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Keywords:Debt 

Journal Article
Are state government debt levels too high?

Fiscal Facts , Issue Fall , Pages 1-3

Journal Article
Are the distinctions between debt and equity disappearing? An overview

uring the 1980s, the proportion of business assets financed by debt exceeded that of any other period since World War II. The characteristics of financial securities also changed, as junk bonds, variants of preferred stock, warrants, and other forms of mezzanine financing became more common in credit markets and in private loan contracts. Furthermore, the potential risks and returns offered by all securities have been altered as otherwise familiar financial instruments increasingly contain novel options. ; These innovations have challenged the traditional financial and legal distinctions ...
New England Economic Review , Issue Mar , Pages 3-10

Journal Article
The changing American attitude toward debt, and its consequences

The American people no longer view the government budget deficit as a significant problem. This represents a radical change in the attitude of Americans from thirty years ago, when even small deficits were viewed with great concern. People are not much concerned about our long string of trade deficits, either. Moreover, there is no perception of the linkage between the federal budget deficit and the trade deficit. ; The author describes the factors that have produced this change in American values, drawing on his own experience in government. He goes on to assess the consequences, past and ...
New England Economic Review , Issue May , Pages 34-39

Journal Article
The roles of debt and equity in financing corporate investments

New England Economic Review , Issue Jul , Pages 25-48

Speech
The outlook for the national and local economy

Remarks at the Staten Island Chamber of Commerce, Staten Island, New York.
Speech , Paper 102

Speech
Regional economy and trends in household debt

Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Speech , Paper 43

Speech
The economy and the Household Debt and Credit Report

Remarks at the Household Debt and Credit Press Briefing, New York City.
Speech , Paper 97

Report
Household debt and saving during the 2007 recession

Using credit report records and data collected from several household surveys, we analyze changes in household debt and saving during the 2007 recession. We find that, while different segments of the population were affected in distinct ways, depending on whether they owned a home, whether they owned stocks, and whether they had secure jobs, the crisis? impact appears to have been widespread, affecting large shares of households across all age, income, and education groups. In response to their deteriorated financial situations, households reduced their average spending and increased their ...
Staff Reports , Paper 482

Report
Does the market discipline banks? New evidence from the regulatory capital mix

Although bank capital regulation permits a bank to choose freely between equity and subordinated debt to meet capital requirements, lenders and investors view debt and equity as imperfect substitutes. It follows that the mix of debt in regulatory capital should isolate the role that the market plays in disciplining banks. I document that since the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA) reduced the ability of the FDIC to absorb losses of subordinated debt investors, the mix of debt has had a positive effect on the future outcomes of distressed banks, as if the ...
Staff Reports , Paper 244

Report
The financial crisis at the kitchen table: trends in household debt and credit

The Federal Reserve Bank of New York (FRBNY) Consumer Credit Panel, created from a sample of U.S. consumer credit reports, is an ongoing panel of quarterly data on individual and household debt. The panel shows a substantial run-up in total consumer indebtedness between the first quarter of 1999 and the peak in the third quarter of 2008, followed by a steady decline through the third quarter of 2010. During the same period, delinquencies rose sharply: Delinquent balances peaked at the close of 2009 and then began to decline again. This paper documents these trends and discusses their sources. ...
Staff Reports , Paper 480

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