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Federal Reserve Bank of New York
(21 results)-
White Papers
The Credit Process: A Guide For Small Business Owners
January 1, 2010, 12:00am PST
Some say owning a home is the American dream. Millions of small business owners will argue, however, that owning one's own business is really the American dream. But while it offers rewards,...
Provided by Federal Reserve Bank of New York
-
White Papers
Turbulent Firms, Turbulent Wages?
August 15, 2008, 12:00am PDT
The authors find that rising earnings instability was responsible for one third to one half of the rise in wage inequality during the 1980s. These growing transitory fluctuations remain largely...
Provided by Federal Reserve Bank of New York
-
White Papers
Macroprudential Supervision Of Financial Institutions: Lessons From The SCAP
November 1, 2009, 12:00am PDT
A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial firms in isolation - a purely micro prudential perspective - are not sufficient...
Provided by Federal Reserve Bank of New York
-
White Papers
Hedge Funds, Financial Intermediation, And Systemic Risk
August 1, 2007, 12:00am PDT
Hedge funds are significant players in the U.S. capital markets, but differ from other market participants in important ways such as their use of a wide range of complex trading strategies and...
Provided by Federal Reserve Bank of New York
-
White Papers
The Economics Of Two-Sided Payment Card Markets: Pricing, Adoption And Usage
September 25, 2008, 12:00am PDT
This paper provides a new theory for two-sided payment card markets by positing better micro-foundations. Adopting payment cards by consumers and merchants requires a fixed cost, but yields lower...
Provided by Federal Reserve Bank of New York
-
White Papers
Which Bank Is The "Central" Bank?: An Application Of Markov Theory To The Canadian Large Value Transfer System
February 21, 2008, 12:00am PST
In a modern financial system the importance of a given institution depends on both its individual characteristics as well as the nature of its relationships with other financial institutions. In...
Provided by Federal Reserve Bank of New York
-
White Papers
Seismic Effects Of The Bankruptcy Reform
February 1, 2009, 12:00am PST
The authors argue that the 2005 Bankruptcy Abuse Reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income...
Provided by Federal Reserve Bank of New York
-
White Papers
The Shadow Banking System: Implications For Financial Regulation
July 1, 2009, 12:00am PDT
The current financial crisis has highlighted the growing importance of the "Shadow banking system," which grew out of the securitization of assets and the integration of banking with capital...
Provided by Federal Reserve Bank of New York
-
White Papers
Labor Market Pooling And Occupational Agglomeration
September 1, 2009, 12:00am PDT
This paper examines the micro-foundations of occupational agglomeration in U.S. metropolitan areas, with an emphasis on labor market pooling. Controlling for a wide range of occupational...
Provided by Federal Reserve Bank of New York
-
White Papers
Implications Of The Financial Crisis For Potential Growth: Past, Present, And Future
November 1, 2009, 12:00am PDT
The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period - notably, expansion of the...
Provided by Federal Reserve Bank of New York
-
White Papers
Monetary Cycles, Financial Cycles, And The Business Cycle
January 1, 2010, 12:00am PST
One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to...
Provided by Federal Reserve Bank of New York
-
White Papers
Stressed, Not Frozen: The Federal Funds Market In The Financial Crisis
September 1, 2010, 12:00am PDT
The authors examine the importance of liquidity hoarding and counterparty risk in the U.S. overnight interbank market during the financial crisis of 2008. The findings suggest that concerns about...
Provided by Federal Reserve Bank of New York
-
White Papers
The Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007-09
April 1, 2010, 12:00am PDT
The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "Shadow banking system," which grew out of the securitization of assets...
Provided by Federal Reserve Bank of New York
-
White Papers
Responses To The Financial Crisis, Treasury Debt, And The Impact On Short-Term Money Markets
January 1, 2011, 12:00am PST
Several programs have been introduced by U.S. fiscal and monetary authorities in response to the financial crisis. The authors examine the responses involving Treasury debt-the Term Securities...
Provided by Federal Reserve Bank of New York
-
White Papers
How Do Treasury Dealers Manage Their Positions?
August 6, 2007, 12:00am PDT
Using data on U.S. Treasury dealer positions from 1990 to 2006, the authors find evidence of a significant role for dealers in intertemporal intermediation of new Treasury security supply. Dealers...
