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| Financial Intermediation |
| Economists in the Financial Intermediation Function conduct research and policy-oriented analysis on a wide range of issues relating to financial intermediation and financial markets, including the behavior and health of financial institutions, innovations in financial markets, and the development of appropriate supervisory tools and techniques. |
| Features |
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| The Fifth New York Fed/NYU Stern Conference on Financial Intermediation A conference jointly sponsored by the Federal Reserve Bank of New York and the Salomon Center at New York University's Leonard N. Stern School of Business. This one-day conference aims to enhance the interaction among researchers interested in financial intermediation. |
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| Banking Research Datasets The Federal Reserve Bank of New York would like to announce the publication of a historical mapping between CRSP PERMCO (R) and the regulatory entity code for banks and bank holding companies. This data set is available for download free of charge for public use. In lieu of using this link, researchers are typically forced to hand-match market data to regulatory data on the basis of institution name. Unfortunately, this process is time-consuming and mistake-prone. This data set is provided as a public service in order to reduce the time costs of using market data in banking research and to make it easier for researchers to replicate existing research. |
| Recent Articles |
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 Macro Risk Premium and Intermediary Balance Sheet QuantitiesThe authors base their argument in this paper on the relationship between the macro risk premium and the growth of financial intermediaries’ balance sheets. By Tobias Adrian, Emanuel Moench, and Hyun Song Shin, Staff Reports 428, January 2010 |
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| The Federal Reserve's Commercial Paper Funding Facility This paper documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities in a market-based financial system. By Tobias Adrian, Karin Kimbrough, and Dina Marchioni, Staff Reports 423, January 2010 |
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| Financial Intermediation, Asset Prices,
and Macroeconomic Dynamics The authors findings point to the importance of financing frictions in macroeconomic dynamics and provide quantitative guidance for preemptive macroprudential and monetary policies. By Tobias Adrian, Emanuel Moench, and Hyun Song Shin, Staff Reports 422, January 2010 |
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| Monetary Cycles, Financial Cycles,
and the Business Cycle In this paper, we propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries. By Tobias Adrian, Arturo Estrella, and Hyun Song Shin, Staff Reports 421, January 2010 |
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| Second Chances: Subprime Mortgage Modification and Re-Default The authors examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re-defaulting over the next year. By Andrew Haughwout, Ebiere Okah, and Joseph Tracy, Staff Reports 417, December 2009 |
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