This paper examines the linkage between economic activity and tax revenues for New York State and New York City. Drawing upon the methodology of Stock and Watson, we use a dynamic single-factor model to estimate indexes of coincident economic indicators. We also construct measures of the sales...

There is a longstanding debate about whether banking panics and other financial crises always have fundamental causes or are sometimes the result of self-fulfilling beliefs. Disagreement on this point would seem to present a serious obstacle to designing policies that promote financial...

Remarks at United States Military Academy at West Point, West Point, New York.

Remarks at the Quarterly Regional Economic Press Briefing, New York City.

Remarks at Panel Discussion at 2012 U.S. Monetary Policy Forum, New York City.