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Discussion Paper
Measuring Settlement Fails
McMorrow, Michael; Keane, Frank M.; Fleming, Michael J.; Martin, Antoine (2014-09-19)
In June 2014, settlement fails of U.S. Treasury securities reached their highest level since the implementation of the Treasury fails charge in May 2009, attracting significant attention from market participants. In this post, we review what fails are, why they are of interest, and how they can be measured. In a companion post following this one, we evaluate the particular circumstances of the June 2014 fails.
Liberty Street Economics , Paper 20140919b

Discussion Paper
Market Liquidity after the Financial Crisis
Adrian, Tobias; Shachar, Or; Fleming, Michael J. (2017-06-28)
The possible adverse effects of regulation on market liquidity in the post-crisis period continue to garner significant attention. In a recent paper, we update and unify much of our earlier work on the subject, following up on three series of earlier Liberty Street Economics posts in August 2015, October 2015, and February 2016. We find that dealer balance sheets have continued to stagnate and that various measures point to less abundant funding liquidity. Nonetheless, we do not find clear evidence of a widespread deterioration in market liquidity.
Liberty Street Economics , Paper 20170628

Discussion Paper
The U.S. Dollar's Global Roles: Where Do Things Stand?
Lerman, Robert; Goldberg, Linda S. (2019-02-11)
Previous Liberty Street Economics analysis and New York Fed research addressed the potential implications for the United States if the dollar’s global role changed, noting that the currency might not retain its dominance forever. This post checks the status of the dollar, considering whether any erosion in the dollar’s international standing has occurred. The evidence to date is that the dollar remains the world’s dominant currency by broad margins. Alternatives have not gained extensive traction, albeit this does not rule out potential future pressures.
Liberty Street Economics , Paper 20190211

Discussion Paper
A Look at Bank Loan Performance
Vickery, James; Sullivan, Tara (2013-10-16)
U.S. banks experienced a rapid rise in loan delinquencies and defaults during the 2007-09 recession, driven by rising unemployment and falling real estate prices, among other factors. More than four years on from the official end of the recession, how do things look now?
Liberty Street Economics , Paper 20131016b

Discussion Paper
Regulatory Incentives and Quarter-End Dynamics in the Repo Market
Egelhof, James; Zinsmeister, Noah; Martin, Antoine (2017-08-07)
Since the global financial crisis, central bankers and other prudential authorities have been working to design and implement new banking regulations, known as Basel III, to reduce risk in the financial sector. Although most features of the Basel III regime are implemented consistently across jurisdictions, some important details vary. In particular, banks headquartered in the euro area, Switzerland, and Japan report their leverage ratios?essentially, capital divided by total consolidated assets?as a snapshot of their value on the last day of the quarter. In contrast, institutions ...
Liberty Street Economics , Paper 20170807

Discussion Paper
Population Lost: Puerto Rico's Troubling Out-Migration
Abel, Jaison R.; Deitz, Richard (2015-04-13)
For the first time in modern history, Puerto Rico is seeing its population decline. This troubling loss can be traced to an exodus of Puerto Rican citizens to the U.S. mainland, a current that has picked up considerably in recent years as Puerto Rico's economy has deteriorated. Today, fully a third of those born in Puerto Rico now reside on the U.S. mainland. In this post, we examine the recent surge in out-migration that is driving Puerto Rico's population decline (which we delve into in more detail in a recent article in the New York Fed's Current Issues in Economics and Finance series), ...
Liberty Street Economics , Paper 20150413

Discussion Paper
A Peek behind the Curtain of Bank Supervision
Goldsmith-Pinkham, Paul; Lucca, David O.; Hirtle, Beverly (2016-04-14)
Since the financial crisis, bank regulatory and supervisory policies have changed dramatically both in the United States (Dodd-Frank Wall Street Reform and Consumer Protection Act) and abroad (Third Basel Accord). While these shifts have occasioned much debate, the discussion surrounding supervision remains limited because most supervisory activity? both the amount of supervisory attention and the demands for corrective action by supervisors?is confidential. Drawing on our recent staff report ?Parsing the Content of Bank Supervision,? this post provides a peek behind the scenes of bank ...
Liberty Street Economics , Paper 20160414

Discussion Paper
Who Borrows for College—and Who Repays?
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2019-10-09)
Student loans are increasingly a focus of discourse among politicians, policymakers, and the news media, resulting in a range of new ideas to address the swelling aggregate debt. Evaluating student loan policy proposals requires understanding the challenges faced by student borrowers. In this post, we explore the substantial variation in the experiences of borrowers and consider the distributional effects of various policy options.
Liberty Street Economics , Paper 20191009

Discussion Paper
The Vanishing U.S.-E.U. Employment Gap
Grisse, Christian; Sahin, Aysegul; Klitgaard, Thomas (2011-07-25)
The employment-to-population ratio—the share of adults that are employed—has historically been much higher in the United States than in Europe. However, the gap narrowed dramatically in the last decade and had almost disappeared by the end of 2009. In this post, we show that the narrowing employment gap is due to three factors: declining U.S. employment rates across almost all age-gender groups; more women working in Europe, particularly prime-age and older workers; and rising employment for older European men. We link most of these shifts to the influence of underlying trends (many ...
Liberty Street Economics , Paper 20110725

Discussion Paper
Skills Mismatch, Construction Workers and the Labor Market
Crump, Richard K.; Sahin, Aysegul (2012-03-29)
Recessions and recoveries typically have been times of substantial reallocation in the economy and the labor market, and the current cycle does not appear to be an exception. The speed and smoothness of reallocation depend in part on the structure of the labor market, particularly the degree of mismatch between the characteristics of available workers and newly available jobs. Such mismatches could occur because of differences in skills between workers and jobs (skills mismatch) or because of differences in the location of the available jobs and available workers (geographic mismatch). In ...
Liberty Street Economics , Paper 20120329

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