Federal Reserve research
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 range from monetary aggregates to school vouchers. The Q1/Q2 Roundup (http://www.fmcenter.org/PDF/RRjan-june04.pdf) summarizes noteworthy Fed research and provides links to the original Fed documents and related materials. Highlighted topics include banking consolidation, inflation targeting, Iraq's economy and casino gambling. In addition, a new FMC report maps research activities at the Board and Banks -- and provides what we believe to be the first comprehensive survey of the educational background of Fed economists. http://www.fmcenter.org/PDF/FedResearchMap_July04.PDF (map) http://www.fmcenter.org/PDF/Fedeconomists_degrees.PDF (economists' educational background) Previous editions of Research Roundup are archived at: http://www.fmcenter.org/fmc_superpage.asp?ID=355
Re: Re: Re: Re: RE: Re: How Much Housing Credit Is Too Much?
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 defensive in public (first the Jax Hole speech, now this) -- or when the Fed has seemed so Out There in its reassurances (in announcing its 50 bp cut last month, the FOMC claimed that with this action...the risks are balanced). TS In a message dated 12/20/2002 12:55:25 PM Eastern Standard Time, [EMAIL PROTECTED] writes: [EMAIL PROTECTED] wrote: Mortgage debt-service burden for Q4 2001-Q3 2002 ties the burden recorded in Q4 1990-Q3 1991 as the highest ever for four consecutive quarters This just in from St Alan - don't worry about it! http://www.federalreserve.gov/boarddocs/speeches/2002/20021219/ A full enumeration of the caveats surrounding the economic outlook would, as usual, be lengthy. But often-cited concerns about the levels of debt and debt-servicing costs of households and firms appear a bit stretched. The combination of household mortgage and consumer debt as a share of disposable income has moved up to a historically high level. But the upward trend in the series reflects, in part, financial innovations that have increased access to credit markets for many households. These innovations include the development of a deep secondary market for home mortgages, along with the advent of credit scoring and automated underwriting models that have enhanced the ability of loan officers and credit card companies to identify good credit risks. These innovations lower the risk level of any given amount of debt. To be sure, the mortgage debt of homeowners relative to their income is high by historical norms. But, as a consequence of low interest rates, the servicing requirement for that debt relative to homeowners' income is roughly in line with the historical average. Moreover, owing to continued large gains in residential real estate values, equity in homes has continued to rise despite very large debt-financed extractions. Adding in the fixed costs associated with other financial obligations, such as rental payments of tenants, consumer installment credit, and auto leases, the total servicing costs faced by households relative to their income appears somewhat elevated compared with longer-run averages. But arguably they are not a significant cause for concern. Some strain from corporate debt burdens became evident as rates of return on capital projects financed with debt fell short of expectations over the past several years. While overall debt has not been paid down, corporations have significantly increased holdings of cash and have reduced their near-term debt obligations by issuing bonds to pay down commercial paper and bank loans.
How Much Housing Credit Is Too Much?
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 housing prices correct, the price of this build-up could be steep for households, small businesses, institutional investors and others. Is residential real estate following the same path Nasdaq traced in the late '90s? And, if so, what should the Fed be doing about it? Get the details in Jane D'Arista's quarterly review of the Fed's financial statistics. http://www.fmcenter.org/pdf/flow12-02nocov.pdf
Re: Re: RE: Re: How Much Housing Credit Is Too Much?
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 consecutive quarters, according to the Fed (http://www.federalreserve.gov/releases/housedebt/default.htm). While the burden increases, despite refis and low real rates: H'hold Net Worth as Pct. of Disposable Personal Income: Q3 2002: 486% 2001: 556% 2000: 589% 1999: 639% 1998: 588% 1997: 567% SOURCE: Flow of Funds Q3 2002 And, as Jane points out, only inflated res. r.e. prices have cushioned h'holds against deeper absolute and relative (to income) losses in net worth. Tom Schlesinger
Re: Re: Why Isn't the Fed's Medicine Working?
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 w/ Jane do the blocking and tackling we're supposed to, her current proposal should eventually get the fair hearing it deserves (and that many of her previous pieces for FMC have received). Tom Schlesinger Financial Markets Center In a message dated 11/25/2002 6:09:26 PM Eastern Standard Time, [EMAIL PROTECTED] writes: This is an excellent piece of analysis. Your group does great work, but I rarely see it acknowledged. Is it because the big fish do not give you credit for the stuff that they take?
