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| Money and Payments Studies |
| Our economists research and analyze the performance of payment systems, policies related to the provision of payments and to the oversight of payment systems. |
| New from Liberty Street Economics Blog |
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 Cash Assets of Foreign Banks: An Example of Seasonal Adjustment Gone Awry In this post, we argue that the seasonally adjusted data are misleading in this case and should not be used. More generally, we use this episode to highlight the need for caution when using and interpreting seasonally adjusted data. By Adam Copeland, Todd Keister, and Parinitha Sastry |
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| RECENT ARTICLES |
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Repo and Securities Lending
In this paper, we provide an overview of the data requirements necessary to monitor repurchase agreements (repos) and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. By Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin, Staff Reports 529, December 2011 |
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Monetary Policy Implementation: Common Goals but Different Practices
This study of the policy frameworks of four central banks—the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. By Marlene Amstad and Antoine Martin, Current Issues in Economics (17) 7, November 2011 |
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Mapping Change in the Federal Funds Market
The authors use an information-theoretic approach to describe changes in lending relationships between federal funds market participants around the time of the Lehman Brothers failure. By Morten Bech, Carl Bergstrom, Rod Garratt, and Martin Rosvall, Staff Reports 507, July 2011 |
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A Model of Liquidity Hoarding and Term Premia in Inter-Bank Markets
In this paper, we discuss reduced volumes and extreme levels of rates for term inter-bank loans, reflected in the one-month and three-month Libor, associated to the Financial crises. We explain such stress by modeling leveraged banks' precautionary demand for liquidity. By Viral V. Acharya and David Skeie, Staff Reports 498, May 2011 |
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A Note on Bank Lending in Times of Large Bank Reserves
In this paper, we show that the size of bank reserves has no effect on bank lending in a frictionless model of the current banking system, in which interest is paid on reserves and there are no binding reserve requirements. We also examine the potential for balance-sheet cost frictions to distort banks’ lending decisions. By Antoine Martin, James McAndrews, and David Skeie, Staff Reports 497, May 2011 |
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Bank Capital Regulation and Structured Finance
In this paper, we construct a model in which bank capital regulation and financial innovation interact. By Antoine Martin and Bruno Parigi, Staff Reports 492, May 2011 |
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