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Journal Article
Welfare reform four years later: progress and prospects - summary of observations and recommendations
Rapaport, Carol; Moffitt, Robert A.; Cameron, Stephen V. (2001-09)
Economic Policy Review , Issue Sep , Pages 3-5

Journal Article
Financial amplification mechanisms and the Federal Reserve’s supply of liquidity during the crisis
Shrader, Jeffrey; Sarkar, Asani (2010-08)
New York Fed economists Asani Sarkar and Jeffrey Shrader examine the Federal Reserve?s recent liquidity actions in the context of studies on financial amplification mechanisms, whereby an initial financial sector shock triggers substantially larger shocks elsewhere in the sector and in the broader economy. Presented at "Central Bank Liquidity Tools and Perspectives on Regulatory Reform" a conference sponsored by the Federal Reserve Bank of New York, February 19-20, 2009.
Economic Policy Review , Volume 16 , Issue Aug , Pages 55-74

Journal Article
The Federal Reserve’s Commercial Paper Funding Facility
Kimbrough, Karin; Marchioni, Dina; Adrian, Tobias (2011-05)
Established in the wake of Lehman Brothers? bankruptcy to stabilize severe disruptions in the commercial paper market, the Commercial Paper Funding Facility (CPFF) allowed the Federal Reserve to act as a lender of last resort for issuers of commercial paper, thereby effectively addressing temporary liquidity distortions and alleviating the severe funding stress that threatened to further exacerbate the financial crisis. In doing so, the CPFF can be considered a noteworthy model of liquidity provision in a market-based financial system, where maturity transformation occurs outside of the ...
Economic Policy Review , Volume 17 , Issue May , Pages 25-39

Journal Article
Immigration, health, and New York City: early results based on the U.S. new immigrant cohort of 2003
Massey, Douglas S.; Jasso, Guillermina; Smith, James P.; Rosenzweig, Mark R. (2005-12)
This article was presented at a conference organized by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics in New York City." The goal of the conference was threefold: to examine the historical transformations of the engine-of-growth industries in New York and distill the main determinants of the city's historical dominance as well as the challenges to its continued success; to study the nature and evolution of immigration flows into New York; and to analyze recent trends in a range of socioeconomic outcomes, both for the general population and recent immigrants more ...
Economic Policy Review , Issue Dec , Pages 127-151

Journal Article
Do we know what we owe? Consumer debt as reported by borrowers and lenders
Haughwout, Andrew F.; Brown, Meta; Lee, Donghoon; Van der Klaauw, Wilbert (2015-21-01)
Household surveys are the source of some of the most widely studied data on consumer balance sheets, with the Survey of Consumer Finances (SCF) generally cited as the leading source of wealth data for the United States. At the same time, recent research questions survey respondents? propensity and ability to report debt characteristics accurately. This study compares household debt as reported by borrowers to the SCF with household debt as reported by lenders to Equifax using the new FRBNY Consumer Credit Panel (CCP). The borrower and lender debt distributions are compared by year, age of ...
Economic Policy Review , Issue 21-1 , Pages 19-44

Journal Article
Do big banks have lower operating costs?
Zhou, Lily; Kovner, Anna; Vickery, James (2014-12)
This study examines the relationship between bank holding company (BHC) size and components of noninterest expense (NIE) in order to shed light on the sources of scale economies in banking. Drawing on detailed expense information provided by U.S. banking firms in the memoranda of their regulatory filings, the authors find a robust negative relationship between size and normalized measures of NIE. The relationship is strongest for employee compensation expenses and components of ?other? noninterest expense such as information technology and corporate overhead expenses. In addition, the authors ...
Economic Policy Review , Issue Dec , Pages 1-27

Journal Article
The Term Asset-Backed Securities Loan Facility
Caviness, Elizabeth; Sarkar, Asani; Goyal, Ankur; Park, Woojung (2022-07-01)
The COVID-19 pandemic disrupted the asset-backed securities (ABS) market, resulting in higher spreads on ABS and briefly halting the issuance of some ABS. On March 23, 2020, the Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) to support the flow of credit to consumers and businesses by re-enabling the issuance of ABS. In this article, the authors describe how TALF works, how much it was used, and its effect on the issuance and spreads of TALF-eligible securities relative to those of TALF-ineligible securities. They find that both the introduction of TALF and ...
Economic Policy Review , Volume 28 , Issue 1

Journal Article
The internationalization of the U.S. labor market and the wage structure
Borjas, George J. (1995-01)
The increasing internationalization of the U.S. labor market has had important effects on the wage structure. Immigration has probably increased wage inequality because recent immigrant waves tend to be less skilled than earlier waves. Growing trade deficits in durable goods have also increased wage inequality by reducing the relatively high wages of less-skilled workers in these industries and by displacing workers from them.
Economic Policy Review , Issue Jan , Pages 3-8

Journal Article
Trading activity and price transparency in the inflation swap market
Sporn, John; Fleming, Michael J. (2013-05)
The issues of liquidity and price transparency in derivatives markets have taken on greater import given regulatory efforts under way to improve their transparency. To date, the lack of transaction data has impeded the understanding of how the inflation swap and other derivatives markets operate. This article broadens that understanding by using a novel transaction data set to examine trading activity and price transparency in the quickly growing U.S. inflation swap market. The authors find that the market appears reasonably liquid and transparent, despite its over-the-counter nature and ...
Economic Policy Review , Volume 19 , Issue May , Pages 45-57

Journal Article
Determinants and impact of sovereign credit ratings
Packer, Frank; Cantor, Richard (1996-10)
The authors conduct the first systematic analysis of the determinants and impact of the sovereign credit ratings assigned by the two leading U.S. agencies, Moody's Investor Services and Standard and Poor's. Of the large number of criteria used by the two agencies, six factors appear to play an important role in determining a country's credit rating: per capita income, GDP growth, inflation, external debt, level of economic development, and default history. In addition, the authors find that sovereign ratings influence market yields--particularly those on non-investment-grade ...
Economic Policy Review , Volume 2 , Issue Oct , Pages 37-53

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