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Journal Article
Explaining settlement fails
Garbade, Kenneth D.; Fleming, Michael J. (2005-09)
The Federal Reserve now makes available current and historical data on trades in U.S. Treasury and other securities that fail to settle as scheduled. An analysis of the data reveals substantial variation in the frequency of fails over the 1990-2004 period. It also suggests that surges in fails sometimes result from operational disruptions, but often reflect market participants' insufficient incentive to avoid failing.
Current Issues in Economics and Finance , Volume 11 , Issue Sep

Journal Article
New measures of economic growth and productivity in upstate New York
Abel, Jaison R.; Deitz, Richard (2008-12)
Newly available measures of GDP at the metropolitan area level now afford a more comprehensive view of regional economic activity. An analysis of upstate New York's economic performance using these measures points to below-average output growth between 2001 and 2006 along with productivity levels and productivity growth below the U.S. average. The region's performance overall, however, is somewhat better than that of many manufacturing-oriented metro areas in the Great Lakes region.
Current Issues in Economics and Finance , Volume 14 , Issue Dec

Journal Article
Monetary policy implementation: common goals but different practices
Martin, Antoine; Amstad, Marlene (2011-11)
While the goals that guide monetary policy in different countries are very similar, central banks diverge in their methods of implementing policy. This study of the policy frameworks of four central banks?the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank?focuses on two notable areas of difference. The first is the choice of an interest rate target, a standard feature of conventional monetary policy. The second is the choice of instruments for managing the central banks? expanded balance sheets?a decision made necessary by the banks? ...
Current Issues in Economics and Finance , Volume 17 , Issue Nov

Journal Article
A decomposition of the increased stability of GDP growth
Mosser, Patricia C.; Perez-Quiros, Gabriel; McConnell, Margaret M. (1999-08)
Since 1984, the U.S. economy has grown at a remarkably steady pace. An analysis of this increased stability shows that every major component of GDP has exhibited smoother growth. However, two components--inventory investment and consumer spending--are responsible for the bulk of the decline in overall volatility.
Current Issues in Economics and Finance , Volume 5 , Issue Aug

Journal Article
Repo rate patterns for new Treasury notes
Keane, Frank M. (1996-09)
Despite the enormous popularity of the market for repurchase agreements, the behavior of interest rates on "repo" transactions is not well understood. An analysis of new data for 1992-95 reveals that repo rates on recently issued Treasury notes rise and fall in a regular pattern as the Treasury auction cycle progresses.
Current Issues in Economics and Finance , Volume 2 , Issue Sep

Journal Article
Explaining the rising concentration of banking assets in the 1990s
Stiroh, Kevin J.; Poole, Jennifer P. (2000-08)
In recent years, the nation's largest bank holding companies have sharply increased their market share of assets. Have these institutions achieved their dominance by expanding their existing subsidiaries or by merging with other bank holding companies? A study of industry data for 1990-99 suggests that the increased market share of the largest companies is attributable almost entirely to external growth through mergers and acquisitions.
Current Issues in Economics and Finance , Volume 6 , Issue Aug

Journal Article
How economic news moves markets
Sacarny, Adam; Bartolini, Leonardo; Goldberg, Linda S. (2008-08)
Exploring how the release of new economic data affects asset prices in the stock, bond, and foreign exchange markets, the authors find that only a few announcements - the nonfarm payroll numbers, the GDP advance release, and a private sector manufacturing report - generate price responses that are economically significant and measurably persistent. Bond yields show the strongest response and stock prices the weakest. The authors' analysis of the direction of these effects suggests that news of stronger-than-expected growth and inflation generally prompts a rise in bond yields and the exchange ...
Current Issues in Economics and Finance , Volume 14 , Issue Aug

Journal Article
The yield curve as a leading indicator: some practical issues
Estrella, Arturo; Trubin, Mary R. (2006-07)
Since the 1980s, economists have argued that the slope of the yield curve-the spread between long- and short-term interest rates-is a good predictor of future economic activity. While much of the existing research has documented how consistently movements in the curve have signaled past recessions, considerably less attention has been paid to the use of the yield curve as a forecasting tool in real time. This analysis seeks to fill that gap by offering practical guidelines on how best to construct the yield curve indicator and to interpret the measure in real time.
Current Issues in Economics and Finance , Volume 12 , Issue Jul

Journal Article
Why are banks holding so many excess reserves?
McAndrews, James J.; Keister, Todd (2009-12)
The buildup of reserves in the U.S. banking system during the financial crisis has fueled concerns that the Federal Reserve's policies may have failed to stimulate the flow of credit in the economy: banks, it appears, are amassing funds rather than lending them out. However, a careful examination of the balance sheet effects of central bank actions shows that the high level of reserves is simply a by-product of the Fed's new lending facilities and asset purchase programs. The total quantity of reserves in the banking system reflects the scale of the Fed's policy initiatives, but conveys no ...
Current Issues in Economics and Finance , Volume 15 , Issue Dec

Journal Article
The Federal Reserve's Term Auction Facility
Armantier, Olivier; Krieger, Sandra C.; McAndrews, James J. (2008-07)
As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and amounts set by auction. The facility is designed to improve liquidity by making it easier for sound institutions to borrow when the markets are not operating efficiently.
Current Issues in Economics and Finance , Volume 14 , Issue Jul

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