Drivers of Dollar Share in Foreign Exchange Reserves - FEDERAL RESERVE BANK of NEW YORK
Technical working papers| www.newyorkfed.org
The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. The SOFR includes all trades in the Broad General Collateral Rate plus bilateral Treasury repurchase agreement (repo) transactions cleared through the Delivery-versus-Payment (DVP) service offered by the Fixed Income Clearing Corporation (FICC), which is filtered to remove a portion of transactions considered “specials”. Note that specials are rep...| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
September 17, 2025| www.newyorkfed.org
About the New York Fed| www.newyorkfed.org
Technical working papers| www.newyorkfed.org
Linda Goldberg is a financial research advisor in Financial Intermediation, following previous roles including Senior Vice President, head of Global Economic Analysis, and head of the International Research function. She is also a member of the Research Group’s Promotion and Recognition Committee (and previously was the chair of the Senior Recruiting Committee). Linda's main areas of expertise are global banking, international capital flows, and the international roles of currencies. Linda ...| www.newyorkfed.org
Nicola Cetorelli| www.newyorkfed.org
Our index tracks the state of global supply chains using data from the transportation and manufacturing sectors.| www.newyorkfed.org
Last Updated: 11/25/2024| www.newyorkfed.org
The Federal Reserve Bank of New York (New York Fed) released a consultation on July 18, 2024, requesting public comment on proposed modifications to the Secured Overnight Financing Rate (SOFR) calculation methodology. The proposed modifications include removing transactions between affiliated institutions and adjusting the mechanism applied to mitigate the influence of “specials” transactions within the centrally-cleared Delivery-versus-Payment (DVP, also known as bilateral) segment ...| www.newyorkfed.org
Argia Sbordone is the head of Macroeconomic and Monetary Studies. Her research is in the field of macro and monetary economics, with a focus on the analysis of business cycle fluctuations. Her work includes studies of productivity fluctuations, wage and price dynamics, and inflation persistence. Her current research focuses on monetary policy and inflation dynamics. Ms. Sbordone received her Ph.D. from the University of Chicago. She has taught at Princeton University and at Rutgers University.| www.newyorkfed.org
Significant Changes in Debt Composition and Substantial Increases in Aggregate Household Debt in 2016 Overall | www.newyorkfed.org
About the New York Fed| www.newyorkfed.org
Model-based estimates of the natural rate of interest, or r-star, and related variables| www.newyorkfed.org
Data on employment outcomes for new graduates and young workers.| www.newyorkfed.org
Technical working papers| www.newyorkfed.org
Staff Reports| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
In this paper, we introduce the New York Fed Consumer Credit Panel (CCP), a new longitudinal database with detailed information on consumer debt and credit. The panel uses a unique sample design and information derived from consumer credit reports to track individuals’ and households’ access to and use of credit at a quarterly frequency. In any given quarter ranging from the first quarter of 1999 to the present, the panel can be used to compute nationally representative estimates of the l...| www.newyorkfed.org
Richard Crump is a financial research advisor in Capital Markets and a member of the Research Group’s Workforce and Recruiting Committee. His research interests are in Econometric Theory and Financial Economics. He holds a Ph.D. in Economics and an M.A. in Statistics from the University of California at Berkeley, along with a B.S. in Economics from MIT. Prior to graduate school he worked as an Associate in the US Economic Research Group and the Global Markets Research Group at Goldman Sachs.| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
Links to publications, data releases, research centers, and staff profiles| www.newyorkfed.org
Museum & Visits | www.newyorkfed.org
Fields of interest| www.newyorkfed.org
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today released the July 2024 SCE Labor Market Survey, which shows a sharp increase in the proportion of job seekers compared to a year ago. Satisfaction with wage compensation as well as with nonwage benefits and promotion opportunities at respondents’ current jobs all deteriorated. The average expected likelihood of receiving an offer in the next four months increased compared to a year ago, while the ave...| www.newyorkfed.org
Where can I find the microdata? Can I apply for access for my research project? | www.newyorkfed.org
The mission of the Applied Macroeconomics and Econometrics Center (AMEC) is to develop approaches and ideas for answering the most pressing questions in the fields of macroeconomics and applied econometrics.| www.newyorkfed.org
Technical working papers| www.newyorkfed.org
NEW YORK—The Federal Reserve Bank of New York’s Center for Microeconomic Data today issued its Quarterly Report on Household Debt and Credit. The report shows total household debt increased by $212 billion (1.2%) in the fourth quarter of 2023, to $17.50 trillion. The report is based on data from the New York Fed’s nationally representative Consumer Credit Panel. | www.newyorkfed.org
Disclaimer| www.newyorkfed.org
