NYC taxi ride data suggest cozy relationship between big banks and the Fed

["Dave Farber" <farber () gmail com>]

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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