Recent Articles
October 23: the New York State Department of Labor Reported Steep Job Losses in New York in September
The New York State Department of Labor reports a loss of just over 34,000 jobs in the state in September, and the U.S. Bureau of Labor Statistics reports a loss of 19,000 jobs in New York City.
October 09: the Sveriges Riksbank Prize in Economic Sciences Awarded to Richard H. Thaler
The Royal Swedish Academy of Sciences has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2017 to Richard H. Thaler, University of Chicago, IL, USA, for his contributions to behavioral economics.
October 06: U.S. Lost 33,000 Jobs Amid Last Month’s Hurricanes
The unemployment rate declined to 4.2 percent in September, and total nonfarm payroll employment changed little (-33,000), the U.S. Bureau of Labor Statistics reported today. A sharp employment decline in food services and drinking places and below trend growth in some other industries likely reflected the impact of Hurricanes Irma and Harvey.
September 27: the New York State Department of Labor Reported That 2,200 Jobs Were Added in the State in August
New York State added 2,200 jobs in August. Over the past year employment in the state is up 1.6%, slightly above the 1.5% national job growth rate. New York City's growth was a strong 2.1%.
Rising Interest Rates, Mortgage Interest Rates, and New York Home Prices
Richmond Kyei Fordjour
September 15, 2017
Conventional wisdom tells us that a rise in interest rates hurts the real estate sector since higher mortgage rates discourage first-time homebuyers and raises costs of existing mortgages. Surprisingly, the recent trends in mortgage rates and in housing market indices do not support this view. This article examines the facts in the New York Metropolitan area and the United States.
Technical Note: Federal Funds Rate Hike and Sovereign Risk in Latin America
We conduct a country-by-country time series analysis of the government reaction function using impulse response of the country risk (Measured by the EMBIG) to an increase in de Federal Funds Rate.
September 01: Total Employment Increased by 156,000 in August, and the Unemployment Rate Was Little Changed at 4.4 Percent
Total nonfarm payroll employment increased by 156,000 in August, and the unemployment rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in manufacturing, construction, professional and technical services, health care, and mining.
Federal Funds Rate Hike and Sovereign Risk in Latin America
Miguel Acosta-Henao
August 31, 2017
The Fed has started increasing the federal funds rate, reversing its decade long accommodative monetary policy. The last time such a reversal in the Fed policy occurred, the impact on emerging markets in Latin America was deleterious. This article examines if history will repeat itself.