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Bank:Federal Reserve Bank of New York 

Journal Article
Recent U.S. export performance in the developing world

U.S. exports to developing countries have grown remarkably in recent years, far outpacing our sales increases to the industrial world. The author seeks explanations for this strong performance in the traditional determinants of export growthrelative prices and income growthand in other factors linking world economic conditions to developing country demand for U.S. goods.
Quarterly Review , Volume 17 , Issue Win , Pages 64-74

Speech
Transcript of Linda Goldberg on the EconoFact Chats Podcast

A discussion of the special role of the U.S dollar.
Speech

Report
Can vertical specialization explain the growth of world trade?

The growth in the trade share of output is one of the most important features of the world economy since World War II. The growth is generally thought to have been generated by falling tariff barriers worldwide. This thinking, however, does not square with standard static and dynamic international trade models. Because tariff barriers have decreased little since the early 1960s, these models cannot explain the growth of trade without assuming counterfactually large elasticities of substitution between domestic and foreign goods. I show that this growth can be reconciled with the relatively ...
Staff Reports , Paper 96

Report
GDP Solera: The Ideal Vintage Mix

We exploit the information in the successive vintages of gross domestic expenditure (GDE) and gross domestic income (GDI) from the current comprehensive revision to obtain an improved, timely measure of U.S. aggregate output by exploiting cointegration between the different measures and taking their monthly release calendar seriously. We also combine all existing overlapping comprehensive revisions to achieve further improvements. We pay particular attention to the Great Recession and the pandemic, which, despite producing dramatic fluctuations, does not generate noticeable revisions in ...
Staff Reports , Paper 1027

Discussion Paper
Just Released: Who's Borrowing Now? The Young and the Riskless!

According to today’s release of the New York Fed’s 2013:Q4 Household Debt and Credit Report, aggregate consumer debt increased by $241 billion in the fourth quarter, the largest quarter-to-quarter increase since 2007. More importantly, between 2012:Q4 and 2013:Q4, total household debt rose $180 billion, marking the first four-quarter increase in outstanding debt since 2008. As net household borrowing resumes, it is interesting to see who is driving these balance changes, and to compare some of today’s patterns with those of the boom period.
Liberty Street Economics , Paper 20140218b

Discussion Paper
Lower Manhattan since 9/11: A Study in Resilience

The 9/11 terrorist attack on the World Trade Center left a deep scar on New York City and the nation, most particularly in terms of the human toll. In addition to the lives lost and widespread health problems suffered by many others?in particular by first responders and recovery workers?the destruction of billions of dollars? worth of property and infrastructure led to severe disruptions to the local economy. Nowhere were these disruptions more severe and long-lasting than in the neighborhoods closest to Ground Zero.
Liberty Street Economics , Paper 20161019

Discussion Paper
Putting the Current Oil Price Collapse into Historical Perspective

Since the outbreak of the COVID-19 pandemic in late January, oil prices have fallen sharply. In this post, we compare recent price declines with those seen in previous oil price collapses, focusing on the drivers of such episodes. In order to do that, we break oil price shocks down into demand and supply components, applying the methodology behind the New York Fed’s weekly Oil Price Dynamics Report.
Liberty Street Economics , Paper 20200514

Discussion Paper
Did Subsidies to Too-Big-To-Fail Banks Increase during the COVID-19 Pandemic?

Once a bank grows beyond a certain size or becomes too complex and interconnected, investors often perceive that it is “too big to fail” (TBTF), meaning that if the bank were to become distressed, the government would likely bail it out. In a recent post, I showed that the implicit funding subsidies to systemically important banks (SIBs) declined, on average, after a set of reforms for eliminating TBTF perceptions was implemented. In this post, I discuss whether these subsidies increased again during the COVID-19 pandemic and, if so, whether the increase accrued to large firms in all ...
Liberty Street Economics , Paper 20210211

Discussion Paper
The Nonbank Shadow of Banks

Financial and technological innovation and changes in the macroeconomic environment have led to the growth of nonbank financial institutions (NBFIs), and to the possible displacement of banks in the provision of traditional financial intermediation services (deposit taking, loan making, and facilitation of payments). In this post, we look at the joint evolution of banks—referred to as depository institutions from here on—and nonbanks inside the organizational structure of bank holding companies (BHCs). Using a unique database of the organizational structure of all BHCs ever in existence ...
Liberty Street Economics , Paper 20231127

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