New from the Financial Markets Center (7/14/04)
Federal Reserve Research Roundup: January-June 2004
Each year, staff and visiting scholars at the Board of Governors and 12
Reserve Banks publish hundreds of journal articles, working papers, policy essays
and other reports addressing topics that
Very soothing. AG's 12/19 speech actually contains several rounds of
Greenspan-D'Arista Smackdown, including his response to the idea of using
regulatory tools to slow the credit expansions that breed bubbles. I can't
remember any time in recent years when Father Greenspan has been quite so
New from the Financial Markets Center
Flow of Funds Review Analysis: Q3 2002
As battered investors moved their funds out of stocks and into deposits,
banks assumed the dominant role in a massive run-up of mortgage debt that has
helped maintain economic growth. But if interest rates rise or
H'hold Mortgage Debt as Pct. of Disposable Personal Income:
Q3 2002: 74.2%
2001: 72.8%
2000: 68.8%
1999: 68.4%
1998: 65.4%
1997: 64.0%
SOURCE: Flow of Funds Q3 2002
Mortgage debt-service burden for Q4 2001-Q3 2002 ties the burden recorded in
Q4 1990-Q3 1991 as the highest ever for four
Michael:
Glad you found Jane's piece worthwhile. In our view, the Center gets its
share of acknowledgement -- as well as generally respectful treatment in
mainstream business/financial media and an occasionally open-minded audience
in parts of the academy and the Fed. If those of us who work
New from the Financial Markets Center:
Financial Markets Society: November 2002
The trouble with Alan Greenspan's handling of the economy goes much deeper
than an ill-timed interest-rate adjustment or inaccurate staff forecast.
It's embedded in the Fed's increasingly antiquated machinery for
Unusually respectful, even gracious, by the WP's standards.
http://www.washingtonpost.com/wp-dyn/articles/A57534-2002Oct7.html
New Release: Financial Markets Center
The Fed Income Inequality: September 13, 2002
New York Fed President William McDonough got people's attention by deploring
income inequality in a September 11 commemorative service at Manhattan's
Trinity Church. Now a Financial Markets Center analysis looks
New from the Financial Markets Center
Capital Flows Monitor: July 26, 2002
The U.S. international investment position continues to deteriorate, draping
an increasingly ominous cloud over domestic and global economic activity. In
the latest edition of Capital Flows Monitor, Jane D'Arista looks
New from the Financial Markets Center:
Capital Flows Monitor: Second Quarter 2002
Recent rallies in emerging equity markets reflect investor confidence in a
U.S. recovery leading the rest of the world to revived economic growth. But
developing countries remain net lenders to the international
In planning an upcoming project, the Financial Markets Center is trying to
identify organizations, individual researchers or publications that have
taken a critical look at: a) (overall) efforts by corporations, foundations,
ideological interest groups and traditional econ ed organizations to
In the LAT piece, Tom P. is referring to a system of asset-based reserve
requirements. Applied to all financial sector assets, such a system would:
a) respond to the long-term movement of this sector's assets out of the
banking industry and into nonbank financial firms; b) respond to banks
Financial Markets Center release: March 21, 2001
Flow of Funds Review Analysis: Q4 2000
As the economy stalled, debt grew in the fourth quarter, compounding
household borrowing burdens, weakening corporate financial ratios and
expanding already unprecedented leverage in the financial sector
The Financial Markets Center web site has a Glass-Steagall Repeal page at
http://www.fmcenter.org/fmc_superpage.asp?ID=245
The page contains summaries (short and long) of major provisions in the
Gramm-Leach-Bliley Act, analysis, links and updates on rulemaking related to
GLB
POSITION AVAILABLE
RESEARCH ASSOCIATE
The Organization
The Financial Markets Center is a nonprofit institute that provides research
and educational resources to grassroots organizations, trade unions,
policymakers, journalists and other groups interested in the Federal Reserve
System and the
Flow of Funds Analysis Review: Second Quarter 1999
Corporations are replacing equity with debt at a feverish pace and
outstanding U.S. credit market debt has risen to unprecedented levels
relative to GDP. Jane D'Arista's quarterly assessment of trends in
borrowing, lending and investment
(This announcement is available in a PDF document from [EMAIL PROTECTED])
Call for Papers:
Reengineering the Federal Reserve System
The Financial Markets Center sponsors an annual contest for papers on the
subject of central bank reform. The winning entry receives a cash award of
$2,500
Since 1993, margin debt has grown more than three times faster than household
debt and overall credit market debt. During the second quarter of 1999
alone, margin debt ballooned by 13 percent. The Financial Markets Center's
web site has posted a new page on margin borrowing that features
What kind of interest rate policy might come out of Tuesday and Wednesday's
Federal Reserve meeting if the two vacant seats on the Fed's Board of
Governors were filled by worker-friendly governors with different
perspectives than the conventional academic economists who dominate the Board
New Reports: Financial Markets Center Web Site
Flow of Funds Review Analysis: First Quarter 1999
Credit to the Creditors. Jane D'Arista examines the financial sector's new
status as dominant borrower in domestic credit markets.
Beige Book Review Analysis: June 16, 1999
Very Well I
New stuff at www.fmcenter.org, the Financial Markets Center web site:
* Greenspan, Social Security and Public Fund Management. Pension expert
Teresa Ghilarducci explains what Chairman Greenspan's missing when he
critiques public pension fund investing. And FMC provides a revealing look at
the
New stuff at the Financial Markets Center's web site:
Senate Banking Committee Chairman Phil Gramm wants to end the Fed's semi-
annual Humphrey-Hawkins reports to Congress. James K. Galbraith explains why
that's a bad idea.
1999 is the Year of the Incumbent at Federal Reserve Bank boards of
In 1998, the liberal Federal Reserve Bank of Boston was actually a stern
proponent of tighter monetary policy while the conservative Dallas Fed led the
charge for interest rate cuts. Read about it in a new Financial Markets
Center report on "Discount Rate Actions in 1998" - and catch a glimpse
The Financial Markets Center has launched a new web site - www.fmcenter.org -
that provides online access to three key sets of Federal Reserve documents: 1)
transcripts of pre-1992 meetings of the Federal Open Market Committee; 2)
minutes of discount rate meetings by the Fed's Board of
Please pass along the following announcements to anyone who may be interested.
Thanks.
Tom Schlesinger
Financial Markets Center
Call for Papers:
Reengineering the Federal Reserve System
The Financial Markets Center sponsors an annual contest for papers on the
subject of central bank
Please Post:
POSITION AVAILABLE
RESEARCH EDUCATION DIRECTOR
The Financial Markets Center
The Financial Markets Center is a new, nonprofit institute that focuses on
the Federal Reserve System and the financial sector. The Center provides
research, education, policy analysis and related
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