Intensive investigations of select topics by New York Fed economists and analysts
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Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
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The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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Monographs and Reports
Treasury Debt Management under the Rubric of Regular and Predictable Issuance: 1983-2012
Kenneth D. Garbade
By auctioning securities of a given tenor at regular intervals and in predictable amounts, the U.S. Treasury has been able to assist investor planning, minimize market surprises, and meet the government’s borrowing needs at the least cost to taxpayers. In this full-length study, Research Group economist Kenneth Garbade examines how Treasury officials used the mechanism of regular and predictable issuance to manage the nation’s debt in the face of changing financial and economic conditions in recent decades.
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October 2015/Download  |
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Kenneth D. Garbade is a senior vice president in the Federal Reserve Bank of New York’s Money and Payments Studies Function. He is the author of Securities Markets (McGraw-Hill, 1982), Fixed Income Analytics (MIT Press, 1996), Pricing Corporate Securities as Contingent Claims (MIT Press, 2001), Birth of a Market: The U.S. Treasury Securities Market from the Great War to the Great Depression (MIT Press, 2012), and numerous articles in scholarly journals. Archived Monographs Federal Reserve Operations in the Money and Government Securities Markets by Robert V. Roosa (1956) From the Introduction: “This [booklet] is intended only as a picture of the setting in which open market operations are carried out and the methods used in those operations. This picture . . . will center on the Trading Desk at the Federal Reserve Bank of New York…” 
Monetary Policy Under the International Gold Standard: 1880-1914, by Arthur I. Bloomfield (1959) From the Foreword: “[T]his booklet looks into the past to explore, in the light of current monetary and banking theory, the relatively neglected record of the performance and policies of central banks within the framework of the pre-1914 gold standard.”
U.S. Monetary Policy and Financial Markets, by Paul Meek (1982) From the Foreword: “Over 25 years ago, Federal Reserve Operations in the Money and Government Securities Markets by Robert V. Roosa provided a . . . graphic picture of open market operations, and the pulsating life of the money market. In this volume, Paul Meek . . . has brought the story up to date and expanded its scope to include Federal Reserve policy procedures and policy’s outward thrust to the economy.”
U.S. Monetary Policy and Financial Markets, by Ann-Marie Meulendyke (1989) From the Foreword: “The new essay describes the recent evolution of Federal Reserve procedures and places them in the context of the longer historical sweep of Federal Reserve policy.”
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An Update on the Competitiveness of Puerto Rico’s Economy
New York Fed research economists, collaborating with staff from the Outreach, International, and Markets groups, update their earlier analysis of Puerto Rico’s economy, focusing in particular on the Island’s public finances and the sustainability of its debt. The report outlines a number of initiatives that could help the Island restore its fiscal health.
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July 2014/
Download Spanish version |
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Authors: This report was prepared by the project team of Jaison Abel, Jason Bram, Richard Deitz, Andrew Haughwout, Thomas Klitgaard, and James Orr of the Federal Reserve Bank of New York's Research and Statistics Group; Hunter Clark, Tricia Kissinger, Jonathan Landesman, and Monica Sanz of the Emerging Markets and International Affairs Group; Rae Rosen and Javier Silva of the Communications Group; and Akash Kanojia of the Markets Group.
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Report on the Competitiveness of Puerto Rico's Economy
 In 2012, research economists joined with experts from the Bank’s Outreach and Education teams to assess the challenges facing Puerto Rico, part of the Federal Reserve’s Second District. Their report, published in both English and Spanish, identifies economic and policy impediments that have prevented the Island from making full use of its resources, and recommends steps that could be taken to capitalize on the Island’s strengths and promote growth.
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June 2012/Download
 Spanish version |
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Authors: This report was prepared by the project team of Jaison Abel, Jason Bram, Richard Deitz, Thomas Klitgaard, and James Orr of the Federal Reserve Bank of New York's Research and Statistics Group; Katherine Bradley and Tricia Kissinger of the Bank’s Emerging Markets and International Affairs Group; and Rae Rosen and Javier Silva of the Bank’s Communications Group.
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