Search Results
Speech
Elementary, Dear Data
Remarks at 2023 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Working Paper
Will AI Intensify or Weaken Market Competition?
We study how AI affects market competition based on a general equilibrium framework with heterogeneous firms facing idiosyncratic productivity and variable markups. Firms choose the AI technology subject to fixed costs, where AI production requires data and energy inputs. Our model predicts a non-monotonic relation of AI diffusion with industry concentration. As AI usage rises from an initially low level, large incumbent users gain market share. When AI usage is sufficiently diffused, entry of new and smaller adopters erodes the market share of incumbents, reducing industry concentration. The ...
Newsletter
Ethical Use of Data with FRED
What are the ethical considerations for researchers who use data? This data primer describes standards for gathering, analyzing, storing, and distributing data for new data users and serves as a reference for advanced data users.
Working Paper
Introducing a Framework for Measuring the Quantitative Benefits of Privacy-Enhancing Technologies
This paper reviews privacy-enhancing technologies (PETs) and explores their benefits when used to make traditional payment processes more private. PETs can decrease privacy risk by reducing the amount of sensitive information accessible to payment-processing personnel and systems. This paper proposes a framework for quantifying the risk-reduction benefits of PETs. This method can be used to calculate the amount of privacy-risk exposure that may be created by a set of payment activities, estimate the amount by which PETs can decrease that exposure, and compare that quantified benefit against ...
Speech
Weighing the risks to the economic outlook: remarks at The Leo J. Meehan School of Business, Stonehill College, Easton, Massachusetts, September 3, 2019
It was an eventful August in the financial markets amid talk of additional tariffs and tax cuts, the falling 10-year Treasury rate, and volatility in stock prices. But the economic data and forecasts indicate a relatively good domestic economy.
Journal Article
Federal Reserve: Good Data is Hard to Find
Fed officials frequently describe their monetary policy decisions as data dependent. As the central bank has navigated the recovery from the COVID-19 pandemic, a common refrain in its policy statements is that the Federal Open Market Committee (FOMC) will "carefully assess incoming data, the evolving outlook, and the balance of risks" when considering further adjustments."We are looking at the data to guide us in what we should do," Fed Chair Jerome Powell said at the press conference following the FOMC's meeting at the end of January.The demand for data in economics as a whole has only grown ...
Working Paper
Data, Privacy Laws and Firm Production: Evidence from the GDPR
By regulating how firms collect, store, and use data, privacy laws may change the role of data in production and alter firm demand for information technology inputs. We study how firms respond to privacy laws in the context of the EU’s General Data Protection Regulation (GDPR) by using seven years of data from a large global cloud-computing provider. Our difference-in-difference estimates indicate that, in response to the GDPR, EU firms decreased data storage by 26% and data processing by 15% relative to comparable U.S. firms, becoming less “data-intensive.” To estimate the costs of the ...
Speech
The Federal Reserve System and Community Development: The Why, The How, and The What 2017 Policy Summit on Housing, Human Capital, and Inequality, Cleveland, OH
Over the past 14 years, the Policy Summit has brought together community development practitioners, researchers, funders, policymakers, and others interested in strengthening our communities so that all people have the opportunity to productively engage in our economy and to share in its benefits. As is clear from the many conversations we?ve had over the past two days ? and over the past 14 years of this summit ? there are no easy answers. But there are some answers. I will touch on ?the why, the how, and the what? of this work: why we at the Fed see our community development efforts as ...
Discussion Paper
A New Dataset for Consumer Spending in the New York Fed EHIs
We are enhancing our set of Economic Heterogeneity Indicators (EHIs) by adding a set of metrics on consumer spending with data presented by income, education, race and ethnicity, age, and urban status. The data will help track the evolution of aggregate behavior by analyzing the spending of specific groups in a more timely manner than is possible using public surveys.
Speech
Center for the REstoration of Economic Data: The Past Is Indeed Prologue
Philadelphia Fed President and CEO Patrick T. Harker, speaking at the inaugural conference of the Philadelphia Fed’s new Center for the REstoration of Economic Data (CREED), announced the Center’s commitment to bringing historical data to light by “taking unstructured, analog data and converting it into useful, accessible, and high-quality data” for public use.In discussing the Philadelphia Fed’s recent research on housing, Harker stressed the importance of “bringing old data to light” to find a “historical economic perspective,” and “to better inform our present ...