Provided by Federal Reserve Bank of New York
-
White Papers
Regulation, Subordinated Debt, And Incentive Features Of CEO Compensation In The Banking Industry
November 1, 2007, 12:00am PDT
The authors study CEO compensation in the banking industry by considering banks' unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and...
Provided by Federal Reserve Bank of New York
-
White Papers
Global Banks And International Shock Transmission: Evidence From The Crisis
May 1, 2010, 12:00am PDT
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. The authors examine adverse liquidity shocks on main developed country banking...
Provided by Federal Reserve Bank of New York
-
White Papers
An Economic Perspective On The Enforcement Of Credit Arrangements: The Case Of Daylight Overdrafts In Fedwire
September 1, 2008, 12:00am PDT
Credit arrangements between a borrower and a lender are a prevalent part of the economy. A fundamental concern for any lender is the risk that the borrower fails to fully repay the loan as...
Provided by Federal Reserve Bank of New York
-
White Papers
Divorcing Money From Monetary Policy
September 1, 2008, 12:00am PDT
Monetary policy has traditionally been viewed as the process by which a central bank uses its influence over the supply of money to promote its economic objectives. For example, Milton Friedman...
Provided by Federal Reserve Bank of New York
-
White Papers
Liquidity, Monetary Policy, And Financial Cycles
February 6, 2008, 12:00am PST
A close look at how financial intermediaries manage their balance sheets suggests that these institutions raise their leverage during asset price booms and lower it during downturns - pro-cyclical...
Provided by Federal Reserve Bank of New York
-
White Papers
What Fiscal Policy Is Effective At Zero Interest Rates?
November 1, 2009, 12:00am PDT
Tax cuts can deepen a recession if the short-term nominal interest rate is zero, according to a standard New Keynesian business cycle model. An example of a contractionary tax cut is a reduction...
Provided by Federal Reserve Bank of New York
-
White Papers
What Fiscal Policy Is Effective At Zero Interest Rates?
November 1, 2009, 12:00am PDT
Tax cuts can deepen a recession if the short-term nominal interest rate is zero, according to a standard New Keynesian business cycle model. An example of a contractionary tax cut is a reduction...
Provided by Federal Reserve Bank of New York
-
White Papers
Liquidity, Monetary Policy, And Financial Cycles
February 6, 2008, 12:00am PST
A close look at how financial intermediaries manage their balance sheets suggests that these institutions raise their leverage during asset price booms and lower it during downturns - pro-cyclical...
Provided by Federal Reserve Bank of New York
-
White Papers
Divorcing Money From Monetary Policy
September 1, 2008, 12:00am PDT
Monetary policy has traditionally been viewed as the process by which a central bank uses its influence over the supply of money to promote its economic objectives. For example, Milton Friedman...
Provided by Federal Reserve Bank of New York
-
White Papers
An Economic Perspective On The Enforcement Of Credit Arrangements: The Case Of Daylight Overdrafts In Fedwire
September 1, 2008, 12:00am PDT
Credit arrangements between a borrower and a lender are a prevalent part of the economy. A fundamental concern for any lender is the risk that the borrower fails to fully repay the loan as...
Provided by Federal Reserve Bank of New York
-
White Papers
Global Banks And International Shock Transmission: Evidence From The Crisis
May 1, 2010, 12:00am PDT
Global banks played a significant role in transmitting the 2007-09 financial crisis to emerging-market economies. The authors examine adverse liquidity shocks on main developed country banking...
Provided by Federal Reserve Bank of New York
-
White Papers
Regulation, Subordinated Debt, And Incentive Features Of CEO Compensation In The Banking Industry
November 1, 2007, 12:00am PDT
The authors study CEO compensation in the banking industry by considering banks' unique claim structure in the presence of two types of agency problems: the standard managerial agency problem and...
Provided by Federal Reserve Bank of New York
-
White Papers
How Do Treasury Dealers Manage Their Positions?
August 6, 2007, 12:00am PDT
Using data on U.S. Treasury dealer positions from 1990 to 2006, the authors find evidence of a significant role for dealers in intertemporal intermediation of new Treasury security supply. Dealers...
Provided by Federal Reserve Bank of New York
-
White Papers
Responses To The Financial Crisis, Treasury Debt, And The Impact On Short-Term Money Markets
January 1, 2011, 12:00am PST
Several programs have been introduced by U.S. fiscal and monetary authorities in response to the financial crisis. The authors examine the responses involving Treasury debt-the Term Securities...
