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Series:Economic Policy Review 

Journal Article
The evolving external orientation of manufacturing: a profile of four countries
Using more than two decades of industry data, the authors profile the external orientation of manufacturing industries in the United States, Canada, the United Kingdom, and Japan. They use the term "external orientation" to describe the potential exposure of an industry's revenues and costs to world events through exports, imports, and imported inputs. For each major manufacturing industry, the authors provide histories of the share of total revenues earned in foreign markets, the role of imports in domestic consumption, and the costs of imported inputs in total production. In addition, they construct a measure of net external orientation, which is intended to capture how much an industry's use of imported inputs (a cost factor) can potentially offset exposure to the international economy through exports (a revenue factor).
AUTHORS: Campa, Jose Manuel; Goldberg, Linda S.
DATE: 1997-07

Journal Article
Hedge funds, financial intermediation, and systemic risk
Hedge funds, with assets under management approaching an estimated $1.5 trillion in 2006, have become important players in the U.S. and global capital markets. These largely unregulated funds differ from other market participants in their use of a variety of complex trading strategies and instruments, in their liberal use of leverage, in their opacity to outsiders, and in their convex compensation structure. These differences can exacerbate potential market failures stemming from agency problems, externalities, and moral hazard. Counterparty credit risk management (CCRM) practices, used by financial institutions to assess credit risk and limit counterparty exposure, are the first line of defense against market disruptions with potential systemic consequences. This article examines how the unique nature of hedge funds may generate market failures that make counterparty credit risk for exposures to the funds intrinsically more difficult to manage, both for regulated institutions and for policymakers concerned with systemic risk. The authors acknowledge that various market failures, such as the events surrounding the 1998 collapse of hedge fund Long-Term Capital Management, may make CCRM imperfect. However, CCRM has improved significantly since then, and it remains the appropriate starting point for limiting the potential for hedge funds to generate systemic disruptions.
AUTHORS: Schuermann, Til; Stiroh, Kevin J.; Kambhu, John
DATE: 2007-12

Journal Article
A framework for the pursuit of price stability
Based on remarks delivered before the Annual Financial Services of the New York Bankers Association on March 21, 1996, and the Economic Club of New York on October 2, 1996.
AUTHORS: McDonough, William J.
DATE: 1997-08

Journal Article
Immigration, health, and New York City: early results based on the U.S. new immigrant cohort of 2003
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 specifically.
AUTHORS: Rosenzweig, Mark R.; Jasso, Guillermina; Massey, Douglas S.; Smith, James P.
DATE: 2005-12

Journal Article
Commentary on \\"A reconsideration of the risk sensitivity of U.S. banking organization subordinated debt spreads: a sample selection approach\\"
This paper was part of the conference "Beyond Pillar 3 in International Banking Regulation: Disclosure and Market Discipline of Financial Firms," cosponsored by the Federal Reserve Bank of New York and the Jerome A. Chazen Institute of International Business at Columbia Business School, October 2-3, 2003.
AUTHORS: Stiroh, Kevin J.
DATE: 2004-09

Journal Article
The timing and funding of Fedwire funds transfers
An examination of the Federal Reserve?s Fedwire Funds Transfer service reveals that the highest concentration of funds-transfer value occurs in the late afternoon. The authors attribute this activity peak to attempts by banks (and their customers) to coordinate payment timing more closely. By synchronizing payments, banks can take advantage of incoming funds to make outgoing payments?especially during periods of heavy payment traffic. Conversely, during off-peak times, banks must rely more on account balances or overdrafts to fund payments, which increases the cost of making payments. For this reason, banks time their payments to coincide with an activity peak, thereby reinforcing the peak.
AUTHORS: Rajan, Samira; McAndrews, James J.
DATE: 2000-07

Journal Article
A comparison of measures of core inflation
The ability of central banks to differentiate between permanent and transitory price movements is critical for the conduct of monetary policy. The importance of gauging the persistence of price changes in a timely manner has led to the development of measures of underlying, or ?core,? inflation that are designed to remove transitory price changes from aggregate inflation data. Given the usefulness of this information to policymakers, there is a surprising lack of consensus on a preferred measure of U.S. core inflation. This article examines several proposed measures of core inflation?the popular ex food and energy series, an ex energy series, a weighted median series, and an exponentially smoothed series?to identify a ?best? measure. The authors evaluate the measures? performance according to criteria such as ease of design and accuracy in tracking trend inflation, as well as explanatory content for within-sample and out-of-sample movements in aggregate CPI and PCE inflation. The study reveals that the candidate series perform very differently across aggregate inflation measures, criteria, and sample periods. The authors therefore find no compelling evidence to focus on one particular measure of core inflation, including the series that excludes food and energy prices. They attribute their results to the design of the individual measures and the measures? inability to account for variability in the nature and sources of transitory price movements.
AUTHORS: Rich, Robert W.; Steindel, Charles
DATE: 2007-12

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