Why Isn't the Fed's Medicine Working?
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 implementing monetary policy. In Rebuilding the Transmission System for Monetary Policy, Jane D'Arista diagnoses the problem and proposes a modernized policy mechanism that would enable Greenspan Co. to deal effectively with asset bubbles and deflationary pressures alike. http://www.fmcenter.org/pdf/FMandS1102.pdf
Re: RE: Tony Mazzocchi died Sunday
Unusually respectful, even gracious, by the WP's standards. http://www.washingtonpost.com/wp-dyn/articles/A57534-2002Oct7.html
Re: US: NY Fed Calls For CEO Pay Cuts
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 at pay gaps within the Federal Reserve and outlines three ways McDonough's Bank could lead by example in combating inequality. http://www.fmcenter.org/pdf/FRBNYinequal.pdf
Capital Flows Monitor: 7/26/02
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 at the components of America's burgeoning external debt and examines the implications in a time of extreme market uncertainty. http://www.fmcenter.org/pdf/capflows072602.pdf
Capital Flows Monitor: Q2 2002
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 banking system, serious financial imbalances persist in industrial economies and expectations of a robust global recovery may be premature. Jane D'Arista's Capital Flows Monitor assesses recent developments in international banking, bond and derivatives markets and includes links to referenced BIS and IMF reports. http://www.fmcenter.org/pdf/capflows042602.pdf
Query re: Econ Ed in Public Schools
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 promote free-market-oriented approaches to economic education in public schools; or b) (specifically) the national content standards developed by AEA's Committee on Economic Education, National Council on Economic Education, Foundation for Teaching Economics and other groups. We're familiar with the good work done by Rethinking Schools and Teaching for Change and are in contact with those groups as well as with teacher unions. Since this narrow query may be of little interest to most list members, PLEASE REPLY OFF LIST to [EMAIL PROTECTED] if you know of cites or contacts we should look into. Much obliged. Tom Schlesinger Financial Markets Center [EMAIL PROTECTED] www.fmcenter.org
Tom Palley and Reserve Requirements
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 shifting deposits into non-reservable sweep accounts; and c) enable monetary policymakers to target sectoral bubbles and droughts w/o exposing the broader economy to blunt-instrument interest rate changes. Used properly, these universalized reserve requirements would have strong counter-cyclical effects (at every stage of the cycle) in contrast to the prevailing regime of bank capital standards. There's even an existing domestic precedent of sorts in the National Assn. Of Insurance Commissioners' Asset Valuation Reserve/Interest Maintenance Reserve, adopted after the insurer meltdowns of the early 1990s. Long version: Stabilizing Finance: The Case for Asset-Based Reserve Requirements, Thomas I. Palley, Financial Markets Society, August 2000 http://www.fmcenter.org/pdf/FMSaug2000.pdf Subj:[PEN-L:16565] He's not God after all! Date: 9/1/01 11:19:40 AM Eastern Daylight Time From: [EMAIL PROTECTED] (Jim Devine) [note that leftist economist Tom Palley is quoted below. I hope that the AFL-CIO isn't saying that financial controls should be imposed at this point in the business cycle...] September 1, 2001 / Los Angeles TIMES. Talk about it Fed Chairman Talks of Limits to His Powers By ROBERT A. ROSENBLATT, TIMES STAFF WRITER WASHINGTON -- Federal Reserve Board Chairman Alan Greenspan warned Friday that huge swings in the stock market and big changes in home prices are making consumers more unpredictable in their behavior, making it much harder for policymakers to influence the economy. The changes in financial institutions give consumers more knowledge and more opportunities to change their spending rapidly, undermining the powers at Greenspan's disposal. The current system emphasizes the 401(k) salary set-aside accounts, with individuals getting monthly or quarterly statements showing their retirement balances. The stock market boom often changed consumers' outlook, sometimes making them enthusiastic spenders, said Tom Palley, deputy chief of public policy at the AFL-CIO. You receive a statement saying that your wealth has increased, and you think that means there is less need to save, that the savings is being done by the [stock] market, Palley said. Consumers, feeling rich, rush to spend, he said. The AFL-CIO would like Greenspan to use other tools than interest rate changes to deal with the economy. Imposing new reserve requirements on banks could slow down the growth of home equity loans, or the Fed could ask mutual funds to hold more of their assets in cash to dampen stock market fluctuations, Palley said. Such steps would slow the erratic swings in consumer spending, he said.
