Economic Research

New From Liberty Street Economics
Just Released: New Source for Perspective on Regional Household Debt and Credit
The New York Fed has released the first installment of the Household Debt and Credit Report for the Second District, a series that will track credit conditions and consumer borrowing and repayment behavior in New York, New Jersey, Connecticut, and each of the five boroughs of New York City on a biannual basis. A complement to our Quarterly Report on Household Debt and Credit, this series will offer a more detailed look at conditions in the region.
By Michael Gedal, Stephanie Rosoff, and Joelle Scally
Historical Echoes: Santa Claus as Legal Tender
Before the U. S. Treasury Department was given exclusive rights to produce legal tender in 1861, U.S. banks created thousands of different styles of bank notes—including holiday-themed currency featuring Santa Claus.
By Megan Cohen
Global Asset Prices and the Taper Tantrum Revisited
Revisiting a previous post about risk aversion and global asset prices following former Chairman Bernanke’s May 22, 2014, comments concerning the future of the Fed’s asset purchase programs, Groen finds that changes in the U.S. and foreign economic outlooks had a meaningful role in explaining global asset price movements during the so-called taper tantrum.
By Jan Groen
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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
Asset Pricing with Horizon-Dependent Risk Aversion
The authors investigate the implications of horizon-dependent risk aversion for both the level and the term structure of risk premia.
By Marianne Andries, Thomas Eisenbach, and Martin C Schmalz, Staff Reports 703, December 2014
The Sensitivity of Housing Demand to Financing Conditions: Evidence from a Survey
Fuster and Zafar employ an alternative survey-based approach to gauge the sensitivity of housing demand to mortgage rates, down payment constraints, and an exogenous shock in nonhousing wealth.
By Andreas Fuster and Basit Zafar, Staff Reports 702, November 2014
When Does a Central Bank's Balance Sheet Require Fiscal Support?
Del Negro and Sims argue that a central bank with a large balance sheet composed of long-duration nominal assets should have access to, and be willing to ask for, support for its balance sheet by the fiscal authority. Otherwise, its ability to control inflation may be at risk.
By Marco Del Negro and Christopher A. Sims, Staff Reports 701, November 2014
Debt, Jobs, or Housing: What's Keeping Millennials at Home?
The authors investigate the residence choices of the young people surveyed in the New York Fed’s Consumer Credit Panel, and examine the relationship of these choices to evolving local house prices, local employment conditions, and the student debt reliance of local college students.
By Zachary Bleemer, Meta Brown, Donghoon Lee, and Wilbert van der Klaauw, Staff Reports 700, November 2014
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