Just Released: Marking the End of LSAP 2
Robert Rich Yesterday, the Federal Reserve concluded its second Large-Scale Asset Purchase (LSAP) program. Liberty Street Economics is marking the end of the program—through which the Fed purchased...
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Discretionary Services Expenditures in This Business Cycle
Jonathan McCarthy The pronounced weakness in personal consumption expenditures (PCE) for services has been an unusual feature of the 2007-09 recession and the slow recovery from it. Even in 2010:Q4,...
View ArticleHistorical Echoes: One Giant Step for Banking
New York Fed Research Library “Lamar Pioneers in Space, the New Frontier” is the headline of an advertisement that appeared in the April 1985 issue of Texas Monthly magazine. The ad indicates that...
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Global Banks and Their Internal Capital Markets during the Crisis
Nicola Cetorelli and Linda S. Goldberg As financial markets have become increasingly globalized, banks have developed growing networks of branches and subsidiaries in foreign countries. This expansion...
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Would a Stronger Renminbi Narrow the U.S.‑China Trade Imbalance?
Matthew Higgins and Thomas Klitgaard 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...
View ArticleJust Released: July’s Empire State Manufacturing Survey Shows Ongoing...
Jason Bram and Richard Deitz The July Empire State Manufacturing Survey, published today, indicates that manufacturing conditions continued to weaken in New York State. The survey’s headline index was...
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Which Firms Have Flexible Prices?
Rebecca Hellerstein and Pinelopi Goldberg* Since the 1930s, the conventional wisdom among economists has held that producer prices are more rigid than consumer prices. The roots of this view lie in the...
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Stabilizing the Tri‑Party Repo Market by Eliminating the “Unwind”
Antoine Martin On July 6, 2011, the Task Force on Tri-Party Repo Infrastructure—an industry group sponsored by the New York Fed—released a Progress Report in which it reaffirmed the goal of eliminating...
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Historical Echoes: “South Sea Bubble” Deals Speculators a Bad Hand
New York Fed Research Library The “South Sea Bubble” in Britain, 1720, followed the typical pattern of a period of speculation, “irrational exuberance,” and the subsequent collapse of a major company...
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The Vanishing U.S.‑E.U. Employment Gap
Christian Grisse, Thomas Klitgaard, and Ayşegül Şahin The employment-to-population ratio—the share of adults that are employed—has historically been much higher in the United States than in Europe....
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Inflation Expectations and Behavior: Do Survey Respondents Act on Their Beliefs?
Olivier Armantier, Giorgio Topa, Wilbert Van Der Klaauw, and Basit Zafar Surveys of consumers’ inflation expectations are now a key component of monetary policy. To date, however, little work has been...
View ArticleHistorical Echoes: What’s Missing in This 1953 Portrait of the American Economy?
New York Fed Research Library In its January 1953 issue “The American and His Economy,” Life magazine presents a sidebar entitled “How Future Looks to Five Economists,” in which Paul Samuelson, John...
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