Flow of Funds Review Analysis: Q4 2000
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 itself. Jane D'Arista looks at the implications in her quarterly review of the Fed's financial statistics. http://www.fmcenter.org/pdf/flow03-01nocov.pdf
Re: Re: Repeal of Glass-Steagell
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
[PEN-L:12790] Job Internship Announcements
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 financial sector. The Center produces a variety of publications, teaching tools and educational programs focused on monetary policy, financial regulation and market trends. The Position Responsibilities will include: researching, writing and editing periodic reports on developments in the Federal Reserve System; researching, writing and editing material for a "Fed 2001" transition book; researching, writing and editing reports on financial sector trends and issues; writing and editing material for the Center's newsletter and web site (www.fmcenter.org); preparing curricular materials and participating in educational programs. Qualifications and Experience Candidates for the position should have: excellent research, analytical, writing, editing, computer and communications skills; substantial relevant work experience (exceptional candidates with strong educational credentials but limited work experience may be considered); educational background in economics, law, business, public policy or other related fields; strong sense of initiative and commitment to democratic values. Salary and Benefits $40,000+ dependent on experience. Generous benefits include health insurance, retirement plan, vacation and leave, some flexibility in working arrangements. To Apply Send a resume, three references, writing sample and a cover letter explaining your interest in the position to: Search Committee, Financial Markets Center, PO Box 334, Philomont, VA 20131 or [EMAIL PROTECTED] The Center is an equal opportunity employer. Applications will be accepted until the position is filled. Internships The Financial Markets Center now offers paid internships for undergraduate and graduate students as well as recent graduates. For details, check out the Center's web site at www.fmcenter.org.
[PEN-L:11530] Two new reports from Financial Markets Center
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 explains why the next economic slowdown could be especially painful for borrowers. The Federal Reserve and Local Economic Development How does the Fed address its obligations to support regional and local development? A new report from the Center sizes up the central bank's little-scrutinized community affairs program. The 52-page report contains extensive reporting, analysis, tables and recommendations for change. Both reports are available online at www.fmcenter.org.
[PEN-L:10559] Call for Papers: Henry B. Gonzalez Award
(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 and is published by the Center. The contest is open to students in graduate and post-graduate programs in law, public policy, public administration, government, finance, economics and other relevant areas. Background on the Henry B. Gonzalez Award: Today, the Federal Reserve confronts a host of challenges to its authority and effectiveness including the rapid growth of nonbank financial intermediaries, globally interconnected asset markets and privately issued digital money. The Fed faces these challenges with an institutional structure that has long resisted change as well as a lack of openness and accountability unique in America's system of self-government. The Gonzalez Award seeks to promote institutional reforms that make the central bank more open, accountable and effective. Entries may be sweeping in scope or focused on a specific aspect of the Fed's structure, governance, operations, staffing, culture or statutory authority. In all cases, papers must demonstrate convincingly how the proposed institutional reforms would result in a more democratic central bank better equipped to foster full employment, price stability and financial soundness. The Gonzalez Award honors the service of Representative Henry B. Gonzalez, a tireless champion of democratic change at the Federal Reserve. Review Process: Entries will be reviewed by a distinguished panel of monetary experts chaired by Jane D'Arista, the Center's director of programs. Length and Format: Entries should be no longer than 15,000 words, not including notes and references. Preference will be given to clearly written entries accessible to a broad audience. Deadline: Entries must be postmarked by April 28, 2000. The award will be announced by May 15, 2000. How to Enter: Send two copies of the paper to: Gonzalez Award, Financial Markets Center, PO Box 334, Philomont, VA 20131. Entrants must submit a statement from their department describing their current standing. About the Financial Markets Center: Founded in 1997, the Financial Markets Center is a nonprofit institute that provides research, policy and education resources to grassroots organizations, trade unions, policymakers, journalists and others interested in financial markets and the Federal Reserve System. The Center produces periodic reports on issues in monetary policy and financial regulation, sponsors workshops and conferences and publishes a newsletter (FOMC Alert) and other series that monitor Federal Reserve and market activity. The Center's web site, www.fmcenter.org, contains a variety of teaching, archival and analytical resources. For More Information: Contact the Financial Markets Center, (540) 338-5286 or [EMAIL PROTECTED]
[PEN-L:9485] New Margin Debt Page, Financial Markets Center Web Site
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 commentary by former House Banking Committee Chairman Henry S. Reuss, graphs, tables, links, etc. www.fmcenter.org
[PEN-L:8470] New Fed Vacancies Web Page
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 today? What kind of difference could new Fed leadership make on the central bank's handling of community reinvestment or predatory lending issues? Its stance on financial decontrol legislation? Its accountability to the public? Few people in public life have more impact on ordinary citizens' living standards than the leaders of the Fed. Now, for the fourth time in his presidency, Bill Clinton has an opportunity to appoint two new governors to the Federal Reserve Board and citizens have a chance to publicly debate the candidates and concerns Clinton should consider. To encourage that debate, the Financial Markets Center has created an extensive Fed Vacancies Page at its web site (www.fmcenter.org). The new Page includes Fed-governor lore galore, a forum for users views, and a pipeline for making suggestions to the White House selection team. We don't offer this page as a substitute for organizing around specific candidates -- or as an endorsement of the (flawed, in our opinion) idea of armchair activism. However, the page could serve as a tool for organizing. And it asserts that average Americans belong in this game no less than the privileged groups that currently hold a monopoly on it. We invite groups with their own web sites to link to this page via www.fmcenter.org and to encourage their member to participate in the forum.
