Fueled by a steady influx of immigrants, New York City's population turnover in the 1990s was almost double the average for the nation's 100 largest cities. A close look at the city's new foreign-born residents suggests that they are a very diverse group, showing marked differences in education...

A recent study led by the New York Fed sheds light on the changes in the payment process that large corporations would most like to see. The study's results, summarized in this article, suggest that corporate treasurers and cash managers would particularly value enhancements that decrease...

Although the United States has seen its net liabilities surge in recent years, its investment income balance has remained positive-largely because U.S. firms operating abroad earn a higher rate of return than do foreign firms operating here. The continuing buildup in liabilities, however, should...

Treasury auctions are designed to minimize the cost of financing the national debt by promoting broad, competitive bidding and liquid secondary market trading. A review of the auction process-from the announcement of a new issue to the delivery of securities-reveals how these objectives have...

Over the last three decades, trade has more than tripled the variety of international goods available to U.S. consumers. Although an increased choice of goods clearly enhances consumer well-being, standard national measures of welfare and prices do not assign a value to variety growth. This...

The Treasury Tax and Loan program, a joint undertaking of the Treasury and the Federal Reserve, is designed to manage federal tax receipts and stabilize the supply of reserves in the banking system. Three recent innovations-electronic collection of business taxes, real-time investment of excess...

Contrary to popular belief, interest rates can drop below zero. From early August to mid-November of 2003, negative rates occurred on certain U.S. Treasury security repurchase agreements. An examination of the market conditions behind this development reveals why market participants are...

In a sharp turnaround from their fortunes in the 1990-91 recession, banks came through the 2001 recession reasonably well. A look at industry and economy-wide developments in the intervening years suggests that banks fared better largely because of more effective risk management. In addition,...

Bank branches have become steadily more concentrated within large and midsized branch networks over the past decade. A look at branching trends between 2001 and 2003 reveals that banks with large networks grew slowly and strategically during this period as they adjusted their branch holdings...

When economic activity slows down, labor markets may undergo extensive structural change-the permanent reallocation of workers across industries. Job losses can be heavy, and creating new jobs and retraining displaced workers to fill them can take time. A high degree of restructuring may help to...