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NYC taxi ride data suggest cozy relationship between big banks and the Fed
From: "Dave Farber" <farber () gmail com>
Date: Sun, 1 Apr 2018 11:40:42 -0400
Begin forwarded message:
From: José María Mateos <chema () rinzewind org> Date: April 1, 2018 at 11:34:33 AM EDT To: Dave Farber <dave () farber net> Subject: NYC taxi ride data suggest cozy relationship between big banks and the Fed Hi Dave, For IP, if you want. https://news.uchicago.edu/article/2018/03/06/nyc-taxi-ride-data-suggest-cozy-relationship-between-big-banks-and-fed --- Everyone in the financial markets would like to know what U.S. Federal Reserve policymakers are thinking. Will they raise interest rates? Where do they believe that the economy is going? What is their next move, and how will it affect my pocketbook? In a perfect world, everyone would get an answer to those questions at the same time. But new research from the University of Chicago Booth School of Business finds evidence that suggests Federal Reserve insiders systematically engaged in informal or discreet communication with the financial sector around the time of important policymaking meetings, increasing the probability of at least accidental leaks. In the working paper, “What Insights Do Taxi Rides Offer into Federal Reserve Leakage?” Chicago Booth PhD candidate David Andrew Finer analyzed more than 500 million New York City taxi rides and finds “highly statistically significant evidence of increases in opportunities for information flow” between the Federal Reserve Bank of New York and major commercial banks around Federal Open Market Committee meetings. --- The PDF is here: https://research.chicagobooth.edu/-/media/research/stigler/pdfs/workingpapers/18whatinsightsdotaxiridesofferintofederalreserveleakage.pdf Cheers, -- José María (Chema) Mateos https://rinzewind.org/blog-es || https://rinzewind.org/blog-en
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- NYC taxi ride data suggest cozy relationship between big banks and the Fed Dave Farber (Apr 01)