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Journal Article
The evolution of banks and financial intermediation: framing the analysis

This is the introduction to a volume which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In the introduction, Nicola Cetorelli introduces the series and provides a preview of the topics covered. Additionally, he lays out the overarching theme of the volume?the fact that banks ...
Economic Policy Review , Volume 18 , Issue Jul , Pages 1-12

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
Macro markets and financial security

Uncertainty about national income growth poses significant macroeconomic risk to households all over the world. To help reduce investors' exposure, researchers have proposed a controversial new set of security markets called macro markets. These international markets would trade long-term claims on the income of an entire country or region. For example, in a macro market for the United States, an investor could buy a claim on the U.S. national income and then receive dividends equal to a fraction of national income for as long as the claim is held. Although many barriers stand in the way of ...
Economic Policy Review , Volume 5 , Issue Apr , Pages 21-39

Discussion Paper
New York City’s Economic Recovery—Main Street Gets the Jump on Wall Street

After bottoming out in late 2009, New York City’s economy has been on the road to recovery. In this post, we call attention to an unprecedented feature of the current economic recovery: overall employment in the city began to rebound from the recession well before Wall Street started adding jobs. We also consider some questions that this development naturally raises: What took Wall Street employment so long to recover? What’s been driving job generation on Main Street? What does the recent pickup in Wall Street employment suggest about the outlook for the city’s economy?
Liberty Street Economics , Paper 20110502

Conference Paper
The changing nature of debt and equity; a legal perspective

Conference Series ; [Proceedings] , Volume 33 , Pages 49-79

Journal Article
Mutual funds, part II: fund flows and security returns

Mutual funds played a very small role in the financial system until the 1970s, before which ownership of financial instruments was dominated by commercial banks, thrift institutions, insurance companies, and pension funds. The financial system of the 1990s is not simply the system of the 1970s with more mutual funds, however. Evolution in financial laws and regulations, increasing global interactions, the rise of new financial instruments, major shifts in the structure and nature of financial institutions, and a change in the locus of risk-bearing from institutions to individuals have also ...
New England Economic Review , Issue Jan , Pages 3-22

Journal Article
Margin lending and stock market volatility

Margin loans have long been associated in the popular mind with instability in security markets, and the potential for margin lending to exacerbate the amplitude of cycles in stock prices has received considerable attention in the years since the Crash of 1929. Despite the many empirical studies of the association between margin loans or margin requirements and the volatility of stock returns, there has been no definitive answer, and the consensus among financial economists is that margin lending plays little, if any, role in shaping the probability distribution of returns on common stocks. ...
New England Economic Review

Discussion Paper
Collateralized borrowing and life-cycle portfolio choice

We examine the effects of collateralized borrowing in a realistically parameterized life-cycle portfolio choice problem. We provide basic intuition in a two-period model and then solve a multi-period model computationally. Our analysis provides insights into life-cycle portfolio choice relevant for researchers in macroeconomics and finance. In particular, we show that standard models with unlimited borrowing at the riskless rate dramatically overstate the gains to holding equity when compared with collateral-constrained models. Our results do not depend on the specification of the ...
Public Policy Discussion Paper , Paper 06-4

Working Paper
Asset liquidity, debt valuation and credit risk

This paper presents a structural debt valuation model that links default probabilities and recovery rates of corporate securities to asset market liquidity. This linking is advantageous for risk management and regulation of financial institutions in that it provides a method of calibrating the relationship between probability of default (PD) and loss given default (LGD). Two innovations in the paper are the placing of the default point in a model of debt valuation into general equilibrium and conditioning this point on market factors such as asset liquidity. These allow one to derive ...
Supervisory Research and Analysis Working Papers , Paper QAU07-5

Journal Article
Interest in the future

Regional Review , Issue Fall , Pages 25



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