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Our seminars, training programs, and conferences—and our account relationships with the international central banking community—position the Federal Reserve Bank of New York as a leader in policy, technology, and education for central bankers. On behalf of the Federal Reserve System, we provide correspondent and custodial banking services for central banks, monetary authorities, and certain international organizations to facilitate their official financial operations. |
| Features |
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 Central
Banking SeminarThe next seminar will be offered October 19-23, 2009. The two-day Workshop on Financial Markets will be offered October 15-16, 2009. Central bank governors will receive invitations to nominate participants in June. |
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U.S. Monetary Policy Implementation » |
| Research Highlights |
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 Recycling
PetrodollarsIn recent years, oil-exporting countries have experienced windfall gains with the rise in the price of oil. A look at how oil exporters “recycle” their revenues reveals that roughly half of the petrodollar windfall has gone to purchase foreign goods, especially from Europe and China, while the remainder has been invested in foreign assets. Although it is difficult to determine where the funds are first invested, the evidence suggests that the bulk are ending up, directly or indirectly, in the United States. Current Issues in Economics and Finance 12 (9), December 2006 |
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| Distribution
Margins, Imported Inputs, and the Sensitivity of the CPI to
Exchange Rates This paper decomposes the sources of this price stability for twenty-one OECD (Organisation for Economic Co-operation and Development) countries, focusing on the important role of distribution margins and imported inputs in transmitting exchange rate fluctuations into consumption prices. Staff Report 247, April 2006 |
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| Risks
in U.S. Bank International Exposures In this paper, we show how the amounts and forms of these exposures have evolved over time and note the changes in embodied risks taken through banks’ cross-border activity, local claims, and derivative positions. Our findings vary with the type of U.S. bank. Staff Report 240, March 2006 |
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