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Federal Reserve Bank of New York Quarterly Review

Federal Reserve Bank of New York

The credit rating industry Richard Cantor As financial market complexity and borrower diversity have grown over time, investors and regulators have increased their reliance on the opinions of the credit rating agencies. At the same time, the number of rating agencies operating in the United States and abroad has risen sharply. Together, these trends have […]

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Federal Reserve Bank of New York Quarterly Review

Making sense of the profits of foreign firms in the United States

Making sense of the profits of foreign firms in the United States – includes appendix describing foreign investors’ losses in U.S. real estate David S. Laster The scant profit of foreign firms operating in the United States has emerged as one of the biggest puzzles in international finance. That 4.7 million workers using $1.8 trillion […]

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Federal Reserve Bank of New York Quarterly Review

Mortgage security hedging and the yield curve

Mortgage security hedging and the yield curve – includes article about call and extension risk Julia D. Fernald The steepening of the yield curve in response to tighter monetary policy this past spring puzzled many market analysts and economists. Most of the explanations of this phenomenon have focused on macroeconomic issues such as market expectations […]

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Federal Reserve Bank of New York Quarterly Review

An independent central bank in a democratic country: the Federal Reserve experience

An independent central bank in a democratic country: the Federal Reserve experience William J. McDonough I am honored this evening to address this distinguished group of central bankers, economists, representatives of international institutions, and others interested in the process of reform in Eastern Europe and the Newly independent States. In sponsoring this conference on the […]

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Federal Reserve Bank of New York Quarterly Review

The baby boom generation and aggregate savings

The baby boom generation and aggregate savings – includes article about use of Survey of Consumer Finances to calculate savings rates Richard Cantor During the 1970s, household and national savings rates fell sharply. Although concern about low saving rates remains widespread, many analysts have taken the optimistic position that the maturing of the baby boom […]