Going with the Flow: Changes in Banks’ Business Model and Performance...
Nicola Cetorelli, Michael G. Jacobides, and Samuel Stern Does the performance of banks improve or worsen when banks enter into new business activities? And does it matter which activities a bank...
View ArticleThe Housing Boom and the Decline in Mortgage Rates
Haoyang Liu, David Lucca, Dean Parker, and Gabriela Rays-Wahba During the pandemic, national home values and housing activity soared as mortgage rates declined to historic lows. Under the canonical...
View ArticleDoes the Rise in Housing Prices Suggest a Housing Bubble?
Andrew Haughwout and Belicia Rodriguez House prices have risen rapidly during the pandemic, increasing even faster than the pace set before the 2007 financial crisis and subsequent recession. Is there...
View ArticleIf Prices Fall, Mortgage Foreclosures Will Rise
Andrew Haughwout and Belicia Rodriguez In our previous post, we illustrated the recent extraordinarily strong growth in home prices and explored some of its key spatial patterns. Such price increases...
View ArticleTwenty Years After 9/11, New York City’s Resilience Is Tested Once Again
Jason Bram and Joelle Scally As we mourn the tragic losses of the 9/11 attacks twenty years on, we thought it would be appropriate to re-examine the remarkable resilience New York City’s economy has...
View ArticleHave Consumers’ Long‑Run Inflation Expectations Become Un‑Anchored?
Olivier Armantier, Fatima Boumahdi, Leo Goldman, Gizem Koşar, Jessica Lu, Giorgio Topa, and Wilbert van der Klaauw With the recent surge in inflation since the spring there has been an increase in...
View ArticleThe New York Fed DSGE Model Forecast—September 2021
Marco Del Negro, Keshav Dogra, Shlok Goyal, Alissa Johnson, and Aidan Gleich This post presents an update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic...
View ArticleThe Spillover Effects of COVID‑19 on Productivity throughout the Supply Chain
Victoria E. Agwam, Pablo D. Azar, and Kyra Frye While the shocks from COVID-19 were concentrated in a handful of contact-intensive industries, they had rippling effects throughout the economy, which...
View ArticleWhat Quantity of Reserves Is Sufficient?
Adam Copeland, Darrell Duffie, and Yilin (David) Yang A concern of the Federal Reserve is how to manage its balance sheet and whether, over the long run, the balance sheet should be small or large. In...
View Article