The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
The bloggers analyze the relationship between a major credit default swap (CDS) index—the CDX.NA.IG index—and its constituents in the context of the roll process. The goal? A better understanding of how the exit of dealers from the single-name CDS market might affect pricing dynamics in the CDS market as a whole.
The February 2015 SCE Credit Access survey shows an increase in the average likelihood of consumers applying for credit over the next twelve months for all five credit products; the increase is most pronounced for mortgage refinance requests.
By Luis Armona, Wilbert van der Klaauw, and Basit Zafar
Students in recent years have been paying more to attend college and earning less upon graduation—trends that have raised questions about whether a college education remains a good investment. But research from economists Jaison Abel and Richard Deitz finds that the benefits of college still tend to outweigh the costs.
In the early twentieth century, poor maternal health made it particularly difficult for mothers to engage in market work. However, between 1930 and 1960, there was a remarkable reduction in maternal mortality and morbidity. The authors
argue that medical advances, by enabling women to reconcile work and motherhood, were essential for the joint rise in
married women’s labor force participation and fertility over this period.
By Stefania Albanesi and Claudia Olivetti, Staff Reports 720, March 2015
The authors document three new facts about gender differences in executive compensation: 1) female executives receive
lower shares of incentive pay in total compensation relative to males, 2) the compensation of female executives displays
lower pay-performance sensitivity, and 3) female executives are more exposed to the bad performance of their firms and
less exposed to the firms’ good performance than are male executives.
By Stefania Albanesi, Claudia Olivetti, and María José Prados, Staff Reports 718, March 2015
Empirical analyses of the federal funds market often use the so-called “Furfine algorithm” to identify activity in the market at the most disaggregated level—individual loans between two specific banks. However, a formal test of the accuracy of the algorithm in identifying fed funds transactions shows that the algorithm may be ill-suited to this task.
By Olivier Armantier and Adam Copeland, Economic Policy Review, March 2015