[PEN-L:8095] New Stuff, Financial Markets Center Web Site
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 Contradict Myself. Dean Baker looks at the Fed's internally conflicting accounts of U.S. economic conditions and finds no persuasive evidence for an interest rate hike. Coming Soon Filling Vacancies on the Fed's Board of Governors: Tools Talk www.fmcenter.org
[PEN-L:4415] Alan Greenspan, Social Investor
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 Fed's own retirement fund - a government pension plan that's achieved financial success with heavy asset allocations in equities and unique investment restrictions that include a broad social screen for stocks. Source documents posted to the Center's web site include current investment guidelines for the Fed's retirement plan. * March 17 edition of Beige Book Review and Analysis. Dean Baker's same-day analysis finds key discrepancies between the Fed survey and other government reports on employment and earnings. * Alan Greenspan, Lame Duck? Next June will mark the first time a Fed chairman's term expires on the eve of a presidential contest between two non- incumbent candidates. FMC looks at the history and the election-year possibilities. * IRS Ruling. In response to a request from the Financial Markets Center, the IRS has ruled that tax-exempt organizations do not engage in prohibited political activity - and therefore do not jeopardize their 501[c]3 status - by promoting candidates for Federal Reserve Bank directorships. COMING THE WEB SITE NEXT WEEK: The inaugural edition of FLOW OF FUNDS REVIEW AND ANALYSIS by Jane D'Arista. www.fmcenter.org
[PEN-L:2663] Sen. Gramm on Fed Oversight; Reserve Bank Directors Study
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 directors. That leaves labor, community and consumer interests underrepresented, according to the Center's annual report on Reserve Bank board composition. www.fmcenter.org
[PEN-L:2144] New Stuff, Financial Markets Center Web Site
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 of the Fed's decision-making through links to recent discount rate minutes. Also: "The Fed's COLA" - an unconventional view of real interest rates by George Brockway, former chairman of W.W. Norton and author of Economists Can Be Bad For Your Health and The End of Economic Man. Coming Next Week: Same-day analysis of the Fed's Beige Book report on economic conditions by economist Dean Baker (January 20). And activist opportunities re: the Board of Governors vacancy. www.fmcenter.org
[PEN-L:1793] New Web Site With Unique Online Access to Fed Documents
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 Governors; and 3) summaries of Federal Advisory Council (banking industry advisory group) meetings with the Board of Governors. Previously these documents were available only from the Fed and only in hard copy. The Center's web site also provides interpretive materials to guide users through FOMC transcripts. These are dense, bulky but revealing documents that won't be everyone's answer to "where do you want to go today?" In addition, the web site offers introductory information as well as a variety of analytical materials on the Fed and financial sector issues.
