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.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
A new study by economists Hamid Mehran and Joseph Tracy may solve one of the "wage puzzles of the 1990s--why compensation per hour (CPH) growth slowed in 1999 despite tightness in the labor market. The authors analyze compensation data that take into account the timing of employee stock option grants. When they recalculate CPH growth to reflect this timing, Mehran and Tracy find that their adjusted CPH measure accelerated in each year from 1995 to 1999 and that CPH growth did not slow in 1999.