States are in the midst of perhaps the most challenging fiscal environment of the postwar era. Spending and revenue patterns broke away from trend in the years leading up to the recession, leaving states relatively poorly positioned to overcome the slowdown. And while they have made adjustments...

The recent recession had a lasting effect on the service sector, both nationally and in the Fifth District. The Fifth District Service Sector Index of Revenues provides valuable insights into the nature of the service sector's downturn, and its links to downturns in other markets. In particular,...

Do large firms and small firms behave differently when credit becomes more costly or harder to obtain? Past research has found that small firms are more likely to be credit-constrained and thus tend to be affected more negatively than large firms during such times. Recent findings from the...

Delivered at the High Profile Speaker Series, New York Society of Security Analysts, New York City. November 8, 2010.

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

During the last recession, credit flows suffered their worst slowdown since World War II. A look at selected credit market measures gives some insight into why the slowdown was so severe. The measures also show that in spite of the size of the shock, credit flows actually recovered extremely...

Recoveries vary considerably across countries: our paper compares recoveries in bank-based and market-based economies and finds that market-based economies experience significantly and durably stronger rebounds than the bank-based ones (in particular the more bank-based economies of continental...