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| Global Economy |
| Our economists research and analyze global macroeconomics, trade, development, and other international economic issues relating to the New York Fed's core missions. |
| New from Liberty Street Economics Blog |
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 How Has the Business of International Banking Changed over Time?
In this post, the author focuses on the broad historical progression of international banking activity. This broad progression serves as a backdrop for a range of other discussions and posts on global banking, on issues such as foreign banking organizations' use of liquidity facilities in the United States and the role of banks in international risk-sharing and international transmission of shocks.
By Linda Goldberg |
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| Features |
| Industry-Specific Exchange Rates Time-series data, updated through December 2010, have been posted on US industry-specific exchange rates and industry trade exposures. The data for manufacturing and non-manufacturing industries are presented in two formats, spreadsheets and charts. These data are useful references for discussions of the real consequences of globalization and exchange rates. |
| Recent Articles |
 Why Is the U.S. Share of World Merchandise Exports Shrinking? As the U.S. share of the world goods trade slips from its level in the 1980s and 1990s, concerns have arisen that the productivity of U.S. exporters has not been growing as fast as that of foreign firms selling similar products. However, an analysis of industry-level trade data suggests that two other factors explain much of the drop in export share: the changing composition of the products traded internationally and the diminished share of U.S. GDP in global output. By Benjamin R. Mandel, Current Issues in Economics and Finance Second District Hightlights (18) 1, February 2012 |
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Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
In this paper, we examine how foreign banks pulled significant funding from their U.S. branches during the Great Recession. We estimate that the average-sized branch experienced a 12 percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheets of U.S. branches of foreign banks had sizable effects on their lending. By Nicola Cetorelli and Linda Goldberg, Staff Reports 545, February 2012 |
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Crime, House Prices, and Inequality: the Effect of UPPs in Rio
In this paper, we use a recent policy experiment in Rio de Janeiro, the installation of permanent police stations in low-income communities (or favelas), to quantify the relationship between a reduction in crime and the change in the prices of nearby residential real estate. By Claudio Frischtak and Benjamin R Mandel, Staff Reports 542, January 2012 |
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House Price Booms, Current Account Deficits, and Low Interest Rates
In this paper, house price booms, current account deficits, and low interest rates are discussed. By Andrea Ferrero, Staff Reports 541, January 2012 |
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The Hitchhiker's Guide to Missing Import Price Changes and Pass-Through
In this paper, we investigate downward biases that arise when items experiencing a price change are especially likely to exit or to enter the index. We show that, in theoretical pricing models, entry and exit have different implications for the timing and size of these biases. By Etienne Gagnon, Benjamin R Mandel, and Robert Vigfusson, Staff Reports 537, January 2012 |
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What Do Drug Monopolies Cost Consumers in Developing Countries?
This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing economies using the example of the antiretroviral drugs (ARVs) used to treat HIV. By Rebecca Hellerstein, Staff Reports 530, December 2011 |
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The International Role of the Dollar: Does It Matter if This Changes?
In this paper, we present the current status of international roles of currencies. By Linda Goldberg, Staff Reports 522, October 2011 |
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The Dynamics and Differentiation of Latin American Metal Exports
This paper investigates the propensity of exporters in certain primary commodity sectors to innovate and then attempts to measure the associated gains. By Benjamin R Mandel, Staff Reports 508, August 2011 |
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Global Bond Risk Premiums
The author shows that a single factor accounts for most of the variation in expected excess returns over time, across the maturity spectrum, and across countries. By Rebecca Hellerstein, Staff Reports 499, June 2011 |
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| Current Economic Indicators |
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Foreign Exchange Rates  Monthly average values of the U.S. dollar against foreign currencies. 1 page / 11 kb |
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International Long-Term Interest Rates Monthly averages values for international long-term interest rates. 1 page / 11 kb |
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| Global Economic Indicators ›› |
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| Industry Specific Exchange Rates ›› |
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