http://newyorkfed.org/rss/index.html The latest posts in the news http://www.newyorkfed.org/termsofuse.html http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html?date=081508 The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved marginally in August. The general business conditions index rose several points, to 2.8. 2008-08-15T08:32:27-4:00 en Conditions for New York manufacturers improved marginally in August 2008-08-15 NYFed Conditions for New York manufacturers improved marginally in August http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html?date=081508 The Empire State Manufacturing Survey indicates that conditions for New York manufacturers improved marginally in August. The general business conditions index rose several points, to 2.8. http://www.newyorkfed.org/newsevents/news/research/2008/rp080806.html The Federal Reserve Bank of New York today released Divorcing Money from Monetary Policy - a new forthcoming article in the Bank's Economic Policy Review series. In recent decades, the primary focus of monetary policy for central banks has shifted from measures of the money supply to the value of short-term interest rates. However, the quantity of money and interest rate policy remain fundamentally linked, as the supply of reserves must be set precisely in order to implement the target interest rate. This relationship can generate tensions with central banks' other objectives, as reserves play other key roles in the economy. 2008-08-06T14:08:30-4:00 en Divorcing Money from Monetary Policy 2008-08-06 NYFed Divorcing Money from Monetary Policy http://www.newyorkfed.org/newsevents/news/research/2008/rp080806.html The Federal Reserve Bank of New York today released Divorcing Money from Monetary Policy - a new forthcoming article in the Bank's Economic Policy Review series. In recent decades, the primary focus of monetary policy for central banks has shifted from measures of the money supply to the value of short-term interest rates. However, the quantity of money and interest rate policy remain fundamentally linked, as the supply of reserves must be set precisely in order to implement the target interest rate. This relationship can generate tensions with central banks' other objectives, as reserves play other key roles in the economy. http://www.newyorkfed.org/newsevents/news/research/2008/rp080729.html The Federal Reserve Bank of New York today released the latest edition of the Economic Policy Review series, Volume 14, Number 1. This edition includes two articles previously released by the Bank and introduces a new study, Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality. Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality, the latest article in the Bank's Economic Policy Review series, evaluates the impact of the major causes of poverty in New York City from 1969 to 1999 and their policy consequences. Authors Mark K. Levitan and Susan S. Wieler find that demographic factors, coupled with a sharp drop in mean family income, played a leading role in the dramatic rise in the New York City poverty rate from 1969 to 1979. Furthermore, an increase in income inequality linked to the stagnation of wages at the low end of the earnings distribution and a rising share of the city's population in poverty-prone groups largely explains the stable but stubbornly high poverty rate between 1979 and 1999. 2008-07-29T10:06:48-4:00 en Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality 2008-07-29 NYFed Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality http://www.newyorkfed.org/newsevents/news/research/2008/rp080729.html The Federal Reserve Bank of New York today released the latest edition of the Economic Policy Review series, Volume 14, Number 1. This edition includes two articles previously released by the Bank and introduces a new study, Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality. Poverty in New York City, 1969-99: The Influence of Demographic Change, Income Growth and Income Inequality, the latest article in the Bank's Economic Policy Review series, evaluates the impact of the major causes of poverty in New York City from 1969 to 1999 and their policy consequences. Authors Mark K. Levitan and Susan S. Wieler find that demographic factors, coupled with a sharp drop in mean family income, played a leading role in the dramatic rise in the New York City poverty rate from 1969 to 1979. Furthermore, an increase in income inequality linked to the stagnation of wages at the low end of the earnings distribution and a rising share of the city's population in poverty-prone groups largely explains the stable but stubbornly high poverty rate between 1979 and 1999. http://www.newyorkfed.org/mortgagemaps/ Nonprime mortgage maps now feature six-month changes, June mortgage conditions 2008-07-22T13:54:20-4:00 en 2008-07-22 NYFed Nonprime mortgage maps now feature six-month changes, June mortgage conditions http://www.newyorkfed.org/mortgagemaps/ Nonprime mortgage maps now feature six-month changes, June mortgage conditions http://www.newyorkfed.org/newsevents/news/research/2008/rp080722.html The Federal Reserve Bank of New York today released The Federal Reserve's Term Auction Facility, the latest article in its series Current Issues in Economics and Finance. Authors Olivier Armantier, Sandra Krieger and James McAndrews provide an overview of the Term Auction Facility (TAF), a tool introduced by the Federal Reserve in December 2007 in response to increasingly strained liquidity conditions in the term funding markets. 