Search Results
Showing results 1 to 10 of approximately 26.
(refine search)
Discussion Paper
Demographic Trends and Growth in Japan and the United States
Japan’s population is shrinking and getting older, with the population falling at a 0.2 percent rate this year and the working-age population (ages 16 to 64) falling at a much faster rate of almost 1.5 percent. In contrast, the U.S. population is rising at a 0.7 percent annual rate and the working-age population is rising at a 0.2 percent rate. So far, supporting the growing share of Japan’s population that is 65 and over has been the substantial increase in the share of working-age women entering the labor force. In contrast, U.S. labor force participation rates have been falling for ...
Discussion Paper
At the N.Y. Fed: The Transatlantic Economy: Convergence or Divergence?
On April 18, 2016, the New York Fed hosted a conference on current and future policy directions for the linked economies of Europe and the United States. “The Transatlantic Economy: Convergence or Divergence?”—organized jointly with the Centre for Economic Policy Research and the European Commission—brought together U.S. and Europe-based policymakers, regulators, and academics to discuss a series of important issues: Are the economies of the euro area and the United States on a convergent or divergent path? Are financial regulatory reforms making the banking and financial structures ...
Report
Peas in a pod? Comparing the U.S. and Danish mortgage finance systems
Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and the Danish covered bond market bears a number of similarities to U.S. agency securitization. In this paper we describe the key features of the Danish mortgage finance system and compare and contrast it to the U.S. system. We also note characteristics of the Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the Danish system includes features that mitigate refinancing frictions during periods of falling home prices, and ...
Labor Force Participation and Hours Worked Recovery: U.S. vs. Europe
The labor force participation rate in the U.S. had returned to its pre-pandemic level by 2023:Q2, but hours worked per person had not. What about in European countries?
Journal Article
One-size-fits-all monetary policy: Europe and the U.S.
In the eyes of the skeptics, each country is better off setting its own interest rates at levels appropriate for local conditions.
Discussion Paper
Would a Stronger Renminbi Narrow the U.S.-China Trade Imbalance?
The United States buys much more from China than it sells to China—an imbalance that accounts for almost half of our overall merchandise trade deficit. China’s policy of keeping its exchange rate low is often cited as a key driver of that country’s large overall trade surplus and of its bilateral surplus with the United States. The argument is that a stronger renminbi (the official currency of China) would help reduce that country’s trade imbalance with the United States by lowering the prices of U.S. goods relative to those made in China. In this post, we examine the thinking behind ...
Discussion Paper
The End of China's Export Juggernaut
China has been an exporting juggernaut for decades. In the United States, this has meant a dramatic increase in China’s share of imports and a ballooning bilateral trade deficit. Gaining sales in the United States at the expense of other countries, Chinese goods rose from only 2 percent of U.S. non-oil imports in 1990 to 8 percent in 2000 and 17 percent in 2010. But these steady gains in U.S. import share have stopped in recent years, with China even losing ground to other countries in some categories of goods. One explanation for this shift is that Chinese firms now have to directly ...
Journal Article
A closer look at the German labor market 'miracle'
Compared with the steep, persistent increase in unemployment that the Great Recession triggered in the United States, its effect on unemployment in Germany was surprisingly mild. While U.S. unemployment soared from 4.8 percent to 9.5 percent between the fourth quarter of 2007 and the fourth quarter of 2010, the German unemployment rate actually fell from 7.6 percent to 6.4 percent over the same period (Figure 1).1 The marked contrast may make one wonder whether the magnitude of the recession itself was smaller in Germany. Actually, the severity of the recession as measured by the drop in ...
Journal Article
Peas in a pod? Comparing the U.S. and Danish mortgage finance systems
Like the United States, Denmark relies heavily on capital markets for funding residential mortgages, and its covered bond market bears a number of similarities to U.S. agency securitization. This article describes the key features of the Danish mortgage finance system and compares and contrasts them with those of the U.S. system. In addition, it highlights characteristics of the Danish model that may be of interest as the United States considers further mortgage finance reform. In particular, the Danish system includes features that mitigate refinancing frictions during periods of falling ...
Discussion Paper
The Transatlantic Economy Policy Responses to the Pandemic and the Road to Recovery Conference
The Federal Reserve Bank of New York, the European Commission, and the Center for Economic and Policy Research (CEPR) jointly organized the conference “Transatlantic Economic Policy Responses to the Pandemic and the Road to Recovery,” on November 18, 2021. The conference brought together U.S. and European-based policymakers and economists from academia, think tanks, and international financial institutions to discuss issues that transatlantic policymakers are facing. The conference was held before the Russian invasion of Ukraine and the global monetary tightening. Still, its medium to ...