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Publications and Other Research 2010 Publications and Other Research Federal Reserve Bank of New York Research and Statistics Group www.newyorkfed.org/research Contents 1 Introduction 2 Economic Policy Review 4 EPR Executive Summaries 5 Current Issues in Economics and Finance 7 Research Update 8 Staff Reports 26 Outside Journals 35 Order Form Federal Reserve Bank of New York Research and Statistics Group www.newyorkfed.org/research February 2011 1 I n t r o d u c t i The Research Group also offers two other o Introduction publications of interest to readers: n The Federal Reserve Bank of New York’s I EPR Executive Summaries Research and Statistics Group produces a wide online versions of selected Economic Policy P o Review articles, in abridged form E variety of publications and discussion papers of l i c c o interest to business and banking professionals, I y Research Update n R policymakers, academics, and the general public. o an online quarterly newsletter providing m e v i summaries of studies and listings of recent i This catalogue lists recent issues in our c e research series: publications in our research series. w I the Economic Policy Review Members of the Group also publish papers a policy-oriented journal focusing on in many economic and finance journals, economic and financial market issues conference volumes, and scholarly books. A list of these publications begins on page 26. C I u I Current Issues in Economics and Finance s s r u r concise studies of topical economic and e e n s financial issues t I Second District Highlights a regional supplement to Current Issues I Staff Reports technical papers intended for publication in R U leading economic and finance journals. e s p e d a a r c t e h R e S p t a o f r f t s J O o u u t r s n i a d l e s 2 n o i t c u d o r t Perspectives on Regulatory Reform n Economic Policy I Informational Easing: Improving Credit Review Conditions through the Release of Information Matthew Pritsker The Economic Policy Review is a policy-oriented w e c i res earch journal that focuses on macr oeconomic, Systemic Risk and Deposit Insurance i v e m banking, and financial market topics. Premiums o R n Viral V. Acharya, João A. C. Santos, and Tanju Yorulmazer y o EPR articles are available at c c i l www.newyorkfed.org/research/epr . E Solving the Present Crisis and Managing o P the Leverage Cycle Volume 16 John Geanakoplos No. 2, October 2010 t No. 1, August 2010 Program Design, Incentives, and Response: s n e e Special Issue: Central Bank Liquidity Tools Evidence from Educational Interventions u r s r s and Perspectives on Regulatory Reform u Rajashri Chakrabarti I C In an effort to reform K-12 education, policymakers Conference Opening Remarks have introduced school vouchers—scholarships that Patricia C. Mosser make students eligible to transfer from public to private schools—in some U.S. school districts. This Conference Overview and Summary article analyzes two such educational interventions of Proceedings in the United States: the Milwaukee and Florida voucher programs. Under the Milwaukee program, h Matthew Denes, Daniel Greenwald, Nicholas Klagge, e c t vouchers were imposed from the outset, so that all r a Ging Cee Ng, Jeffrey Shrader, Michael Sockin, a d low-income public school students became eligible e and John Sporn s p for vouchers to transfer to private schools. In e U R contrast, schools in the Florida program were only Central Bank Liquidity Tools threatened with vouchers, with students of a particular school becoming eligible for vouchers Central Bank Tools and Liquidity Shortages only if the school received two “F” grades in a Stephen G. Cecchetti and Piti Disyatat period of four years. Unlike the Milwaukee schools, Florida schools therefore had an incentive to avoid Provision of Liquidity through the Primary vouchers. Using school-level data from Florida and s t Wisconsin, this study shows that the performance f r Credit Facility during the Financial f o effects of the threatened public schools under a t p Crisis: A Structural Analysis the Florida program have exceeded those of S e R Erhan Artuç and Selva Demiralp corresponding schools in Milwaukee. The lessons of the study are broadly applicable to New York Financial Amplification Mechanisms City’s educational reform efforts. and the Federal Reserve’s Supply of Liquidity EPR Executive Summary available during the Financial Crisis Asani Sarkar and Jeffrey Shrader s l e a d i n s r t u u o J O 3 I n t r o d u c t i Policy Analysis Using DSGE Models: integrity and efficiency of the U.S. Treasury o An Introduction* market —to promote a change in the existing n market convention. The change —the introduction Argia M. Sbordone, Andrea