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Federal Reserve Bank of New York is in the Financial Services Industry
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Market Share Table
This is a template for market share which also shows the market structure of various companies.
Borrowing Without Debt?: Understanding The U.S. International Investment Position
Sustained large U.S. current account deficits have led some economists and policymakers to worry that future current account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption. Two factors that, to date, have cast doubt on such concerns are the...
Distribution Margins, Imported Inputs, And The Insensitivity Of The CPI To Exchange Rates
Border prices of traded goods are highly sensitive to exchange rates while the CPI Consumer Price Index, and the prices of these goods at the retail level, are more stable. This paper decomposes the sources of this stability for twenty-one OECD (Organisation for Economic Co-Operation and Development) countries, focusing on...
Productivity, Monetary Policy And Financial Indicators
Labour productivity is widely thought to be informative with regard to inflation and it therefore comes up frequently in discussions about the conduct of monetary policy. However, productivity growth is very difficult to interpret in real time. From a time series perspective, it is an unwieldy mixture of low-frequency trends...
An Overview of the Emerging Market Credit Derivatives Market
In conjunction with the Committee on the Global Financial System work group project on foreign direct investment in emerging market financial sectors, this report reviews in some detail the market for emerging market credit derivatives ("EMCD") and their use by banks to hedge emerging market credit risks. This paper provides...
An Overview of Non-Deliverable Foreign Exchange Forward Markets
This paper examines the markets for different products used to hedge risks associated with emerging markets, including credit default swaps, political risk insurance, as well as nondeliverable forward foreign exchange contracts NDFs. It outlines the development and characteristics of the NDF market highlighting findings from discussions with U.S. commercial and...
Learning about Beta: A New Look at CAPM Tests
This paper develops an equilibrium model of learning about time-varying beta. In the model, the capital asset pricing model CAPM works for investors' probability distribution. However, mispricing can be observed if econometricians estimate betas without accounting for the investors' learning process. The empirical implication for asset-pricing tests is that the...
Market Indicators, Bank Fragility, and Indirect Market Discipline
This paper aims to ascertain the quality (that is, the predictive power and prediction errors) of two market indicators: the distance to default and the subordinated debt spread. The paper first studies and examines the theoretical properties of the indicators, namely, whether or not they are aligned with the conservative...
The Evolution of U.S. Bank Branch Networks: Growth, Consolidation, and Strategy
Bank branches have become steadily more concentrated within large and midsized branch networks over the past decade. This article takes a look at branching trends between 2001 and 2003, which reveals that banks with large networks grew slowly and strategically during this period as they adjusted their branch holdings within...
Why Use Debit Instead of Credit? Consumer Choice in a Trillion-Dollar Market
Debit cards are overtaking credit cards as the most prevalent form of electronic payment at the point of sale, yet the determinants of a ubiquitous consumer choice "debit or credit?" have received relatively little scrutiny. Several stylized facts suggest that debit-card use is driven by behavioral factors. The paper documents...
The Credit Cycle and the Business Cycle: New Findings Using the Loan Officer Opinion Survey
VAR analysis on a measure of bank lending standards collected by the Federal Reserve reveals that shocks to lending standards are significantly correlated with innovations in commercial loans of banks and in real output. Credit standards strongly dominate loan rates in explaining variation in business loans and output. Standards remain...
Do Stock Price Bubbles Influence Corporate Investment?
From the executive summary: ‘Building on recent developments in behavioral asset pricing, experts have developed a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a bubble or a rise in stock’s price above its fundamental value. The model predicts that managers respond to...
Why Were Banks Better Off in the 2001 Recession
In a sharp turnaround from their fortunes in the 1990-91 recessions, banks came through the 2001 recession reasonably well. A look at industry and economy-wide developments in the intervening years suggests that banks fared better largely because of more effective risk management. In addition, they benefited from a decline in...
Cross-Country Differences In Monetary Policy Execution And Money Market Rates' Volatility
The volatility patterns of overnight interest rates differ across industrial countries in ways that existing models, designed to replicate the features of the U.S. federal funds market, cannot explain. This paper presents an equilibrium model of the overnight interbank market that matches these different patterns by incorporating differences in policy...
Stock Market Reaction to Financial Statement Certification by Bank Holding Company CEOs
In 2002, the Securities and Exchange Commission mandated that the chief executive officers of large, publicly traded firms certify the accuracy of their company financial statements. This paper investigates whether CEO certification has had a measurable effect on the stock market valuation of the forty-two bank holding companies subject to...
Cross-Country Technology Adoption: Making The Theories Face The Facts
The article examines the diffusion of more than twenty technologies across twenty-three of the world’s leading industrial economies. The evidence covers major technology classes such as textile production, steel manufacture, communications, information technology, transportation, and electricity for the period 1788-2001. It documents the common patterns observed in the diffusion of...
Executive Equity Compensation and Incentives: A Survey
The paper highlights that executive compensation has been the subject of extensive prior research, and excellent general reviews already exist for the interested. Stock and option compensation and the level of managerial equity incentives are aspects of corporate governance that are especially controversial to shareholders, institutional activists, and governmental regulators....
Endogenous Deposit Dollarization
This paper explores sources of deposit dollarization unrelated to standard moral hazard arguments. This paper develops a model in which banks choose the optimal currency composition of their liabilities. It argues that the equal treatment of peso and dollar claims in the event of bank default can induce banks to...
Monetary Stresses and Reserve Management
As background for understanding the monetary policy implementation process, this white paper, first offers a brief description of the institutional setting under which depository institutions hold and manage their reserves. It then reviews a variety of influences on supply and demand conditions for reserves. The review emphasizes the role of...
The Trade Comovement Problem In International Macroeconomics
Recent empirical research finds that pairs of countries with stronger trade linkages tend to have more highly correlated business cycles. This paper assesses whether the standard international business cycle framework can replicate this intuitive result. It employs a three-country model with transportation costs. This paper simulates the effects of increased...
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Federal Reserve Bank of New York, District No. 2 participates in formulating and conducting monetary policy; participation in the payments system; distribution of coin and currency; performance of fiscal agency functions for the U.S. Treasury, certain federal agencies, and other entities; serving as the federal government's bank; provision of short-term loans to depository institutions; service to the consumer and the community by providing educational materials and information regarding consumer laws; and supervision of bank holding companies, state member banks, and U.S. offices of foreign banking organizations.
Key Competitors
Federal Reserve Bank of New York Company Info
Board of Directors
Peter G. Peterson
Chmn.
John E. Sexton
Dep. Chmn.
Sanford I. Weill
Jill M. Considine
Jerry I. Speyer
Ronay Menschel
Charles V. Wait
Marta Tienda
Loretta E. Lynch
Contact Information
33 Liberty Street
New York, NY
212 720-5000
NAICS Code
Monetary Authorities-Central Bank: 521110Brought to you by IBMSponsored Resources
