Liberty Street Economics

Jeremy Pearce From the Great Recession until 2019, U.S. labor productivity growth disappointed.

Julian di Giovanni The AI boom is showing up in different corners of the U.S. economy, including international trade.

Kartik B.

Will Aarons and Asani Sarkar There is little consensus on the effect of AI adoption on employment.

Thomas Drechsel, Daniel Lewis, Davide Melcangi, and Laura Pilossoph It is well known that monetary policy affects firms’ investment decisions.

Mary Amiti, Sebastian Heise, and David E.

Hyeyoon Jung and Jaehoon (Kyle) Jung In an April post, using millions of homeowners’ insurance contracts matched with property-level exposure and disaster risk, we showed that although households are insured, they are still “on the hook” because deductibl…

Matteo Crosignani, Lina Han, and Marco Macchiavelli Geoeconomic risk—the risk that firms incur valuation losses when countries deploy economic, trade, or financial leverage for geopolitical aims—has become a first-order concern for investors.

Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan In the first two posts of this three-part series, we discussed private market participants that are active in repo markets for profit-making motives.

Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan The repo market in the U.S. is a mosaic of segments with distinct participants and various settlement and clearing practices.

Gara Afonso, Jun-Davinci Choi, Gonzalo Cisternas, and Will Riordan Repo markets play a vital role in the U.S. financial system.

Henry Dyer, Michael J.

Marco Del Negro, Keshav Dogra, Elena Elbarmi, Donggyu Lee, Michael Pham, and Elizabeth Wright This post presents an update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic stochastic general equilibrium (DSGE) model.

Kartik B.

Linda S.

Jaison R.

Juan M.

Henry Dyer and Tomas Jankauskas A long-standing body of research, inspired by Bernanke and Kuttner (2005), has documented the effects of Fed interest rate surprises on stock markets.

Donghoon Lee, Daniel Mangrum, Joelle W.

Michael J.

Christopher Gresh, Andrew F.

Kartik B.

Guillaume Roussellet Monetary policymakers closely monitor the term structure of sovereign bond yields to uncover market participants’ beliefs about the future monetary policy stance, inflation, and activity.

Kenechukwu Anadu, Pablo D.

Nicola Cetorelli and Shohini Kundu This post concludes a three-part series on how bank regulation interacts with the organizational structure of banking firms.

Nicola Cetorelli and Shohini Kundu This post is the second in a three-part series on how bank regulation interacts with the organizational structure of banking firms.

Nicola Cetorelli and Shohini Kundu This post is the first in a three-part series on how bank regulation interacts with the organizational structure of banking firms.

Will Aarons and Asani Sarkar How has the recent implementation of tariffs affected small businesses?

Jaison R.

Sergio Correia, Stephan Luck, and Emil Verner Runs on financial institutions are one of the salient markers of financial crises.

Sergio Correia, Stephan Luck, and Emil Verner Banking crises are commonly associated with bank runs and banking panics, yet our empirical understanding of bank runs is constrained by a lack of bank-level data.

Nina Boyarchenko, Lars C.

Alain Chaboud, Ellen Correia Golay, Michael J.

Shaghil Ahmed, Ozge Akinci, and Albert Queralto The cross-border spillover effects of shifts in U.S. monetary policy have long been a focus of academics and policymakers alike.

Richard Audoly, Miles Guerin, Srinidhi Narayanan, and Rachel Schuh The labor share of income in the U.S. is currently at its lowest-ever level in the post-war period.

Pablo D.

Marco Del Negro, Keshav Dogra, Elena Elbarmi, Donggyu Lee, and Michael Pham This post presents an update of the economic forecasts generated by the Federal Reserve Bank of New York’s dynamic stochastic general equilibrium (DSGE) model.

Rajashri Chakrabarti, Gabriel Leonard, Donald P.

Rajashri Chakrabarti, Gabriel Leonard, Donald P.

Will Aarons and Asani Sarkar We recently updated the suite of indicators describing the performance of small businesses in the Second District (defined, for the purpose of this study, as New York, New Jersey, and Connecticut) and nationally with data from…

Natalia Emanuel, Emma Harrington, and Amanda Pallais Youth unemployment has risen dramatically since the pandemic—as has the prevalence of remote work.

Rajashri Chakrabarti, Thu Pham, Beck Pierce, and Maxim L.

Gizem Kosar, Ishva Mehta, and Wilbert van der Klaauw Current discussions regarding a bifurcated U.S. economy highlight the increasing economic divide between lower- and higher-income Americans in spending and earnings growth and wealth accumulation.

Martin Almuzara, Richard Audoly, and Davide Melcangi Economists often look at nominal wage growth to gauge labor market imbalances, price pressures, and households’ spending ability.

Simone Lenzu In the third quarter of 2025, America’s largest tech firms for the first time spent more on capital investment than they earned from operations.

Nina Boyarchenko and Leonardo Elias The global corporate nonfinancial bond market is both a large investment asset class and a vital source of funding for nonfinancial firms.

Matthew Higgins and Thomas Klitgaard Foreign holdings of U.S. financial assets are immense, with official estimates putting their current market value at $69 trillion.

Richard Audoly, Miles Guerin, and Giorgio Topa As generative AI tools become more widely used, a key issue is the technology’s impact on labor demand.

Zara Jacob, Donghoon Lee, Daniel Mangrum, Joelle W.

Hunter L.