2008-07-22T10:11:41-4:00 en The Federal Reserve's Term Auction Facility 2008-07-22 NYFed The Federal Reserve's Term Auction Facility http://www.newyorkfed.org/newsevents/news/research/2008/rp080722.html The Federal Reserve Bank of New York today released The Federal Reserve's Term Auction Facility, the latest article in its series Current Issues in Economics and Finance. Authors Olivier Armantier, Sandra Krieger and James McAndrews provide an overview of the Term Auction Facility (TAF), a tool introduced by the Federal Reserve in December 2007 in response to increasingly strained liquidity conditions in the term funding markets. http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html?date=071408 The Empire State Manufacturing Survey indicates that manufacturing activity in New York State worsened for a third consecutive month in July. The general business conditions index increased slightly from last month's level but, at -4.9, remained below zero. The new orders and shipments indexes both rose into positive territory, while the unfilled orders index was negative and drifted downward. The inventories index fell to its lowest level in a year. The prices paid and prices received indexes both reached record highs, and the employment indexes dipped below zero. The future general business conditions index fell sharply, reaching a level not seen since September 2001. 2008-07-15T08:34:05-4:00 en Manufacturing activity worsened for third consecutive month. 2008-07-15 NYFed Manufacturing activity worsened for third consecutive month. http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html?date=071408 The Empire State Manufacturing Survey indicates that manufacturing activity in New York State worsened for a third consecutive month in July. The general business conditions index increased slightly from last month's level but, at -4.9, remained below zero. The new orders and shipments indexes both rose into positive territory, while the unfilled orders index was negative and drifted downward. The inventories index fell to its lowest level in a year. The prices paid and prices received indexes both reached record highs, and the employment indexes dipped below zero. The future general business conditions index fell sharply, reaching a level not seen since September 2001. http://www.newyorkfed.org/newsevents/news/research/2008/rp080707.html The Federal Reserve Bank of New York today released The Changing Nature of the U.S. Balance of Payments, the latest article in its series Current Issues in Economics and Finance. Authors Rebecca Hellerstein and Cédric Tille show that earnings on cross-border investments represent an increasingly large share of the gross flows between the United States and other nations. These earnings streams, the authors observe, fluctuate much more sharply than export and import flows, and thus will almost certainly heighten the volatility of the U.S. current account going forward. Nevertheless, while forecasting the current account will become more difficult, the cross-border financial linkages that create current account volatility bring significant economic benefits: they distribute risk across countries and provide insurance against the uncertainties of the domestic business cycle. 2008-07-07T14:07:38-4:00 en The Changing Nature of the U.S. Balance of Payments 2008-07-07 NYFed The Changing Nature of the U.S. Balance of Payments http://www.newyorkfed.org/newsevents/news/research/2008/rp080707.html The Federal Reserve Bank of New York today released The Changing Nature of the U.S. Balance of Payments, the latest article in its series Current Issues in Economics and Finance. Authors Rebecca Hellerstein and Cédric Tille show that earnings on cross-border investments represent an increasingly large share of the gross flows between the United States and other nations. These earnings streams, the authors observe, fluctuate much more sharply than export and import flows, and thus will almost certainly heighten the volatility of the U.S. current account going forward. Nevertheless, while forecasting the current account will become more difficult, the cross-border financial linkages that create current account volatility bring significant economic benefits: they distribute risk across countries and provide insurance against the uncertainties of the domestic business cycle. http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html The Empire State Manufacturing Survey indicates that manufacturing activity in New York State continued to deteriorate in June. The general business conditions index fell 5 points, to -8.7. The indexes for new orders, shipments, and unfilled orders were negative and lower than their May levels. The prices paid index remained elevated, falling only slightly below last month's record high. The prices received index rose markedly and, at 26.7, approached a record level; the future prices received index also rose sharply, reaching a record high of 47.7. Employment indexes hovered around zero. Future indexes generally improved only slightly from the relatively low levels of the past several months, although the capital expenditures index rose several points. 