Home

Our economists engage in scholarly research and policy-oriented analysis on a wide range of important issues.   More ››

New from Liberty Street Economics

Just Released: New York’s Latest Beige Book Report Points to Sustained Growth The results of the New York Fed’s latest Beige Book are presented. By Jaison Abel and Jason Bram

Drilling Down into Core Inflation: Goods versus Services The bloggers suggest that the forecast accuracy of the conventional "ex food and energy" measure of core inflation can be improved by combining separate inflation forecasts for the goods and services categories. By M. Henry Linder, Richard Peach, and Robert Rich

Research Topics in Focus

The Geography of Student Debt Our economists tap the geographical information available in the FRBNY Consumer Credit Panel data set to map regional variation in several dimensions of student debt. Indebtedness is significant for student loan borrowers in virtually all U.S. states, with balances per borrower ranging from just under $21,000 in Wyoming to over $40,000 in Washington, D.C. The maps also show distinct differences in delinquency by state; West Virginia has the highest share of balances ninety-plus days delinquent, at nearly 18 percent, and South Dakota has the lowest rate, at just over 6.5 percent.

More >>

Recent Articles

Paying Paul and Robbing No One: An Eminent Domain Solution for Underwater Mortgage Debt Hockett suggests that state and municipal governments use their eminent domain powers to buy and restructure underwater mortgages held in private-label securitization trusts in order to write down the principal on this debt—thereby reducing the risk of default. By Robert Hockett, Current Issues in Economics and Finance (19) 5, June 2013

New Jersey's Abbott Districts: Education Finances during the Great Recession In terms of school funding, the state’s Abbott districts--a group of poor, urban districts--were hit especially hard by the most recent recession. By Rajashri Chakrabarti and Sarah Sutherland, Current Issues in Economics and Finance Second District Highlights (19) 4, June 2013

The Microstructure of China’s Government Bond Market The authors describe the history and structure of the Chinese government bond market and assess its liquidity and informational efficiency. By Jennie Bai, Michael Fleming, and Casidhe Horan, Staff Reports 622, May 2013

Inflation Risk and the Cross Section of Stock Returns Duarte argues that the inflation risk premium arises because high inflation lowers expectations of future real consumption growth. By Fernando M. Duarte, Staff Reports 621, May 2013

Trading Partners in the Interbank Lending Market There is large and persistent heterogeneity in the extent to which some banks concentrate lending and borrowing across counterparties, observe Afonso, Kovner, and Schoar. By Gara Afonso, Anna Kovner, and Antoinette Schoar, Staff Reports 620, May 2013

Securities Loans Collateralized by Cash: Reinvestment Risk, Run Risk, and Incentive Issues Keane argues that the standard compensation scheme for securities-lending agents, which typically provides for them to share in gains but not losses, creates incentives to take excessive risk. By Frank M. Keane, Current Issues in Economics and Finance (19) 3, May 2013