发布求助
文献互助 智能选刊 最新文献

Federal Reserve Bank of New York Research Paper Series最新文献

筛选
英文 中文
The Heterogeneous Impact of Referrals on Labor Market Outcomes 转介对劳动力市场结果的异质影响
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-10-01 DOI: 10.2139/ssrn.3937491
Benjamin Lester, D. Rivers, Giorgio Topa
{"title":"The Heterogeneous Impact of Referrals on Labor Market Outcomes","authors":"Benjamin Lester, D. Rivers, Giorgio Topa","doi":"10.2139/ssrn.3937491","DOIUrl":"https://doi.org/10.2139/ssrn.3937491","url":null,"abstract":"We document a new set of facts regarding the impact of referrals on labor market outcomes. Our results highlight the importance of distinguishing between different types of referrals—those from family and friends and those from business contacts—and different occupations. Then we develop an on-the-job search model that incorporates referrals and calibrate the model to key moments in the data. The calibrated model yields new insights into the roles played by different types of referrals in the match formation process, and provides quantitative estimates of the effects of referrals on employment, earnings, output, and inequality.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130925763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Climate Stress Testing 气候压力测试
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3931516
Hyeyoon Jung, R. Engle, R. Berner
{"title":"Climate Stress Testing","authors":"Hyeyoon Jung, R. Engle, R. Berner","doi":"10.2139/ssrn.3931516","DOIUrl":"https://doi.org/10.2139/ssrn.3931516","url":null,"abstract":"Climate change could impose systemic risks upon the financial sector, either via disruptions in economic activity resulting from the physical impacts of climate change or changes in policies as the economy transitions to a less carbon-intensive environment. We develop a stress testing procedure to test the resilience of financial institutions to climate-related risks. Specifically, we introduce a measure called CRISK, systemic climate risk, which is the expected capital shortfall of a financial institution in a climate stress scenario. We use the measure to study the climate-related risk exposure of large global banks in the collapse of fossil-fuel prices in 2020.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"106 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132237379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 31
COVID Response: The Municipal Liquidity Facility COVID应对措施:市政流动性基金
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3931871
Andrew Haughwout, Benjamin Hyman, Or Shachar
{"title":"COVID Response: The Municipal Liquidity Facility","authors":"Andrew Haughwout, Benjamin Hyman, Or Shachar","doi":"10.2139/ssrn.3931871","DOIUrl":"https://doi.org/10.2139/ssrn.3931871","url":null,"abstract":"At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and an inability to access the financial markets raised serious concerns among many observers about the ability of state and local governments to meet their public service delivery responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help municipalities manage the cash flow challenges that the pandemic produced. The MLF ultimately offered three-year loans at penalty rates to a set of eligible municipal issuers that included states, large cities and counties, and a number of revenue bond issuers. Research suggests that the MLF, in spite of lending to only the State of Illinois and the Metropolitan Transportation Authority, contributed to a healing in the municipal securities market as a whole. Effects on real economic outcomes like employment in the sector are harder to attribute to facility.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116749196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
COVID Response: The Term Asset-Backed Securities Loan Facility COVID应对措施:定期资产支持证券贷款工具
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-09-01 DOI: 10.2139/ssrn.3931523
Elizabeth Caviness, Asani Sarkar, Ankur Goyal, Woojung Park
{"title":"COVID Response: The Term Asset-Backed Securities Loan Facility","authors":"Elizabeth Caviness, Asani Sarkar, Ankur Goyal, Woojung Park","doi":"10.2139/ssrn.3931523","DOIUrl":"https://doi.org/10.2139/ssrn.3931523","url":null,"abstract":"The COVID-19 pandemic disrupted the asset-backed securities (ABS) market, resulting in higher spreads on ABS and briefly halting the issuance of some ABS. On March 23, 2020, the Federal Reserve established the Term Asset-Backed Securities Loan Facility (TALF) to support the flow of credit to consumers and businesses by re-enabling the issuance of ABS. In this paper, we describe how TALF works, how much it was used, and its effect on the issuance and spreads of TALF-eligible securities relative to those of TALF-ineligible securities. We find that both the introduction of TALF and its subsequent expansion were associated with statistically significant declines in the spreads of TALF-eligible relative to TALF-ineligible ABS. However, the facility did not have a statistically significant effect on issuance. Finally, we compare TALF with an earlier version of the facility that was implemented during the global financial crisis and discuss lessons learned from implementing the program.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132700474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
A Large Bayesian VAR of the United States Economy 美国经济的大贝叶斯VAR
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-08-19 DOI: 10.2139/ssrn.3908154
Richard K. Crump, Stefano Eusepi, D. Giannone, E. Qian, Argia M. Sbordone
{"title":"A Large Bayesian VAR of the United States Economy","authors":"Richard K. Crump, Stefano Eusepi, D. Giannone, E. Qian, Argia M. Sbordone","doi":"10.2139/ssrn.3908154","DOIUrl":"https://doi.org/10.2139/ssrn.3908154","url":null,"abstract":"We model the United States macroeconomic and financial sectors using a formal and unified econometric model. Through shrinkage, our Bayesian VAR provides a flexible framework for modeling the dynamics of thirty-one variables, many of which are tracked by the Federal Reserve. We show how the model can be used for understanding key features of the data, constructing counterfactual scenarios, and evaluating the macroeconomic environment both retrospectively and prospectively. Considering its breadth and versatility for policy applications, our modeling approach gives a reliable, reduced form alternative to structural models.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127661635","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
Reserves Were Not So Ample After All 储备毕竟不是那么充足
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3885014
Adam Copeland, D. Duffie, Y. Yang
