Economic Research

New From Liberty Street Economics
On Fire-Sale Externalities, TARP Was Close to Optimal
Duarte and Eisenbach show that banks’ vulnerability to fire-sale externalities was high during the crisis and that the capital injections of the government’s Troubled Asset Relief Program (TARP) helped reduce it considerably. In fact, they argue that given the total amount injected, TARP was close to optimal.
By Fernando Duarte and Thomas Eisenbach
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The Center for Microeconomic Data
This new research hub centralizes the wide-ranging microeconomic data, research, and analysis produced by the New York Fed.
Higher Education Map
For-Profits in the Higher Education Landscape
Interactive maps and charts shed light on the unprecedented growth, market share, student loans, tuition pricing, federal grants, and more for for-profit higher education institutions.
Recent Articles
Gates, Fees, and Preemptive Runs
The authors build a model of a financial intermediary, in the tradition of Diamond and Dybvig (1983), and show that allowing the intermediary to impose redemption fees or gates in a crisis—a form of suspension of convertibility—can lead to preemptive runs.
ByMarco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi , Staff Reports, Number 670, April 2014
Lights, Camera,...Income! Estimating Poverty Using National Accounts, Survey Means, and Lights
The authors propose a way to assess whether national accounts or survey means perform better in capturing differences in income across countries and over time, creating a new measure of income per capita that is an optimal combination of national accounts and survey means data.
By Maxim Pinkovskiy and Xavier Sala-i-Martin, Staff Reports, Number 669, April 2014
Measuring Student Debt and Its Performance
Student loans have come to play an increasingly important role in financing higher education, but they are not well understood. The authors bring a new data set to bear on this important issue and present a brief analysis of historical and current levels of student debt and how that debt is performing.
Meta Brown, Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw, Staff Reports, Number 668, April 2014
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