The DSGE model forecast is not an official New York Fed forecast, but only an input to the Research staff’s overall forecasting process. The New York Fed DSGE Model is a product of the Applied Macroeconomics and Econometrics Center (AMEC).| www.newyorkfed.org
Asani Sarkar is a financial research advisor in Financial Intermediation. He is working on issues related to credit intermediation by banks and nonbanks, and financial stability of nonbanks and stablecoins. His paper “Stigma in Financial Markets: Evidence from Liquidity Auctions and Discount Window Borrowing During the Crisis” received the Western Finance Association Pearson Award for the best paper on Financial Institutions and Markets in 2011. Dr. Sarkar’s papers have appeared in many...| www.newyorkfed.org
João A. C. Santos is a financial research advisor in Financial Intermediation. His research interests include financial systems design, financial intermediation, banking regulation and corporate finance. His articles have been published in the Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, European Economic Review, Journal of Financial Intermediation, Journal of Money Credit and Banking, Journal of Banking and Finance, among other journals.| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
Julian di Giovanni is an economic research advisor in International Studies and a member of the Research Group’s Workforce and Recruiting Committee. His work lies at the intersection of international economics and macroeconomics, currently focusing on the international transmission of shocks and the role of firms and production linkages. Di Giovanni is on leave from the Universitat Pompeu of Fabra, where he is an ICREA Research Professor, a Research Professor at the Barcelona GSE, and a...| www.newyorkfed.org
Charts and data shedding light on disparities in people’s experience of inflation, earnings, employment, and consumer spending.| www.newyorkfed.org
Nicola Cetorelli is the head of Financial Intermediation. Prior to joining the New York Fed, he was a Senior Economist at the Federal Reserve Bank of Chicago. His research has focused on financial intermediation activities, both banks and nonbanks. He has published extensively in scholarly journals, among which The Journal of Finance, Journal of Economic Theory, American Economic Review, Journal of International Economics. He has also written many articles in various policy journals and book ...| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
Donghoon Lee is an economic research advisor in Microeconomics. His primary research interests include housing economics, household finance, and labor economics. Prior to joining the New York Fed, Mr. Lee was an assistant professor at New York University. He holds a Ph.D. from the University of Pennsylvania.| www.newyorkfed.org
Andrew Haughwout is the deputy director of research in the Research and Statistics Group. He is a co-editor of the Liberty Street Economics blog and a co-editor of the Bank's Economic Policy Review. In addition to his duties at the Bank, he is a Penn Institute for Urban Research Scholar and serves on the Advisory Board of the Journal of Regional Science. He is a past Chair of the North American Regional Science Council and the Federal Reserve System Committee on Regional Analysis. Prior to jo...| www.newyorkfed.org
Developing and advancing techniques to measure economic conditions, expectations, and behavior at the consumer level| www.newyorkfed.org
Rajashri Chakrabarti is an economic research advisor in Microeconomics and chair of the Research Group’s Data Strategy Committee. Her areas of interest include labor economics, consumer finance and economics of education. Her research focuses on educational investment decisions and future financial and economic outcomes, consumer debt and repayment, financial literacy, costs and returns to post-secondary education and educational finance and accountability. Prior to joining the NY Fed, Raji...| www.newyorkfed.org
Marco Del Negro is an economic research advisor in Macroeconomic and Monetary Studies. He is also the director of the Applied Macroeconomics and Econometrics Center (AMEC), a CEPR Research Fellow, coeditor of the Journal of Applied Econometrics, and chair of the Research Group’s Technology Strategy Committee. Mr. Del Negro's research focuses on the use of general equilibrium models in forecasting and policy analysis. Before joining the Bank, he was a research economist and associate policy ...| www.newyorkfed.org
Fields of interest| www.newyorkfed.org
The federal funds market consists of domestic unsecured borrowings in U.S. dollars by depository institutions from other depository institutions and certain other entities, primarily government-sponsored enterprises.| www.newyorkfed.org
Wilbert van der Klaauw is an economic research advisor in Microeconomics. He is also the director of the Center for Microeconomic Data and chair of the Research Group’s Workforce and Recruiting Committee. He is a labor economist and applied econometrician whose research interests include the study of life cycle labor supply and occupational choice decisions, household financial behavior and expectations, the economic determinants of household formation and dissolution, educational investmen...| www.newyorkfed.org
Unique data and insight into the credit conditions and activity of U.S. households| www.newyorkfed.org
About the New York Fed| www.newyorkfed.org