{"title":"Reserves Were Not So Ample After All","authors":"Adam Copeland, D. Duffie, Y. Yang","doi":"10.2139/ssrn.3885014","DOIUrl":"https://doi.org/10.2139/ssrn.3885014","url":null,"abstract":"The Federal Reserve's \"balance-sheet normalization,\" which reduced aggregate reserves between 2017 and September 2019, increased repo rate distortions, the severity of rate spikes, and intraday payment timing stresses, culminating with a significant disruption in Treasury repo markets in mid-September 2019. We show that repo rates rose above efficient-market levels when the total reserve balances held at the Federal Reserve by the largest repo-active bank holding companies declined and that repo rate spikes are strongly associated with delayed intraday payments of reserves to these large bank holding companies. Intraday payment timing stresses are magnified by early-morning settlement of Treasury security issuances. Substantially higher aggregate levels of reserves than existed in the period leading up to September 2019 would likely have eliminated most or all of these payment timing stresses and repo rate spikes.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"185 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134190757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 36
Tough Choices: New Jersey Schools during the Great Recession and Beyond 艰难抉择:大萧条时期及以后的新泽西学校
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3885159
R. Chakrabarti, Max Livingston
{"title":"Tough Choices: New Jersey Schools during the Great Recession and Beyond","authors":"R. Chakrabarti, Max Livingston","doi":"10.2139/ssrn.3885159","DOIUrl":"https://doi.org/10.2139/ssrn.3885159","url":null,"abstract":"This study examines the medium-term effects of the Great Recession on school finances in New Jersey using detailed school district panel data and an interrupted time series analysis. The authors find that the recession led to sharp cuts in school funding and expenditure, in spite of the federal stimulus. These cuts deepened as the stimulus abated. An analysis of variations by metropolitan area reveals that the Camden metro area, the highest poverty area reviewed, experienced considerably larger cuts in expenditures when the stimulus receded compared with other areas. The findings are important for understanding how recessions and fiscal policy affect school finances. They show particular relevance for the current pandemic-driven recession as state and local funding shortages threaten education financing despite a federal relief package. Two key implications are that funding cuts can widen inequalities in school spending and that adverse effects may deepen as the relief dissipates.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122553051","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter 美国货币政策对新兴市场的溢出效应:冲击和脆弱性都很重要
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3875652
Shaghil Ahmed, Ozge Akinci, A. Queraltó
{"title":"U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter","authors":"Shaghil Ahmed, Ozge Akinci, A. Queraltó","doi":"10.2139/ssrn.3875652","DOIUrl":"https://doi.org/10.2139/ssrn.3875652","url":null,"abstract":"Using a macroeconomic model, we explore how sources of shocks and vulnerabilities matter for the transmission of U.S. monetary changes to emerging market economies (EMEs). We utilize a calibrated two-country New Keynesian model with financial frictions, partly-dollarized balance sheets, and imperfectly anchored inflation expectations. Contrary to other recent studies that also emphasize the sources of shocks, our approach allows the quantification of effects on real macroeconomic variables as well, in addition to financial spillovers. Moreover, we model the most relevant vulnerabilities structurally. We show that higher U.S. interest rates arising from stronger U.S. aggregate demand generate modestly positive spillovers to economic activity in EMEs with stronger fundamentals, but can be adverse for vulnerable EMEs. In contrast, U.S. monetary tightenings driven by a more-hawkish policy stance cause a substantial slowdown in activity in all EMEs. Our model also captures the challenging policy tradeos that EME central banks face. We show that these tradeoffs are more favorable when inflation expectations are well anchored.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"116 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123491257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
Interest, Reserves, and Prices 利息、准备金和价格
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-06-01 DOI: 10.2139/ssrn.3860393
Gianluca Benigno, Pierpaolo Benigno
{"title":"Interest, Reserves, and Prices","authors":"Gianluca Benigno, Pierpaolo Benigno","doi":"10.2139/ssrn.3860393","DOIUrl":"https://doi.org/10.2139/ssrn.3860393","url":null,"abstract":"We would like to propose a new framework for monetary policy analysis that encompasses, as a special case, the Neo-Wicksellian paradigm. A general form of an aggregate-demand equation reveals a role for liquidity, as well as less effective movements in future real rates with respect to current ones, in stimulating aggregate demand. The quantity of reserves and their interest rate both matter for determining inflation and economic activity.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122077423","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
The Value of Internal Sources of Funding Liquidity: U.S. Broker-Dealers and the Financial Crisis 资金流动性内部来源的价值:美国经纪交易商与金融危机
Federal Reserve Bank of New York Research Paper Series Pub Date : 2021-05-01 DOI: 10.2139/ssrn.3853206
Cecilia Caglio, Adam Copeland, Antoine Martin
{"title":"The Value of Internal Sources of Funding Liquidity: U.S. Broker-Dealers and the Financial Crisis","authors":"Cecilia Caglio, Adam Copeland, Antoine Martin","doi":"10.2139/ssrn.3853206","DOIUrl":"https://doi.org/10.2139/ssrn.3853206","url":null,"abstract":"We use confidential and novel data to measure the benefit to broker-dealers of being affiliated with a bank holding company and the resulting access to internal sources of funding. We accomplish this by comparing the balance sheets of broker-dealers that are associated with bank holding companies to those that are not and we find that the latter dramatically re-structured their balance sheets during the 2007-09 financial crisis, pivoting away from trading illiquid assets and toward more liquid government securities. Specifically, we estimate that broker-dealers that are not associated with bank holding companies both increased repo as a share of total assets by 10 percentage points and also increased the share of long inventory devoted to government securities by 15 percentage points, relative to broker-dealers associated with bank holding companies.","PeriodicalId":314858,"journal":{"name":"Federal Reserve Bank of New York Research Paper Series","volume":"93 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115539982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信