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Series:Economic Policy Review  Bank:Federal Reserve Bank of New York 

Journal Article
Industry-specific exchange rates for the United States

The trade-weighted exchange rates constructed for the aggregate U.S. economy do not always capture the changes in industry competitive conditions induced by movements in specific bilateral exchange rates. Exchange rates produced using information on industry-specific trade partners are often better suited for this task. This article constructs three industry-specific real exchange rate measures for the United States-one using export partner weights only, a second using import partner weights, and a third using an average of export and import weights by industry-and examines how they co-move ...
Economic Policy Review , Issue May , Pages 1-16

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 ...
Economic Policy Review , Volume 13 , Issue Dec , Pages 19-38

Journal Article
Correlation products and risk management issues

Unlike standard derivatives instruments, correlation products contain nonseparable risk, meaning that the price sensitivity of one risk factor is a function of the level of another risk factor. This article outlines the pricing and hedging of one type of correlation product, the differential swap, to show how nonseparable risk may escape traditional methods of assessing the risk of institutions' portfolios. The article considers the implications of correlation products for supervisory and institutional practices and concludes with a brief discussion of some ways nonseparable risk may be ...
Economic Policy Review , Volume 1 , Issue Oct , Pages 7-20

Journal Article
Standards, information, and the demand for student achievement

Higher student achievement, say the authors, has been severely hampered by a lack of good information comparing achievement levels with today's labor market requirements. They argue that by obtaining this information--in the form of academic standards and assessments--parents can more accurately evaluate the quality of their children's education.
Economic Policy Review , Volume 4 , Issue Mar , Pages 117-124

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
The securities industry and the New York - New Jersey region

The author finds that the securities industry in the New York-New Jersey region, while vulnerable to stock and bond market fluctuations, is enjoying strong growth in employment and salaries. Benefits from future growth, however, will likely flow predominantly to highly skilled workers as rapid technological change continues to widen existing income differentials.
Economic Policy Review , Volume 3 , Issue Feb , Pages 83-85

Journal Article
Banking and securities and insurance: economists' views of the synergies - summary of presentations

Economic Policy Review , Issue Oct , Pages 7-10

Journal Article
Commentary on \\"Market indicators, bank fragility, and indirect market discipline\\"

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.
Economic Policy Review , Issue Sep , Pages 63-65

Journal Article
Support for resistance: technical analysis and intraday exchange rates

?Support? and ?resistance? levels?points at which an exchange rate trend may be interrupted and reversed?are widely used for short-term exchange rate forecasting. Nevertheless, the levels? ability to predict intraday trend interruptions has never been rigorously evaluated. This article undertakes such an analysis, using support and resistance levels provided to customers by six firms active in the foreign exchange market. The author offers strong evidence that the levels help to predict intraday trend interruptions. However, the levels? predictive power is found to vary across the exchange ...
Economic Policy Review , Issue Jul , Pages 53-68

Journal Article
Houses as collateral: has the link between house prices and consumption in the U.K. changed? 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 179-182

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