Tambalotti, Krishna Rao, of the fails charge —was significant because it and Kieran Walsh mitigated an important dysfunctionality in the Many central banks have come to rely on dynamic secondary market for U.S. Treasury securities and P o because it stands as an example of the value of E stochastic general equilibrium, or DSGE, models l c i c to inform their economic outlook and to help cooperation between the public and private sectors o y formulate their policy strategies. But while their in responding to altered market conditions in a n o R m use is familiar to policymakers and academics, these flexible, timely, and innovative fashion. e v models are typically not well known outside these EPR Executive Summary available i i c e circles. This article introduces the basic structure, w logic, and application of the DSGE framework to a broader public by providing an example of its use in monetary policy analysis. The authors present Forthcoming and estimate a simple New Keynesian DSGE model, highlighting the core features that this basic Central Bank Dollar Swap Lines and Overseas C specification shares with more elaborate versions. I u s s They then apply the estimated model to study the Dollar Funding Costs r u r e sources of the sudden increase in inflation that Linda S. Goldberg, Craig Kennedy, and Jason Miu e n s occurred in the first half of 2004. One important t Following a scarcity of dollar funding available lesson derived from this exercise is that the internationally to banks and financial institutions, management of expectations can be a more in December 2007 the Federal Reserve began to effective tool for stabilizing inflation than actual establish or expand temporary reciprocal currency movements in the policy rate. This result is arrangements with fourteen foreign central banks. consistent with the increasing focus on the The central banks had the capacity to use these pronouncements of central bankers regarding their swap facilities to provide dollar liquidity to R future actions. U institutions in their jurisdictions. This article e p EPR Executive Summary available s e describes developments in the dollar swap facilities d a a r through the end of 2009. The facilities were a t c The Introduction of the TMPG Fails Charge e response to dollar funding shortages outside the h for U.S. Treasury Securities United States during a period of market Kenneth D. Garbade, Frank M. Keane, Lorie Logan, dysfunction. Formal research, as well as more Amanda Stokes, and Jennifer Wolgemuth descriptive accounts, suggests that the dollar swap The TMPG fails charge for U.S. Treasury securities lines among central banks were effective at provides that a buyer of Treasury securities can reducing the dollar funding pressures abroad and stresses in money markets. The dollar swap claim monetary compensation from the seller if the R facilities are an important part of the central bank e seller fails to deliver the securities on a timely basis. S p toolbox for managing systemic liquidity disruptions. t a The charge was introduced in May 2009 and o f r replaced an existing market convention of simply f t postponing —without any explicit penalty and at s an unchanged invoice price —a seller’s obligation to deliver Treasury securities if the seller fails to deliver the securities on a scheduled settlement date. This article explains how a proliferation of settlement fails following the insolvency of Lehman Brothers Holdings Inc. in September 2008 led the Treasury J O Market Practices Group (TMPG) —a group of o u u t market professionals committed to supporting the r s n i a d l e s *A top download in 2010. 4 n o i t c u d o r t The Federal Reserve’s Commercial Paper n EPR Executive Summaries I Funding Facility Tobias Adrian, Karin Kimbrough, and Dina Marchioni Visit our website for concise summaries of The Federal Reserve created the Commercial Paper Economic Policy Review articles. w e Funding Facility (CPFF) in the midst of severe c i i Our online publication EPR Executive v disruptions in money markets following the e m bankruptcy of Lehman Brothers on September 15, Summaries condenses many of the articles o R n 2008. The CPFF finances the purchase of highly published in the Review . Readers will find y o c c i rated unsecured and asset-backed commercial paper timely, policy-oriented summaries that are l E o from eligible issuers through primary dealers. The easy to absorb. P facility is a liquidity backstop to U.S. issuers of commercial paper, and its creation was part of a The summaries make the technical research range of policy actions undertaken by the Federal of New York Fed economists more accessible Reserve to provide liquidity to the financial system.
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