Economic Research

Historical Echoes: Move Over Oculus Rift and Google Cardboard, Let’s Pay Homage to the -- Stereoscopic Viewer!
From the 1850s to the 1910s, stereoscopic viewers were used for home entertainment and functioned as a way for people to travel vicariously, or as an aid to the study of history and other cultures. Farber tells us how to find—or make—our own viewer and where to find images that we can then view stereoscopically.
By Amy Farber
Just Released: What Do Banking Supervisors Do?
Understanding how prudential banking supervision works is a critical precursor to determining how to measure its impact and effectiveness. In their recently released Staff Report, the bloggers describe the Federal Reserve’s supervisory approach for large, complex financial institutions and how supervision of such firms is conducted on a day-to-day basis at the New York Fed.
By Beverly Hirtle and David Lucca
Why Are Interest Rates So Low?
The low level of interest rates since 2008 is largely attributable to a reduction in the natural rate of interest, which reflects cautious behavior on the part of households and firms. Monetary policy has largely accommodated the decline in the natural rate of interest in order to mitigate the adverse effects of the crisis.
By Marco Del Negro, Marc Giannoni, Matthew Cocci, Sara Shahanaghi, and Micah Smith
The FRBNY DSGE Model Forecast--April 2015
First in a two-part series. The bloggers provide an update of the economic forecasts implied by the New York Fed’s dynamic stochastic general equilibrium (DSGE) model, which continues to predict a gradual recovery in economic activity with a progressive but slow return of inflation toward the FOMC’s long-run target of 2 percent.
By Marco Del Negro, Marc Giannoni, Matthew Cocci, Sara Shahanaghi, and Micah Smith
Supplemental Survey Report
Manufacturers and service sector firms in the New York-Northern New Jersey region respond to survey questions focused on past and expected changes in prices.
Business Leaders Survey
Business Leaders Survey
The May 2015 survey indicates that activity in the New York region's service sector expanded moderately.
Empire State Manufacturing Survey
Empire State Manufacturing Survey
Latest survey for May 2015 finds business conditions have improved slightly for New York manufacturers.
Greenboard with math squiggles for DSGE model artwork
The FRBNY DSGE Model
In recent work, economists described the New York Fed’s dynamic stochastic equilibrium model, assessed its forecasting accuracy, and shared source code used for model estimation.
Research Topics in Focus: College grads
Is College Worth It?
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.
Recent Articles
Segregated Balance Accounts
This paper introduces the concept for a new monetary tool—segregated balance accounts (SBAs)—that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess reserves. The authors explain how SBAs work, their advantages, and some potential risks.
By Rodney Garratt, Antoine Martin, James McAndrews, and Ed Nosal, Staff Reports 730, May 2015
Supervising Large, Complex Financial Companies: What Do Supervisors Do?
This paper describes the Federal Reserve’s supervisory approach to large, complex financial companies and outlines how prudential supervisory activities are structured, staffed, and implemented on a day-to-day basis at the New York Fed. The goal is to generate insight for those not involved in supervision into what supervisors do and how they do it.
By Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, Anna Kovner, David Lucca, and Matthew Plosser, Staff Reports 729, May 2015
Small Firms' Formalization: The Stick Treatment
The authors perform an experiment—a stick intervention—which is perhaps the first one in a developing country setting that deals with the most direct and dominant form of firm informality, that is, registration with the tax authority with a direct link to the country's potential revenue base and thus public goods provision.
By Giacomo De Giorgi, Matthew Ploenzke, and Aminur Rahman, Staff Reports 728, May 2015
Asset Price Effects of Peer Benchmarking: Evidence from a Natural Experiment
To isolate the component of demand that arises solely from peer benchmarking, the authors study trading behavior by Colombian pension fund managers in the presence of a peer-based under-performance penalty known as the Minimum Return Guarantee.
By Sushant Acharya and Alvaro Pedraza, Staff Reports 727, May 2015
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