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| Capital Markets |
| Our economists research and analyze a range of issues involving asset pricing, market microstructure, and other financial market topics. |
| Features |
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| Inflation-Indexed Securities and Inflation Risk Management A conference organized by the Federal Reserve Bank of New York. The conference aims to bring together experts in inflation pricing and hedging, inflation-indexed issuer asset-liability management, and macroeconomics. The deadline for submissions is Monday, January 5, 2009. |
| RECENT ARTICLES |
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 Systemic Risk and Liquidity
in Payment SystemsThe authors study liquidity and systemic risk in high-value payment systems. By Gara M. Afonso and Hyun Song Shin, Staff Reports 352, October 2008 |
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| Liquidity and Congestion This paper studies the relationship between the arrival of potential investors and market liquidity in a search-based model of asset trading. By Gara M. Afonso, Staff Reports 349, October 2008 |
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| CoVaR The authors define CoVaR as the value at risk (VaR) of financial institutions conditional on other institutions being in distress. By Tobias Adrian and Markus Brunnermeier, Staff Reports 348, September 2008 |
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 How Economic News Moves MarketsThe authors’ analysis of the direction of these effects suggests that news of stronger-than-expected growth and inflation generally prompts a rise in bond yields and the exchange value of the dollar. By Leonardo Bartolini, Linda Goldberg, and Adam Sacarny, Current Issues in Economics and Finance (14) 6, August 2008 |
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| Pricing the Term Structure with Linear Regressions The authors develop an affine term structure model from a conditionally linear pricing kernel, without making distributional assumptions about shocks. By Tobias Adrian and Emanuel Moench, Staff Reports 340, August 2008 |
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| CURRENT FINANCIAL INDICATORS |
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| The Yield Curve as a Leading Indicator Research on the yield curve as a predictor of future real U.S. economic activity. |
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Business
Finance 
Bonds issued, corporate equity proceeds, seasonally-adjusted business loans and seasonally-adjusted nonfinancial commercial paper outstanding. 1 page / 23 kb |
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| Household
Debt Statistics
Household debt burden, debt service and borrowing rates. 1 page / 16 kb |
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| Interest
Rates
Short and long-term interest rates and Treasury yield curve. 1 page / 16 kb |
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| Stock
Price Indexes and Valuation Ratios
Stock price indexes, price-to-earnings ratio and dividend yield. 1 page / 23 kb |
| Files in PDF format require ADOBE® READER® SOFTWARE |
