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| National Economy |
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| Our economists research and analyze monetary policy, the business cycle, growth, the labor market and other domestic economic issues. |
| Features |
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Household Credit Conditions  On August 17, 2010, the Federal Reserve Bank of New York released the Quarterly Report on Household Debt and Credit Report. The report shows that households steadily reduced aggregate consumer indebtedness over the past seven quarters. Download data  |
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| New York Area Workshop on Monetary Policy On November 12, 2010, the Federal Reserve Bank of New York sponsored the fall 2010 meeting of the Monetary Policy Workshop. |
| Current Economic Indicators |
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| Economic Growth and Output Business finance, personal finance, production, demand, income, consumption and savings data |
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| Employment Employment rates, unemployment rates, hours worked and payroll changes |
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| Health Sector Indicators Medical care expenditures and inflation in medical and health services employment. |
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Household Credit Conditions Quarterly Report on Household Debt and Credit |
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| Inflation
Commodity prices, Price Producer Index (PPI), Consumer Price Indices (CPI), Personal Consumption Expenditures (PCE) and wages |
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| Leading Indicators Conference Board's Index of Leading Indicators and the Institute of Supply Management's Purchasing Managers' Index. |
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| Monetary Conditions Money growth rates in monetary aggregates, M1, M2 and M3 |
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| U.S. Trade
Exports and imports for U.S. trade by destination and origin. |
| Recent Articles |
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Tax BuyoutsThe paper studies a fiscal policy instrument that can reduce fiscal distortions, without affecting revenues, in a politically viable way. By Marco Del Negro, Fabrizio Perri, and Fabiano Schivardi, Staff Reports 467, August 2010 |
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| Funding Liquidity Risk and the Cross-Section of Stock Returns The authors derive equilibrium pricing implications from an intertemporal capital asset pricing model where the tightness of financial intermediaries' funding constraints enters the pricing kernel. By Tobias Adrian and Erkko Etula, Staff Reports 464, July 2010 |
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| The Central-Bank Balance Sheet as an Instrument of Monetary Policy In this paper we distinguish between “quantitative easing” in the strict sense and targeted asset purchases by a central bank, arguing that, according to our model, while the former is likely to be ineffective at all times, the latter can be effective when financial markets are sufficiently disrupted. By Vasco Curdia and Michael Woodford, Staff Reports 463, July 2010 |
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| The Impact of Competition on Technology Adoption: An Apples-to-PCs Analysis The authors studied the effect of market structure on a personal computer manufacturer's decision to adopt new technology. By Adam Copeland and Adam Shapiro, Staff Reports 462, July 2010 |
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| Shadow Banking This paper documents the institutional features of shadow banks, discusses their economic roles, and analyzes their relation to the traditional banking system. By Zoltan Pozsar, Tobias Adrian, Adam Ashcraft, and Hayley Boesky, Staff Reports 458, July 2010 |
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| State-Dependent Pricing under Infrequent Information: A Unified Framework The authors characterize optimal state-dependent pricing rules under various forms of infrequent information. In all models, infrequent price changes arise from the existence of a lump-sum "menu cost." We entertain various alternatives for the source and nature of infrequent information. By Marco Bonomo, Carlos Carvalho, and René Garcia, Staff Reports 455, June 2010 |
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