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| Capital Markets |
| Our economists research and analyze a range of issues involving asset pricing, market microstructure, and other financial market topics. |
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| Inflation-Indexed Securities and Inflation Risk Management A conference organized by the Federal Reserve Bank of New York. The conference brought together experts in inflation pricing and hedging, inflation-indexed issuer asset-liability management, and macroeconomics. |
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| The Yield Curve as a Leading Indicator Research on the yield curve as a predictor of future real U.S. economic activity. |
| RECENT ARTICLES |
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 Broker-Dealer Risk Appetite and Commodity ReturnsThis paper shows that the risk-bearing capacity of securities brokers and dealers is a strong determinant of risk premia and the volatility of returns in commodity markets. By Erkko Etula, Staff Reports 406, November 2009 |
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 The Global Financial Crisis and Offshore Dollar MarketsThe authors examine the unusual increase in the euro-dollar foreign exchange swap basis, which is an interest rate differential relative to dollar LIBOR, during the crisis of 2007 and 2008. By Niall Coffey, Warren B. Hrung, Hoai-Luu Nguyen, and Asani Sarkar, Current Issues in Economics and Finance (15) 6, October 2009 |
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| Financial Intermediaries and Monetary Economics The authors explore the hypothesis that financial intermediaries drive the business cycle by way of their role in determining the price of risk. By Tobias Adrian and Hyun Song Shin, Staff Reports 398, October 2009 |
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| Monetary Tightening Cycles and the Predictability of Economic Activity In this article, the authors investigate the ability of financial indicators to discriminate between tightening cycles that are followed by declining real activity and those that are not. By Arturo Estrella and Tobias Adrian, Staff Reports 397, September 2009 |
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| Prices and Quantities in the Monetary Policy Transmission Mechanism The financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. By Tobias Adrian and Hyun Song Shin, Staff Reports 396, September 2009 |
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