Provided by Federal Reserve Bank of New York
-
White Papers
The Changing Nature Of Financial Intermediation And The Financial Crisis Of 2007-09
April 1, 2010, 12:00am PDT
The financial crisis of 2007-09 highlighted the changing role of financial institutions and the growing importance of the "Shadow banking system," which grew out of the securitization of assets...
Provided by Federal Reserve Bank of New York
-
White Papers
Stressed, Not Frozen: The Federal Funds Market In The Financial Crisis
September 1, 2010, 12:00am PDT
The authors examine the importance of liquidity hoarding and counterparty risk in the U.S. overnight interbank market during the financial crisis of 2008. The findings suggest that concerns about...
Provided by Federal Reserve Bank of New York
-
White Papers
Monetary Cycles, Financial Cycles, And The Business Cycle
January 1, 2010, 12:00am PST
One of the most robust stylized facts in macroeconomics is the forecasting power of the term spread for future real activity. The economic rationale for this forecasting power usually appeals to...
Provided by Federal Reserve Bank of New York
-
White Papers
Implications Of The Financial Crisis For Potential Growth: Past, Present, And Future
November 1, 2009, 12:00am PDT
The scale of the recent collapse in asset values and the magnitude of the recession suggest that activities connected to the increase in values over the 2002-07 period - notably, expansion of the...
Provided by Federal Reserve Bank of New York
-
White Papers
Labor Market Pooling And Occupational Agglomeration
September 1, 2009, 12:00am PDT
This paper examines the micro-foundations of occupational agglomeration in U.S. metropolitan areas, with an emphasis on labor market pooling. Controlling for a wide range of occupational...
Provided by Federal Reserve Bank of New York
-
White Papers
The Shadow Banking System: Implications For Financial Regulation
July 1, 2009, 12:00am PDT
The current financial crisis has highlighted the growing importance of the "Shadow banking system," which grew out of the securitization of assets and the integration of banking with capital...
Provided by Federal Reserve Bank of New York
-
White Papers
Seismic Effects Of The Bankruptcy Reform
February 1, 2009, 12:00am PST
The authors argue that the 2005 Bankruptcy Abuse Reform (BAR) contributed to the surge in subprime foreclosures that followed its passage. Before BAR, over-indebted mortgagors could free up income...
Provided by Federal Reserve Bank of New York
-
White Papers
Which Bank Is The "Central" Bank?: An Application Of Markov Theory To The Canadian Large Value Transfer System
February 21, 2008, 12:00am PST
In a modern financial system the importance of a given institution depends on both its individual characteristics as well as the nature of its relationships with other financial institutions. In...
Provided by Federal Reserve Bank of New York
-
White Papers
The Economics Of Two-Sided Payment Card Markets: Pricing, Adoption And Usage
September 25, 2008, 12:00am PDT
This paper provides a new theory for two-sided payment card markets by positing better micro-foundations. Adopting payment cards by consumers and merchants requires a fixed cost, but yields lower...
Provided by Federal Reserve Bank of New York
-
White Papers
Hedge Funds, Financial Intermediation, And Systemic Risk
August 1, 2007, 12:00am PDT
Hedge funds are significant players in the U.S. capital markets, but differ from other market participants in important ways such as their use of a wide range of complex trading strategies and...
Provided by Federal Reserve Bank of New York
-
White Papers
Macroprudential Supervision Of Financial Institutions: Lessons From The SCAP
November 1, 2009, 12:00am PDT
A fundamental conclusion drawn from the recent financial crisis is that the supervision and regulation of financial firms in isolation - a purely micro prudential perspective - are not sufficient...
Provided by Federal Reserve Bank of New York
-
White Papers
Turbulent Firms, Turbulent Wages?
August 15, 2008, 12:00am PDT
The authors find that rising earnings instability was responsible for one third to one half of the rise in wage inequality during the 1980s. These growing transitory fluctuations remain largely...
Provided by Federal Reserve Bank of New York
-
White Papers
The Credit Process: A Guide For Small Business Owners
January 1, 2010, 12:00am PST
Some say owning a home is the American dream. Millions of small business owners will argue, however, that owning one's own business is really the American dream. But while it offers rewards,...
Provided by Federal Reserve Bank of New York
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