FEDS Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers

The Effect of Sales-Tax Holidays on Consumer Spending

Over the past decade, many U.S. states have enacted policies that temporarily exempt consumer purchases of certain goods from state sales taxes.

The Cleared Bilateral Repo Market and Proposed Repo Benchmark Rates

David Bowman, Joshua Louria, Matthew McCormick, and Mary-Frances Styczynski

As described in a recent statement and blog post, the Federal Reserve Bank of New York (FRBNY), in cooperation with the Office of Financial Research (OFR), is considering the publication of several new benchmark rates for overnight Treasury general collateral repurchase agreement (repo) transactions in order to enhance market transparency and efficiency by improving the quality and breadth of repo market information available to the public.

Are Basel's Capital Surcharges for Global Systemically Important Banks Too Small?

Wayne Passmore and Alexander H. von Hafften

The Basel Committee on Banking Supervision (BCBS, the Basel Committee, or Basel) has developed a methodology for identifying global systemically important banks (G-SIBs) and standards for requiring G-SIBs to hold more common equity.

Confidence Interval Projections of the Federal Reserve Balance Sheet and Income

In response to the financial crisis of 2008 and the subsequent recession, the Federal Reserve employed large-scale asset purchases (LSAPs) and a maturity extension program (MEP) with the purpose of reducing longer-term interest rates, and thereby promoting more accommodative financial conditions at a time when the conventional monetary policy tool, the federal funds rate, was at its effective lower bound.

College or the Stock Market, or College and the Stock Market?

Kartik Athreya, Felicia Ionescu, and Urvi Neelakantan

Human capital and stocks both provide rewards to those who invest in them, the former through higher future earnings and the latter through appreciation or dividends. The decision to invest in them depends on the relative rewards each asset offers.

Demand for Voluntary Balance Requirements: the U.S. Experience with Contractual Clearing Balances from 2000 to 2007

Jeffrey M. Naber, Richard Sambasivam, and Mary-Frances Styczynski

Contractual clearing balances were a type of balance that a depository institution could voluntarily agree to hold in their account at the Federal Reserve in addition to mandatory reserve requirements, or reserve balance requirements (RBR) prior to 2012.

Disclaimer: FEDS Notes are articles in which Board economists offer their own views and present analysis on a range of topics in economics and finance. These articles are shorter and less technically oriented than FEDS Working Papers.

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Last Update: February 21, 2017