number of months, and the December Empire State Manufacturing Survey, released yesterday, indicates that manufacturing activity increased for the first time since the summer.

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Posted at 8:45 am in Macroeconomics, Regional Analysis | Permalink
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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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