[PEN-L:302] Contest and Job Announcements
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 reform. The winning entry receives a cash award of $2,500 and is published by the Center. The contest is open to students in graduate and post-graduate programs in law, public policy, public administration, government, finance, economics and other relevant areas. Background on the Henry B. Gonzalez Award: Today, the Federal Reserve confronts a host of challenges to its authority and effectiveness including the rapid growth of nonbank financial intermediaries, globally interconnected asset markets and privately issued digital money. The Fed faces these challenges with an institutional structure that has long resisted change as well as a lack of openness and accountability unique in America's system of self-government. The Gonzalez Award seeks to promote institutional reforms that make the central bank more open, accountable and effective. Entries may be sweeping in scope or focused on a specific aspect of the Fed's structure, governance, operations, staffing, culture or statutory authority. In all cases, papers must demonstrate convincingly how the proposed institutional reforms would result in a more democratic central bank better equipped to foster full employment, price stability and financial soundness. The Gonzalez Award honors the service of Representative Henry B. Gonzalez, a tireless champion of democratic change at the Federal Reserve. Review Process: Entries will be reviewed by a distinguished panel of monetary experts chaired by Professor James K. Galbraith (LBJ School of Public Affairs, University of Texas). Length and Format: Entries should be no longer than 15,000 words, not including footnotes, endnotes and references. Preference will be given to clearly written entries accessible to a broad audience. Deadline: Entries must be postmarked by April 9, 1999. The award will be announced by May 15 1999. How to Enter: Send two copies of the paper to: Gonzalez Award, Financial Markets Center, PO Box 334, Philomont, VA 20131. Entrants must submit a statement from their department describing their current standing. About the Financial Markets Center: Founded in 1997, the Financial Markets Center is a nonprofit institute that provides research, policy and education resources to grassroots organizations, trade unions, policymakers, journalists and others interested in financial markets and the Federal Reserve System. The Center produces periodic reports on issues in monetary policy and financial regulation, sponsors workshops and conferences and publishes a newsletter, FOMC Alert, which monitors the Fed. For More Information: Contact the Financial Markets Center, (540) 338-5286 or [EMAIL PROTECTED] POSITION AVAILABLE RESEARCH ASSOCIATE The Financial Markets Center The Financial Markets Center is a nonprofit institute that provides research, policy development and education resources to grassroots organizations, trade unions, policymakers, journalists and other groups interested in financial markets and the Federal Reserve System. The Center produces periodic reports on financial and monetary issues, sponsors workshops and public events and publishes a newsletter, FOMC Alert, which monitors the Federal Reserve. The Position Responsibilities will include: ¨ Researching and producing reports on financial sector trends and issues ¨ Researching and producing reports on developments in the Federal Reserve System ¨ Writing and editing material for the Center's newsletter and web site Qualifications and Experience ¨ Experience with qualitative and quantitative research such as corporate research, financial analysis and/or issue research ¨ Excellent investigative, analytical, writing, editing and computer skills ¨ Educational background in economics, law, business, public policy, history, journalism, finance or related fields ¨ Work experience in journalism, public interest organizations or other relevant areas ¨ Strong sense of initiative and commitment to democratic values Salary and Benefits Salary dependent on experience. Benefits include health insurance, generous vacation and leave policy. To Apply Send a resume, three references, writing sample and a cover letter explaining your interest in the position to: Search Committee, Financial Markets Center, PO Box 334, Philomont, VA 20131 or [EMAIL PROTECTED] The Center is an equal opportunity employer. Women and people of color are encouraged to apply. Applications will be accepted until the position is filled.
[PEN-L:10447] Job Announcement: Financial Markets Center
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 resources to grassroots organizations, labor unions, journalists and other groups. The Center is a successor organization to the Southern Finance Project. The Position Responsibilities will include: · Producing reports on monetary policy actions, financial market trends and developments in the Federal Reserve System · Designing educational materials and conducting workshops on the Federal Reserve and financial markets · Building and maintaining contacts with the policy community, academicians, journalists and other constituencies; organizing and managing briefings, seminars, conferences and publications; providing strategic assistance to citizen organizations · Developing programs and supervising staff, interns and volunteers Qualifications and Experience · Advanced computer, writing, analytical, teaching and relational skills · Background in economics, familiarity with monetary policy issues and an understanding of law, regulation and business practices in the banking, securities, insurance and pension sectors · Some educational, organizing or campaign experience and an ability to relate well to key constituency groups · Commitment to democratic values Salary and Benefits $28,000 - $32,000, according to experience. Benefits include health insurance, two weeks annual vacation, 12 paid holidays, sick leave and maternity/paternity leave. To Apply Send a resume, three references and a cover letter explaining your interest in the position to: Search Committee, Financial Markets Center, PO Box 334, Philomont, VA 20131. The Center is an equal opportunity employer. Women and people of color are encouraged to apply. Deadline for Applications: July 1, 1997
