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Our Changing Environment, The Payments Evolution, New Approaches to Education, Managing Risk, An Economy Transformed
25 years of internships
The Federal Reserve Bank of Boston has provided mentoring and paid internships to inner-city high school students since 1982. The most recent initiative, FinTech Scholars, prepares young people specifically for careers in financial services.
How effective were the Federal Reserve emergency liquidity facilities?: evidence from the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
Following the failure of Lehman Brothers in September 2008, short-term credit markets were severely disrupted. In response, the Federal Reserve implemented new and unconventional facilities to help restore liquidity. Many existing analyses of these interventions are confounded by identification problems because they rely on aggregate data. Two unique micro datasets allow us to exploit both time series and cross-sectional variation to evaluate one of the most unusual of these facilities - the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF). The AMLF extended ...
The role of race in mortgage lending: revisiting the Boston Fed study
This paper reexamines claims that non-economic discrimination persists in mortgage loan origination decisions. I find that racial differences in outcomes do exist, as minorities fare worse regarding debt-to-income requirements but better for loan-to-value requirements. Overall, significant racial differentials exist only for ``marginal'' applicants and are not present for those with higher incomes or those with no credit problems. Thus, the claim that non-economic discrimination is a general phenomenon is refuted. Further, I can say little regarding the existence of discrimination among ...
Living beyond our means
Both the current account deficit and the federal fiscal deficit are symptoms of living beyond our means. In this essay, we first provide the basic conceptual background, starting with some elements of national income accounting. We show how the two deficits are related to each other, and how they may be affected by public policy and private actions that impact economic behavior. We then cover the facts about the two deficits--their magnitude and their recent history. Next comes the question of sustainability and the long term consequences of the deficits. We conclude with an overview of the ...