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

Journal Article
Investing in information technology: productivity payoffs for U.S. industries
Although firms have invested billions of dollars in information technology to boost their productivity, many analysts continue to question whether these investments do in fact lead to productivity gains. An industry-level analysis of productivity performance provides robust evidence of a link, showing that the industries experiencing the largest productivity acceleration in the late 1990s were the producers and most intensive users of information technology.
AUTHORS: Stiroh, Kevin J.
DATE: 2001-06

Journal Article
After the refinancing boom: will consumers scale back their spending?
Concerns are rising that the recent surge in home equity withdrawal has left consumers in a weakened financial position that will, over time, prompt a retrenchment in spending. However, a look at household assets and liabilities suggests that consumers have used the withdrawn funds to restructure their balance sheets and reduce their debt service burden. As a result, households may be in a better position to spend in the years ahead.
AUTHORS: Peach, Richard; Al-Haschimi, Alex; McConnell, Margaret M.
DATE: 2003-12

Journal Article
Securities trading and settlement in Europe: issues and outlook
The institutional arrangements for trading and settling securities in Europe remain fragmented along national lines, making cross-border trading costly. Consolidation efforts are under way, however, and major market centers have now emerged in France, Germany, and the United Kingdom. Although the restructuring of trading and settlement systems should bring the European Community closer to its goal of a single capital market, changes in corporate governance and the competitive environment may raise significant regulatory issues.
AUTHORS: Kambhu, John; Radecki, Lawrence J.; Mahoney, James M.; Goldberg, Linda S.; Sarkar, Asani
DATE: 2002-04

Journal Article
Understanding the recent behavior of U.S. inflation
One of the most surprising features of the long current expansion has been the decline in price inflation through the late 1990s. Some observers interpret the decline as evidence of a permanent change in the relationship between inflation and economic growth. But an analysis based on a standard forecasting model suggests that conventional economic factors_most notably, a decrease in import prices_can account for the low inflation rates in recent years.
AUTHORS: Rich, Robert W.; Rissmiller, Donald
DATE: 2000-07

Journal Article
Should U.S. investors hold foreign stocks?
U.S. investors have traditionally been reluctant to acquire foreign securities_in part, perhaps, because they fear that restrictions on trading in foreign markets will sharply limit any gains they might realize from diversifying their portfolios. An analysis of the effects of one type of restriction, short-sale constraints, on stock returns between 1976 and 1999 suggests that investing in emerging market stocks offers substantial benefits even when a ban on short sales is in place.
AUTHORS: Sarkar, Asani; Li, Kai
DATE: 2002-03

Journal Article
The health sector's role in New York's regional economy
Economic activity in the New York region depends heavily on the health sector - a sector that helped buoy New York's economy during the region's 1989-92 downturn. But with fundamental changes occuring in health care, will the sector still bolster the region's economy in the years to come?
AUTHORS: Lowenstein, Ronnie
DATE: 1995-08

Journal Article
An international survey of stress tests
In the summer of 2000, central banks from the Group of Ten countries surveyed large international banks about their use of stress tests_a risk management tool that measures a firm's exposure to extreme movements in asset prices. The survey findings highlight the risks that most concern financial institutions and clarify how these institutions use stress tests in their overall risk management programs.
AUTHORS: Mosser, Patricia C.; Gibson, Michael S.; Fender, Ingo
DATE: 2001-11

Journal Article
The American Recovery and Reinvestment Act of 2009: a review of stimulus spending in New York and New Jersey
The ARRA stimulus package was designed to spur economic and employment growth in response to a deepening U.S. recession and the weakened fiscal conditions of many state governments. An analysis of the local allocation of ARRA funds shows that the $35 billion of stimulus spending in New York was relatively concentrated in expanded funding for Medicaid, while a large share of the $12 billion allocated to New Jersey went to extending unemployment insurance benefits. While ARRA funding supplemented tax revenues in both states in fiscal years 2010 and 2011, the program's spending components are winding down, and New York and New Jersey can no longer rely on these federal transfers when preparing their budgets.
AUTHORS: Orr, James A.; Sporn, John
DATE: 2012-09

Journal Article
The Federal Reserve's contingency financing plan for the century date change
With the approach of the new millennium last year, many market participants resolved to limit their exposure to Y2K-related risks by cutting back normal trading activities. The Federal Reserve foresaw that the widespread adoption of such a strategy could lead to serious liquidity problems in key financing markets. Consequently, the Fed undertook to create a Standby Financing Facility that would provide securities dealers with a form of backup funding and ease market anxieties about year-end credit conditions.
AUTHORS: Hilton, R. Spence; Drossos, Evangeline Sophia
DATE: 2000-12

Journal Article
Alternative arrangements for the distribution of intraday liquidity
In July 2006, the Federal Reserve will end its provision of free daylight credit to government-sponsored enterprises (GSEs), financial services corporations created by Congress to establish a secondary market in mortgages and other consumer loans. To meet their payments to investors, the GSEs can use a wide variety of alternative funding arrangements. While such arrangements can in theory distribute liquidity efficiently, a decline in the intraday funds in circulation following the Fed's move may lead to some slowing in payments by both the GSEs and commercial banks.
AUTHORS: McAndrews, James J.
DATE: 2006-04

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