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.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
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.