2008-06-16T08:48:27-4:00 en Manufacturing activity continued to deteriorate in June 2008-06-16 NYFed Manufacturing activity continued to deteriorate in June - Empire State Manufacturing Survey http://www.newyorkfed.org/survey/empire/empiresurvey_overview.html The Empire State Manufacturing Survey indicates that manufacturing activity in New York State continued to deteriorate in June. The general business conditions index fell 5 points, to -8.7. The indexes for new orders, shipments, and unfilled orders were negative and lower than their May levels. The prices paid index remained elevated, falling only slightly below last month's record high. The prices received index rose markedly and, at 26.7, approached a record level; the future prices received index also rose sharply, reaching a record high of 47.7. Employment indexes hovered around zero. Future indexes generally improved only slightly from the relatively low levels of the past several months, although the capital expenditures index rose several points. http://www.newyorkfed.org/newsevents/news/research/2008/rp080609.html The Federal Reserve Bank of New York today released Why the U.S. Treasury Began Auctioning Treasury Bills in 1929 - a new forthcoming article in the Bank's Economic Policy Review series. On June 17, 1929, President Herbert Hoover signed into law legislation allowing the U.S. Treasury to begin auctioning bills. The legislation addressed several flaws in the structure of the Treasury's post-World War I financing operations. Author Kenneth D. Garbade identifies the three most substantial flaws in the Treasury's financing structure: the underpricing of new securities sold in fixed-price subscription offerings, an infrequent issuance schedule that required the Treasury to borrow in advance of its needs and payments on maturing issues financed with short-term loans from Federal Reserve Banks that at times could create temporary fluctuations in banking reserves. 2008-06-09T14:03:43-4:00 en Why the U.S. Treasury Began Auctioning Treasury Bills in 1929 2008-06-09 NYFed Why the U.S. Treasury Began Auctioning Treasury Bills in 1929 http://www.newyorkfed.org/newsevents/news/research/2008/rp080609.html The Federal Reserve Bank of New York today released Why the U.S. Treasury Began Auctioning Treasury Bills in 1929 - a new forthcoming article in the Bank's Economic Policy Review series. On June 17, 1929, President Herbert Hoover signed into law legislation allowing the U.S. Treasury to begin auctioning bills. The legislation addressed several flaws in the structure of the Treasury's post-World War I financing operations. Author Kenneth D. Garbade identifies the three most substantial flaws in the Treasury's financing structure: the underpricing of new securities sold in fixed-price subscription offerings, an infrequent issuance schedule that required the Treasury to borrow in advance of its needs and payments on maturing issues financed with short-term loans from Federal Reserve Banks that at times could create temporary fluctuations in banking reserves. http://www.newyorkfed.org/newsevents/news/research/2008/rp080603.html The Federal Reserve Bank of New York today released Global Trends in Large-Value Payments - a new forthcoming article in the Bank's Economic Policy Review series. Globalization and technological innovation are two of the most pervasive forces affecting the financial system and its infrastructure. Given the importance of payments and settlement systems to the smooth operation and resiliency of the financial system, stakeholders need to understand the evolving landscape in which payments systems operate. Authors Morten L. Bech, Christine Preisig and Kimmo Soramäki offer an in-depth look at the current environment for large-value payments systems (LVPSs). They describe trends common to LVPSs around the world and identify three key drivers of these trends. 