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New from Liberty Street Economics

Just Released: The New York Fed Staff Forecast Our bloggers discuss the New York Fed staff forecast for real GDP growth, the unemployment rate, and inflation in 2013 and 2014. By Jonathan McCarthy and Richard Peach

Research Topics in Focus

The Geography of Student Debt Our economists tap the geographical information available in the FRBNY Consumer Credit Panel data set to map regional variation in several dimensions of student debt. Indebtedness is significant for student loan borrowers in virtually all U.S. states, with balances per borrower ranging from just under $21,000 in Wyoming to over $40,000 in Washington, D.C. The maps also show distinct differences in delinquency by state; West Virginia has the highest share of balances ninety-plus days delinquent, at nearly 18 percent, and South Dakota has the lowest rate, at just over 6.5 percent.

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Recent Articles

Trading Partners in the Interbank Lending Market There is large and persistent heterogeneity in the extent to which some banks concentrate lending and borrowing across counterparties, observe Afonso, Kovner, and Schoar. By Gara Afonso, Anna Kovner, and Antoinette Schoar, Staff Reports 620, May 2013

Securities Loans Collateralized by Cash: Reinvestment Risk, Run Risk, and Incentive Issues Keane argues that the standard compensation scheme for securities-lending agents, which typically provides for them to share in gains but not losses, creates incentives to take excessive risk. By Frank M. Keane, Current Issues in Economics and Finance (19) 3, May 2013

Time-Varying Structural Vector Autoregressions and Monetary Policy: A Corrigendum Del Negro and Primiceri correct a mistake in the estimation algorithm of Primiceri’s 2005 time-varying structural vector autoregression model and propose a new algorithm for the estimation of VAR or DSGE models with stochastic volatility. By Marco Del Negro and Giorgio Primiceri, Staff Reports 619, May 2013

Inflation in the Great Recession and New Keynesian Models The authors use a standard DSGE model, available prior to the recent financial crisis and estimated using data up to third-quarter 2008, to explain the behavior of key macroeconomic variables since the crisis. By Marco Del Negro, Marc P. Giannoni, and Frank Schorfheide, Staff Reports 618, May 2013

Unintended Consequences of School Accountability Policies: Evidence from Florida and Implications for New York Programs linking rewards and sanctions to performance outcomes can induce schools to "game the system," rather than make genuine improvements. By Rajashri Chakrabarti and Noah Schwartz, Economic Policy Review, May 2013