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Our economists research and analyze monetary policy, the business cycle, growth, the labor market and other domestic economic issues.
 
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New York Area Workshop on Monetary Policy
On November 20, 2009, the Federal Reserve Bank of New York sponsored the fall 2009 meeting of the Monetary Policy Workshop.
 
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Recent Articles
Staff ReportsMacro Risk Premium and Intermediary Balance Sheet Quantities
The 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
Staff ReportsThe Measurement of Rent Inflation
In this paper, we describe how the Bureau of Labor Statistics (BLS) estimates tenant rent and owners’ equivalent rent. We then estimate alternative inflation rates for tenant rent and owners’ equivalent rent based on American Housing Survey data, following BLS methodology as closely as possible.
By Jonathan McCarthy and Richard W. Peach, Staff Reports 425, January 2010
Staff ReportsThe 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
Staff ReportsFinancial 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
Staff ReportsMonetary 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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