Economic Research

New From Liberty Street Economics
Historical Echoes: The Demise of Silver Certificates
Laws passed in the late 1800s required the U.S. government to purchase large quantities of silver and issue certificates backing their value. Cohen chronicles the history and the end of silver certificates, which in 1968 resulted in mob scenes at the assay offices.
By Megan Cohen
Insolvency after the 2005 Bankruptcy Reform
First of a two-part series. The 2005 Bankruptcy Abuse Prevention and Consumer Protection Act resulted in a large and permanent reduction in bankruptcy filings. In this post, the bloggers study the mechanism behind this drop and the consequences for households.
By Stefania Albanesi, Jaromir Nosal, Zachary Bleemer, and Matthew Ploenzke
The Student Loan Landscape
First of a three-part series. The bloggers update some descriptive statistics on student loan borrowers—and look at who is borrowing, and how much they owe.
By Meta Brown, Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert van der Klaauw
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The FRBNY DSGE Model
In recent work, economists described the New York Fed’s dynamic stochastic equilibrium model, assessed its forecasting accuracy, and shared source code used for model estimation.
Research Topics in Focus: College grads
Is College Worth It?
Students in recent years have been paying more to attend college and earning less upon graduation—trends that have raised questions about whether a college education remains a good investment. But research from economists Jaison Abel and Richard Deitz finds that the benefits of college still tend to outweigh the costs.
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International Banking Research Network
This New York Fed-hosted microsite describes an initiative of central bank researchers who are engaged in a coordinated study of global banks and their activities internationally.
Recent Articles
The Equity Risk Premium: A Review of Models
Duarte and Rosa analyze twenty different models of the equity risk premium (ERP) and find that the current level of the ERP is consistent with a bond-driven ERP: expected excess stock returns are elevated not because stocks are expected to have high returns, but because bond yields are exceptionally low.
By Fernando Duarte and Carlo Rosa, Staff Reports 714, February 2015
How Mortgage Finance Affects the Urban Landscape
The authors consider the structure of mortgage finance in the United States and its role in shaping patterns of homeownership, the nature of the housing stock, and the organization of residential activity.
By Sewin Chan, Andrew Haughwout, and Joseph Tracy, Staff Reports 713, February 2015
Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
This study considers the usefulness of an overnight reverse repurchase agreement facility as one means of maintaining control over the federal funds rate and other short-term rates during the normalization of monetary policy. The authors assess the possible secondary effects of the facility—both positive and negative—and outline some design features that could limit any adverse consequences.
By Joshua Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache, Staff Reports 712, February 2015
Anxiety, Overconfidence, and Excessive Risk Taking
Eisenbach and Schmalz show that horizon-dependent risk aversion preferences (“anxiety”) supply a rationale for overconfident beliefs, wherein selective information processing is used as a tool to accomplish self-delusion.
By Thomas M. Eisenbach and Martin C. Schmalz, Staff Reports 711, February 2015
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