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Features |
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| Provision and Pricing of Liquidity Insurance The inaugural International Journal of Central Banking (IJCB) spring conference, on the topic of Provision and Pricing of Liquidity Insurance, will be hosted by the Federal Reserve Bank of New York. The IJCB is initiating two series of annual research conferences that will bring together leading economists from central banks and academic institutions to consider issues of critical importance for policymaking. The deadline for submissions is Monday, January 15, 2009. |
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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. |
| Featured Economist |
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 Todd KeisterTodd Keister is a Research Officer in the Money and Payments Studies Function of the Research and Statistics Group. Mr. Keister's current research focuses on banking crises and the effects of public intervention in financial markets. His recent paper "Bank Runs and Institutions: The Perils of Intervention" (joint with Huberto Ennis) is forthcoming in the American Economic Review. | |
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Recent Articles
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 The Federal Home Loan Bank System:
The Lender of Next-to-Last Resort?In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System’s bank and thrift members. By Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame, Staff Reports 357, November 2008 |
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| Which Bank Is the “Central” Bank?
An Application of Markov Theory to the Canadian Large Value Transfer System In this paper, we use a method similar to Google’s PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). By Morten L. Bech, James T. E. Chapman, and Rod Garratt, Staff Reports 356, November 2008 |
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| Imperfectly Credible Disinflation under Endogenous Time-Dependent Pricing In this paper, we examine how credibility affects the outcome of a disinflation in a model with endogenous time-dependent pricing rules. By Marco Bonomo and Carlos Carvalho, Staff Reports 355, November 2008 |
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| The Topology of the Federal Funds Market In this paper, we explore the network topology of the federal funds market. By Morten L. Bech and Enghin Atalay, Staff Reports 354, November 2008 |
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| Systemic Risk and Liquidity
in Payment Systems The 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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| Aggregation and the PPP Puzzle in a Sticky-Price Model The authors show that in this economy, deviations of the real exchange rate from PPP are more volatile and persistent when compared with a counterfactual one-sector world economy that features the same average frequency of price changes and is otherwise identical to the multisector world economy. By Carlos Carvalho and Fernanda Nechio, Staff Reports 351, October 2008 |
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 Employment in the New York - New Jersey Region: 2008 Review and OutlookThe 2007 slowing in job growth in the New York–New Jersey region continued through August 2008. By Jason Bram, James Orr, and Rae Rosen, Current Issues in Economics and Finance Second District Highlights (14) 7, October 2008 |
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