NY Fed Blogging!

New York Fed has started its blog- Liberty Street Economics Blog. NY Fed is called by many as the most powerful financial entity in the world. The blog would be mainly about explaining and linking recent research by NY Fed econs.

The welcome post says:

On behalf of the Research and Statistics Group of the Federal Reserve Bank of New York, we welcome you to our new blog, Liberty Street Economics, named after the street where the New York Fed is located. We have created this blog to augment our existing publications by providing a way for our economists to engage with the public about economic issues quickly and frequently. Further, the less technical style that we are striving for in the blog posts should make the insights from our research informative to a broader audience.

    You should expect to see posts on diverse issues and from a wide variety of perspectives. We will feature the work of the more than sixty economists in the Research and Statistics Group. This staff of active researchers supports Fed policymaking by providing analytical insight into a range of public policy issues and pursuing research on fundamental questions in economics and finance. In the course of their work here, economists develop expertise on a wide range of economic issues: international economics, asset pricing, corporate finance, banking, macroeconomics, monetary economics, fiscal policy, industrial organization, microeconomics, survey techniques, regional economics, and more. We believe that the blog is an effective medium for meeting our responsibility to share our analysis with you in an accessible and timely way.

It clearly says it would not discuss next FOMC  meeting:

There are some topics that you will not find in the Liberty Street Economics blog. We will not be blogging on the next policy move of the Federal Open Market Committee (FOMC) or other issues that only the FOMC or other policymakers could know. And the blog posts will not necessarily reflect the official opinion of the Federal Reserve Bank of New York or the Federal Reserve System. Finally, because we will base our blog on analytical work, our entries will be less off-the-cuff and less likely to make sweeping or definitive statements than some blogs.

It sets a target for its bloggers team and says two posts in  a week:

We will begin by publishing new analytical posts twice per week, on Mondays and Wednesdays, except during holidays and the sensitive period leading up to, and just following, the FOMC meetings. On Fridays, our Research Library will provide a historical reading. Over time, we expect to increase the frequency of posts.

    This blog is an exciting experiment for us, and we plan to refine our approach as we gain experience with publishing in this space. We look forward to having you read the blog, to hearing your comments, and to being able to respond to your comments in turn.

This is important as most such organisational blogs lose focus and enthusiasm soon.

There is already a post called Have Consumers Been Deleveraging? In this they show that a significant part of the debt reduction was produced by consumers borrowing less and paying off debt more quickly—a process often called deleveraging. It is based on this staff report.

WSJ Econ blog compares this to Atlanta Fed’s macroblog and other Regional Fed similar works:

In moving into the arena, the New York Fed follows the path blazed by economists at the Atlanta Fed, who have also used the breezy and colloquial format afforded by blogging. The Atlanta Fed is well known for its surprisingly candid commentary on the data of the day. Other regional Feds banks have launched features on their websites to allow staffers to comment on data and other economic issues.

Meanwhile, the San Francisco Fed has been a weekly publisher of easy-to-understand research reports, many of which are streamlined versions of weightier efforts. The New York Fed has had its own version these releases, its new Liberty Street blog is an extension of that.

It will be interesting to see if the New York Fed’s blog follows the example set in Atlanta, where economists have included reactions to newspaper articles, and have debated issues with other economists. he approach taken in Atlanta untethers the blog from the flow of research produced by the staff, and allows staffers there to comment more directly on fast-moving events and policy matters.

Let’s see how it goes. There is little doubt that if they post regularly, it will soon become one of the most read and discussed blog…

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