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Speech
An Update on the Economy and the Main Street Lending Program
Rosengren, Eric S. (2020-06-19)
Today I would like to speak with you about the pandemic, its effects on the economy, the implications for Federal Reserve policymaking, and some of the steps that the Fed is taking to address the crisis and mitigate its financial impact on American households and businesses.
Speech

Discussion Paper
Some Workers Have Been Hit Much Harder than Others by the Pandemic
Abel, Jaison R.; Deitz, Richard (2021-02-09)
As the COVID-19 pandemic took hold in the United States, in just two months—between February and April 2020—the nation saw well over 20 million workers lose their jobs, an unprecedented 15 percent decline. Since then, substantial progress has been made, but employment still remains 5 percent below its pre-pandemic level. However, not all workers have been affected equally. This post is the first in a three-part series exploring disparities in labor market outcomes during the pandemic—and represents an extension of ongoing research into heterogeneities and inequalities in people’s ...
Liberty Street Economics , Paper 20210209a

Discussion Paper
The Money Market Fund Liquidity Facility
Plesset, Aaron; Orchinik, Reed; Cipriani, Marco; La Spada, Gabriele (2020-05-08)
Over the first three weeks of March, as uncertainty surrounding the COVID-19 pandemic increased, prime and municipal (muni) money market funds (MMFs) faced large redemption pressures. Similarly to past episodes of industry dislocation, such as the 2008 financial crisis and the 2011 European bank crisis, outflows from prime and muni MMFs were mirrored by large inflows into government MMFs, which have historically been seen by investors as a safe haven in times of crisis. In this post, we describe a liquidity facility established by the Federal Reserve in response to these outflows.
Liberty Street Economics , Paper 20200508

Discussion Paper
Expanding the Toolkit: Facilities Established to Respond to the COVID-19 Pandemic
Kovner, Anna; Martin, Antoine (2020-09-22)
The Federal Reserve’s response to the coronavirus pandemic has been unprecedented in its size and scope. In a matter of months, the Fed has, among other things, cut the federal funds rate to the zero lower bound, purchased a large amount of Treasury securities and agency mortgage‑backed securities (MBS) and, together with the U.S. Treasury, introduced several lending facilities. Some of these facilities are very similar to ones introduced during the 2007-09 financial crisis while others are completely new. In this post, we argue that the new facilities, while unprecedented, are a natural ...
Liberty Street Economics , Paper 20200922

Speech
The Economy’s Outlook, Challenges, and Way Forward
Rosengren, Eric S. (2020-09-23)
Recent economic data have been encouraging, but President Rosengren believes the most difficult part of the recovery is still ahead of us. A full recovery probably requires the availability of vaccines and more effective treatments for the virus because until then, many businesses and households are unlikely to return to more normal spending habits. While he anticipates a slowly improving economy, economic activity still faces serious headwinds. Potential financial impediments and challenges in the labor market make the recovery process more gradual than any of us would prefer. Improvement in ...
Speech

Speech
A Solution to Every Puzzle
Williams, John C. (2020-09-29)
Remarks at the 2020 U.S. Treasury Market Conference (delivered via videoconference).
Speech

Speech
Benchmark Reform and Transition to Risk-Free Rates
Wuerffel, Nathaniel (2020-06-25)
This panel covered three main issues: first, progress on the transition to risk-free rates so far, despite the market impact of the coronavirus pandemic; second, remaining challenges to complete implementation of the transition in time, including legacy issues; and third, the importance of international coordination, how this works and what it involves. Panel with Nathaniel Wuerffel, Senior Vice President at the Federal Reserve Bank of New York, and the following individuals: Edwin Schooling Latter, Director of Markets and Wholesale Policy, UK Financial Conduct Authority, Cornelia ...
Speech

Discussion Paper
The Coronavirus Shock Looks More like a Natural Disaster than a Cyclical Downturn
Bram, Jason; Deitz, Richard (2020-04-10)
It’s tempting to compare the economic fallout from the coronavirus pandemic to prior business cycle downturns, particularly the Great Recession. However, such comparisons may not be particularly apt—as evidenced by the unprecedented surge in initial jobless claims over the past three weeks. Recessions typically develop gradually over time, reflecting underlying economic and financial conditions, whereas the current economic situation developed suddenly as a consequence of a fast-moving global pandemic. A more appropriate comparison would be to a regional economy suffering the effects of a ...
Liberty Street Economics , Paper 20200410a

Working Paper
Can Pandemic-Induced Job Uncertainty Stimulate Automation?
Leduc, Sylvain; Liu, Zheng (2020-05-07)
The COVID-19 pandemic has raised concerns about the future of work. The pandemic may become recurrent, necessitating repeated adoptions of social distancing measures (voluntary or mandatory), creating substantial uncertainty about worker productivity. But robots are not susceptible to the virus. Thus, pandemic-induced job uncertainty may boost the incentive for automation. However, elevated uncertainty also reduces aggregate demand and reduces the value of new investment in automation. We assess the importance of automation in driving business cycle dynamics following an increase in job ...
Working Paper Series , Paper 2020-19

Discussion Paper
Market Function Purchases by the Federal Reserve
Garbade, Kenneth D.; Keane, Frank M. (2020-08-20)
In response to disorderly market conditions in mid-March 2020, the Federal Reserve began an asset purchase program designed to improve market functioning in the Treasury and agency mortgage-backed securities (MBS) markets. The 2020 purchases have no parallel, but there are several instances of large SOMA purchases undertaken to support Treasury market functions in earlier decades. This post recaps three such episodes, one in 1939 at the start of World War II, one in 1958 in connection with a poorly received Treasury financing, and a third in 1970, also in connection with a Treasury financing. ...
Liberty Street Economics , Paper 20200820

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