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Features |
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| 6th Annual Central Bank Workshop
on the Microstructure of Financial Markets The Federal Reserve Bank of New York and Brandeis International Business School will host this workshop, where researchers and practitioners will discuss issues central to the design, regulation, and use of financial markets, including liquidity, bid-ask spreads, transparency, and market structure. |
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| Global Dimensions of the Financial Crisis The Federal Reserve Bank of New York will host a conference on June 3 and 4, 2010, on the “Global Dimensions of the Financial Crisis. |
| Featured Economist |
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 Aysegul SahinAysegul Sahin joined the Federal Reserve Bank of New York in June 2004 as an Economist in the Macroeconomic and Monetary Studies Function. Her recent research focuses on the analysis of the labor market, the risk of displacement and costs of business cycles, and the welfare effects of cyclical policies under incomplete markets. | |
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Recent Articles
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 Productivity and the Density of Human CapitalThe authors estimate a model of urban productivity in which the agglomeration effect of density is enhanced by a metropolitan area’s stock of human capital. By Jaison Abel, Ishita Dey, and Todd Gabe, Staff Reports 440, March 2010 |
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| The Changing Nature of Financial Intermediation and the Financial Crisis of 2007-09 The authors describe the changing nature of financial intermediation in the market-based financial system, chart the course of the recent financial crisis, and outline the policy responses that have been implemented by the Federal Reserve and other central banks. By Tobias Adrian and Hyun Song Shin, Staff Reports 439, March 2010 |
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| Liquidity-Saving Mechanisms in Collateral-Based RTGS Payment Systems This paper studies banks’ incentives for choosing the timing of their payment submissions in a collateral-based real-time gross settlement payment system and the way in which these incentives change with the introduction of a liquidity-saving mechanism (LSM). By Marius Jurgilas and Antoine Martin, Staff Reports 438, March 2010 |
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| Stressed, not Frozen: The Federal Funds Market in the Financial Crisis This paper examines the impact of the financial crisis of 2008, specifically the bankruptcy of Lehman Brothers, on the federal funds market. By Gara Afonso, Anna Kovner, and Antoinette Schoar, Staff Reports 437, March 2010 |
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| Social Security, Benefit Claiming, and Labor Force Participation: A Quantitative General Equilibrium Approach The authors find that a 50 percent cut in the scope of the current system significantly raises asset holdings and the labor input, primarily through higher participation of older workers, and reduces the shortfall of the Social Security budget through a reduction in early claiming. By Selahattin Imrohoroglu and Sagiri Kitao, Staff Reports 436, March 2010 |
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 The Unemployment Gender Gap during the 2007 RecessionWomen fared decidedly better than men during the most recent recession. By August 2009, the unemployment rate for men had hit 11.0 percent, while that for women held at 8.3 percent. By Ayşegül Şahin, Joseph Song, and Bart Hobijn, Current Issues in Economics and Finance (16) 2, February 2010 |
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