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Series:Current Issues in Economics and Finance  Bank:Federal Reserve Bank of New York 

Journal Article
Explaining the recent divergence in payroll and household employment growth

Each month, the government releases two estimates of U.S. employment growth - one based on a survey of firms, the other on a survey of households. Since 1994, these measures have diverged sharply. Evidence suggests that the household survey's estimate has risen more slowly because it undercounts working-age adults who have found employment during the current economic expansion.
Current Issues in Economics and Finance , Volume 5 , Issue Dec

Journal Article
ATM surcharges

The recent spread of ATM surcharges has sparked significant debate among consumers, policymakers, and ATM owners. Much of this debate has focused on the direct costs that surcharges impose on consumers. The use of ATM surcharges, however, also raises broader questions about ATM deployment, customer convenience, and the nature of banking competition.
Current Issues in Economics and Finance , Volume 4 , Issue Apr

Journal Article
To buy or not to buy? The changing relationship between Manhattan rents and home prices

Much of the nation has experienced steep declines in housing prices in recent years. In Manhattan, however, apartment sales prices did not fall as sharply. A study of price-rent ratios in the New York City borough concludes that, while apartment rents are driven by supply and demand forces, apartment sales prices are driven in part by speculative factors, and they sometimes rise or fall to levels incommensurate with prevailing rents. Manhattan price-rent ratios, although off their 2008 highs, are still up dramatically over the past two decades, suggesting less financial ?value? today in an ...
Current Issues in Economics and Finance , Volume 18 , Issue Dec

Journal Article
Reserve accumulation: implications for global capital flows and financial markets

Many central banks-particularly those in Japan and the emerging Asian nations-have been building up their holdings of foreign currency assets. These holdings, known as foreign exchange reserves, may help countries stabilize their currencies, but they can also lead to investment losses for the central banks. The large share of dollar assets among reserve holdings has made foreign central banks important players in U.S. financial markets.
Current Issues in Economics and Finance , Volume 10 , Issue Sep

Journal Article
Core CPI: excluding food, energy ... and used cars?

Although used car prices represent only a small portion of the consumer price index, their extreme volatility has had a major impact on the measured inflation rate. To explain this relationship, the authors describe how used cars are treated in the CPI and explore what might cause the wide swings in used car prices.
Current Issues in Economics and Finance , Volume 2 , Issue Apr

Journal Article
How severe was the credit cycle in the New York-northern New Jersey region?

U.S. households accumulated record-high levels of debt in the 2000s and then began a process of deleveraging following the Great Recession and financial crisis. However, the magnitude of these swings in the use of credit varied considerably within the United States. An analysis of trends in household debt over the past decade shows that compared with the nation as a whole, the New York?northern New Jersey region experienced a relatively mild "credit cycle," although pockets of financial stress exist.
Current Issues in Economics and Finance , Volume 18 , Issue Nov

Journal Article
The Term Securities Lending Facility: origin, design, and effects

The Federal Reserve launched the Term Securities Lending Facility (TSLF) in 2008 to promote liquidity in the funding markets and improve the operation of the broader financial markets. The facility increases the ability of dealers to obtain cash in the private market by enabling them to pledge securities temporarily as collateral for Treasuries, which are relatively easy to finance. The TSLF thus reduces the need for dealers to sell assets into illiquid markets as well as lessens the likelihood of a loss of confidence among lenders.
Current Issues in Economics and Finance , Volume 15 , Issue Feb

Journal Article
The financial crisis at the kitchen table: trends in household debt and credit

Since the onset of the financial crisis, households have reduced their outstanding debt by about $1.3 trillion. While part of this reduction stemmed from a historic increase in consumer defaults and lender charge-offs, particularly on mortgage debt, other factors were also at play. An analysis of the New York Fed?s Consumer Credit Panel?a rich new data set on individual credit accounts?reveals that households actively reduced their obligations during this period by paying down their current debts and reducing new borrowing. These household choices, along with banks? stricter lending ...
Current Issues in Economics and Finance , Volume 19 , Issue April

Journal Article
Has inventory volatility returned? A look at the current cycle

The massive liquidation of inventories during the 2001 recession contrasts sharply with the more moderate inventory movements observed in recent decades. While the rundown might be seen as evidence that firms are not managing their inventories as effectively as some economists have claimed, a careful analysis of inventory behavior in 2001 suggests that during much of the recession, firms were successfully regulating their inventories to avoid a large buildup of excess stock.
Current Issues in Economics and Finance , Volume 8 , Issue May

Journal Article
Saving imbalances and the euro area sovereign debt crisis

For several years prior to 2010, countries in the euro area periphery engaged in heavy borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now these countries face debt crises reflecting a loss of investor confidence in the sustainability of their finances. The result has been an abrupt halt in private foreign lending to these economies. This study explains how the periphery countries became dependent on foreign borrowing and considers the challenges they face reigniting growth while adjusting to greatly reduced access to foreign capital.
Current Issues in Economics and Finance , Volume 17 , Issue Sept

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