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 Tough Decisions, Depleted Revenues: New Jersey’s Education Finances during the Great Recession In this post, using analysis published in our recent staff report, “Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools,” we examine how school finances were affected during the recession and the ARRA federal stimulus period. By Rajashri Chakrabarti and Sarah Sutherland |
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Global Systemic Risk
A conference jointly organized by the Federal Reserve Bank of New York, the Society for Financial Econometrics, and the Volatility Institute of New York University. The conference organizers encourage the submission of analytical papers focusing on any relevant aspect relating to the economics and econometrics of global systemic risk. |
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| Recent Articles |
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Defaults and Losses on Commercial Real Estate Bonds during the Great Depression Era
In this paper, we examine defaults and losses on commercial real estate bonds during the Great Depression era. By Tyler Wiggers and Adam B. Ashcraft, Staff Reports 544, February 2012 |
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The Price is Right: Updating of Inflation Expectations in a Randomized Price Information Experiment
In this paper, we investigate how consumers form and update their inflation expectations using a unique "information" experiment embedded in a survey. By Olivier Armantier, Scott Nelson, Giorgio Topa, Wilbert van der Klaauw, and Basit Zafar, Staff Reports 543, January 2012 |
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Crime, House Prices, and Inequality: the Effect of UPPs in Rio
In this paper, we use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. By Claudio Frischtak and Benjamin R Mandel, Staff Reports 542, January 2012 |
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House Price Booms, Current Account Deficits, and Low Interest Rates
In this paper, house price booms, current account deficits, and low interest rates are discussed. By Andrea Ferrero, Staff Reports 541, January 2012 |
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Is Increased Price Flexibility Stabilizing? Redux
In this paper, we study the implications of increased price flexibility on aggregate output volatility in a dynamic stochastic general equilibrium model (DSGE). By Saroj Bhattarai, Gauti Eggertsson, and Raphael Schoenle, Staff Reports 540, January 2012 |
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Corporate Governance of Financial Institutions
In this paper, we identify the tension between dueling expectations of financial institutions as value maximizing entities that also serve the public interest. By Hamid Mehran and Lindsay Mollineaux, Staff Reports 539, January 2012 |
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Precarious Slopes? The Great Recession, Federal Stimulus, and New Jersey Schools
In this paper, we start to fill the void. Studying school funding during the recession is of paramount importance because schools have a fundamental role in fostering human capital formation and economic growth. By Rajashri Chakrabarti and Sarah Sutherland, Staff Reports 538, January 2012 |
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The Hitchhiker's Guide to Missing Import Price Changes and Pass-Through
In this paper, we investigate downward biases that arise when items experiencing a price change are especially likely to exit or to enter the index. We show that, in theoretical pricing models, entry and exit have different implications for the timing and size of these biases. By Etienne Gagnon, Benjamin R Mandel, and Robert Vigfusson, Staff Reports 537, January 2012 |
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