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Bank:Federal Reserve Bank of New York  Series:Research Paper 

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A cross-sectional analysis of mutual funds' market timing and security selection skill

Research Paper , Paper 9014

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The political economy of deregulation: evidence from the relaxation of bank branching restrictions in the United States

This paper provides a positive political economy analysis of deregulation, focusing on the recent removal of barriers to bank branching. Intra- and inter- state branching restrictions had been in place in most states for more than a century but have largely disappeared during the last 25 years. Branching restrictions primarily benefit small and inefficient banks against competition from large and efficient banks. Competing financial institutions not subject to the branching laws also benefit from restrictions on their rivals. Consumer and small businesses, however, tend to be harmed by ...
Research Paper , Paper 9720

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Defined contribution plans: the role of income, age and match rates

The growth of defined contribution plans has sparked debate concerning their effectiveness as a vehicle for retirement saving. Using data from the May 1993 Employee Benefits Supplement to the Current Population Survey, this paper examines whether DC plans have expanded overall pension coverage and whether their effects on retirement saving are the same across different age and income groups. Not surprisingly, I find that contributions to and early withdrawals from DC plans are strongly affected by income and age. The paper then discusses whether employer match rates are useful tools for ...
Research Paper , Paper 9517

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An evaluation of methods for determining turning points in the business cycle

Research Paper , Paper 9303

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Measuring economic activity and economic welfare: what are we missing?

Major U.S. economic data, most notably GDP and Industrial Production, are undergoing major changes. Proposals have been made for significant alterations in the CPI. The revision process has helped to spur debate on such topics as the proper method of accounting for high technology's role in the economy, the reported sluggishness of productivity growth in many service industries, and the overstatement of price increases for numerous products. This paper attempts to assess the potential impact of some of these problems on our understanding of basic trends in the economy. It is found that with ...
Research Paper , Paper 9732

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Regulatory evaluation of value-at-risk models

Beginning in 1998, commercial banks may determine their regulatory capital requirements for market risk exposure using value-at-risk (VaR) models; i.e., time-series models of the distributions of portfolio returns. Currently, regulators have available three statistical methods for evaluating the accuracy of VaR models: the binomial method, the interval forecast method, and the distribution forecast method. These methods test whether the VaR forecasts in question exhibit properties characteristics of accurate VaR forecasts. However, the statistical tests can have low power against alternative ...
Research Paper , Paper 9710

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A model of financial constraints in interstate bank expansion

Research Paper , Paper 8802

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