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Showing results 1 to 9 of approximately 9.
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Report
Buyout activity: the impact of aggregate discount rates
Buyout booms form in response to declines in the aggregate risk premium. We document that the equity risk premium is the primary determinant of buyout activity rather than credit-specific conditions. We articulate a simple explanation for this phenomenon: a low risk premium increases the present value of performance gains and decreases the cost of holding an illiquid investment. A panel of U.S. buyouts confirms this view. The risk premium shapes changes in buyout characteristics over the cycle, including their riskiness, leverage, and performance. Our results underscore the importance of the ...
Working Paper
Federal Reserve Structure and the Production of Monetary Policy Ideas
We evaluate the decentralized structure of the Federal Reserve System as a mechanism for generating and processing new ideas on monetary policy over the 1960 - 2000 period. We document the introduction of monetarism, rational expectations, credibility, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System. We argue that the Reserve Banks were willing to support and develop new ideas due to internal reforms to the FOMC that Chairman William McChesney Martin implemented in the 1950s and the increased ties with academia that developed in this period. ...
Briefing
Whom Do the Federal Reserve Bank Boards Serve?
The long-standing governance model of the Federal Reserve Banks, including their boards and the directors who serve on them, is under growing criticism. Calls are increasing for the boards to sever direct ties to banking and finance and become more diverse in their representation, as well as to offer more transparency to the public. As history shows, this governance model always has been the subject of political scrutiny, as public concepts of diversity ? and the Fed's functions ? have evolved over time.
Speech
Climate Change and Risk Management in Bank Supervision
Remarks at Risks, Opportunities, and Investment in the Era of Climate Change, Harvard Business School, Boston, Massachusetts.
Working Paper
Federal Reserve Structure, Economic Ideas, and Monetary and Financial Policy
The decentralized structure of the Federal Reserve System is evaluated as a mechanism for generating and processing new ideas on monetary and financial policy. The role of the Reserve Banks starting in the 1960s is emphasized. The introduction of monetarism in the 1960s, rational expectations in the 1970s, credibility in the 1980s, transparency, and other monetary policy ideas by Reserve Banks into the Federal Reserve System is documented. Contributions by Reserve Banks to policy on bank structure, bank regulation, and lender of last resort are also discussed. We argue that the Reserve Banks ...
Report
Clientelistic Politics and Pro-Poor Targeting: Rules versus Discretionary Budgets
Past research has provided evidence of clientelistic politics in delivery of program benefits by local governments (gram panchayats (GPs)), and manipulation of GP program budgets by legislators and elected officials at upper tiers in West Bengal, India. Using household panel survey data spanning 1998-2008, we examine the consequences of clientelism for distributive equity. We find that targeting of anti-poverty programs was progressive both within and across GPs, and is explained by greater 'vote responsiveness' of poor households to receipt of welfare benefits. Across-GP allocations were ...
Speech
Thoughts on cybersecurity from a supervisory perspective: remarks at SIPA’s Cyber Risk to Financial Stability: State-of-the-Field Conference 2019, Federal Reserve Bank of New York, New York City
Remarks at SIPA?s Cyber Risk to Financial Stability: State-of-the-Field Conference 2019, Federal Reserve Bank of New York, New York City.
Speech
Presentation by Daleep Singh at Newsday and Long Island Association Webinar
Presentation delivered by Daleep Singh, Executive Vice President at the Federal Reserve Bank of New York, at the Newsday and Long Island Association Webinar "Helping Long Island Businesses Survive Coronavirus" on April 22, 2020.
Working Paper
Federal Reserve Structure and Economic Ideas
This essay was written in memory of Marvin Goodfriend for a Federal Reserve Bank of Richmond book called Essays in Honor of Marvin Goodfriend: Economist and Central Banker. We discuss his Carnegie-Rochester conference paper titled "The Role of a Regional Bank in a System of Central Banks." In that paper, Marvin argued that the Federal Reserve's decentralized structure allowed for competing ideas about monetary and banking policy to develop with the central bank. In our essay, we describe how Marvin demonstrated this argument during his long career at the Federal Reserve Bank of Richmond. We ...