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Series:Economic Policy Review 

Journal Article
Banks with something to lose: the disciplinary role of franchise value

As protectors of the safety and soundness of the banking system, banking supervisors are responsible for keeping banks' risk taking in check. The authors explain that franchise value--the present value of the stream of profits that a firm is expected to earn as a going concern--makes the supervisor's job easier by reducing banks' incentives to take risks. The authors explore the relationship between franchise value and risk taking from 1986 to 1994 using both balance-sheet data and stock returns. They find that banks with high franchise value operate more safely than those with low franchise ...
Economic Policy Review , Volume 2 , Issue Oct , Pages 1-14

Journal Article
Fiscal policy in an era of surpluses

Economic Policy Review , Issue Apr , Pages 83-85

Journal Article
Technological trends affecting the manufacturing sector of New York City

The author concludes that manufacturing is still a vital part of New York City's economy, despite substantial job losses in this sector over the past two decades. An influx of skilled immigrants, the use of advanced technologies in production processes, and the ability to respond rapidly to global markets give New York City a strong future in manufacturing high-value goods.
Economic Policy Review , Volume 3 , Issue Feb , Pages 87-90

Journal Article
Public education in the dynamic city: lessons from New York City

This article was presented at a conference organized by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics in New York City." The goal of the conference was threefold: to examine the historical transformations of the engine-of-growth industries in New York and distill the main determinants of the city's historical dominance as well as the challenges to its continued success; to study the nature and evolution of immigration flows into New York; and to analyze recent trends in a range of socioeconomic outcomes, both for the general population and recent immigrants more ...
Economic Policy Review , Issue Dec , Pages 157-172

Journal Article
Measuring treasury market liquidity

This paper was presented at the conference "Economic Statistics: New Needs for the Twenty-First Century," cosponsored by the Federal Reserve Bank of New York, the Conference on Research in Income and Wealth, and the National Association for Business Economics, July 11, 2002. Securities liquidity is important to those who transact in markets, those who monitor market conditions, and those who analyze market developments. This article estimates and evaluates a comprehensive set of liquidity measures for the U.S. Treasury securities market. The author finds that the commonly used bid-ask ...
Economic Policy Review , Issue Sep , Pages 83-108

Journal Article
Conclusions and controversies about the effectiveness of school resources

Although a majority of parents, educators, and policymakers report that their own schools are doing well, many believe that the U.S. education system as a whole is in trouble. The author points out that in the past decade an increasing amount of resources have been devoted to education, but U.S. students have continued to underperform students in other countries. To improve the effectiveness of spending, the author advocates radically different incentives for students and school personnel and better measures of student performance.
Economic Policy Review , Volume 4 , Issue Mar , Pages 11-27

Journal Article
Monetary policy transmission through the consumption-wealth channel

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 117-133

Journal Article
Financial consolidation and monetary policy : commentary

Paper for a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission
Economic Policy Review , Volume 8 , Issue May , Pages 285-289

Journal Article
The FHA and the GSEs as countercyclical tools in the mortgage markets

The authors examine the connection between government mortgage programs and economic outcomes during and after the financial crisis. They find a strong correlation between counties that participated more heavily in Federal Housing Administration (FHA)/Veterans Affairs (VA) and government-sponsored enterprise (GSE) mortgage lending before the crisis and better economic outcomes during and after the crisis. Although the financial crisis was a substantial shock to all counties, those more reliant on FHA/VA or GSE lending experienced smaller increases in unemployment rates; smaller declines in ...
Economic Policy Review , Issue 24-3 , Pages 28-40

Journal Article
Challenges in identifying interbank loans

Although interbank lending markets play a key role in the financial system, the lack of disaggregated data often makes the analysis of these markets difficult. To address this problem, recent academic papers focusing on unsecured loans of central bank reserves have employed an algorithm in an effort to identify individual transactions that are federal funds loans. The accuracy of the algorithm, however, is not known. The authors of this study conduct a formal test with U.S. data and find that the rate of false positives produced by one of these algorithms is on average 81 percent; the rate of ...
Economic Policy Review , Issue 21-1 , Pages 1-17




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