2008-06-03T10:16:53-4:00 en Global Trends in Large-Value Payments 2008-06-03 NYFed Global Trends in Large-Value Payments http://www.newyorkfed.org/newsevents/news/research/2008/rp080603.html The Federal Reserve Bank of New York today released Global Trends in Large-Value Payments - a new forthcoming article in the Bank's Economic Policy Review series. Globalization and technological innovation are two of the most pervasive forces affecting the financial system and its infrastructure. Given the importance of payments and settlement systems to the smooth operation and resiliency of the financial system, stakeholders need to understand the evolving landscape in which payments systems operate. Authors Morten L. Bech, Christine Preisig and Kimmo Soramäki offer an in-depth look at the current environment for large-value payments systems (LVPSs). They describe trends common to LVPSs around the world and identify three key drivers of these trends. http://www.newyorkfed.org/newsevents/news/research/2008/rp080522.html The Federal Reserve Bank of New York today released a new forthcoming article in the Bank's Economic Policy Review series. 2008-05-22T15:04:30-4:00 en An Economic Perspective on the Enforcement of Credit Arrangements: The Case of Daylight Overdrafts in Fedwire 2008-05-22 NYFed An Economic Perspective on the Enforcement of Credit Arrangements: The Case of Daylight Overdrafts in Fedwire http://www.newyorkfed.org/newsevents/news/research/2008/rp080522.html The Federal Reserve Bank of New York today released a new forthcoming article in the Bank's Economic Policy Review series. http://www.newyorkfed.org/newsevents/news/research/2008/rp080513.html The Federal Reserve Bank of New York today released Intraday Liquidity Management: A Tale of Games Banks Play: a new forthcoming article in the Bank's Economic Policy Review series. 2008-05-13T10:04:52-4:00 en Intraday Liquidity Management: A Tale of Games Banks Play 2008-05-13 NYFed Intraday Liquidity Management: A Tale of Games Banks Play http://www.newyorkfed.org/newsevents/news/research/2008/rp080513.html The Federal Reserve Bank of New York today released Intraday Liquidity Management: A Tale of Games Banks Play: a new forthcoming article in the Bank's Economic Policy Review series. http://www.newyorkfed.org/newsevents/news/research/2008/rp080512.html The Federal Reserve Bank of New York today released The Price of Land in the New York Metropolitan Area, the latest article in its series Second District Highlights. 2008-05-12T10:11:28-4:00 en The Price of Land in the New York Metropolitan Area 2008-05-12 NYFed The Price of Land in the New York Metropolitan Area http://www.newyorkfed.org/newsevents/news/research/2008/rp080512.html The Federal Reserve Bank of New York today released The Price of Land in the New York Metropolitan Area, the latest article in its series Second District Highlights. http://www.newyorkfed.org/newsevents/news/research/2008/rp080328.html The Federal Reserve Bank of New York today released Trends and Developments in the Economy of Puerto Rico - the latest article in its series Current Issues in Economics and Finance. Authors Jason Bram, Francisco Martinez and Charles Steindel argue that a contraction in Puerto Rico's economy over the past two years and a continuing income gap with the U.S. mainland point to an uncertain outlook for the commonwealth. The authors indicate, however, that Puerto Rico possesses many advantages that create the conditions for economic growth over the longer term - an educated workforce, a favorable business climate and the presence of U.S. legal and financial structures. 2008-03-28T10:02:15-4:00 en Trends and Developments in the Economy of Puerto Rico 2008-03-28 NYFed Trends and Developments in the Economy of Puerto Rico http://www.newyorkfed.org/newsevents/news/research/2008/rp080328.html The Federal Reserve Bank of New York today released Trends and Developments in the Economy of Puerto Rico - the latest article in its series Current Issues in Economics and Finance. Authors Jason Bram, Francisco Martinez and Charles Steindel argue that a contraction in Puerto Rico's economy over the past two years and a continuing income gap with the U.S. mainland point to an uncertain outlook for the commonwealth. The authors indicate, however, that Puerto Rico possesses many advantages that create the conditions for economic growth over the longer term - an educated workforce, a favorable business climate and the presence of U.S. legal and financial structures. http://www.newyorkfed.org/newsevents/news/research/2008/rp080326.html The Federal Reserve Bank of New York today released An Economic Analysis of Liquidity-Saving Mechanisms - a new forthcoming article in the Bank's Economic Policy Review series. Authors Antoine Martin and James McAndrews analyze the performance of realtime gross settlement (RTGS) systems with and without the addition of a recent innovation known as a liquidity-saving mechanism, or LSM. 2008-03-26T14:04:09-4:00 en An Economic Analysis of Liquidity-Saving Mechanisms 2008-03-26 NYFed An Economic Analysis of Liquidity-Saving Mechanisms http://www.newyorkfed.org/newsevents/news/research/2008/rp080326.html The Federal Reserve Bank of New York today released An Economic Analysis of Liquidity-Saving Mechanisms - a new forthcoming article in the Bank's Economic Policy Review series. Authors Antoine Martin and James McAndrews analyze the performance of realtime gross settlement (RTGS) systems with and without the addition of a recent innovation known as a liquidity-saving mechanism, or LSM.