Money and Payments Studies: Publications

Research and analysis on interbank and money markets, with an emphasis on the federal funds market, repo market, and other over-the-counter markets, as well as payments and settlement systems.
Liberty Street Economics
Herd Behavior in Financial Markets
Marco Cipriani and Antonio Guarino
March 9, 2015
Bitcoin: How Likely Is a 51 Percent Attack?
Rod Garratt and Rosa Hayes
November 24, 2014
What Explains the June Spike in Treasury Settlement Fails?
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
Measuring Settlement Fails
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
Dong Beom Choi, Patrick de Fontnouvelle, Thomas Eisenbach, and Michael Fleming
September 18, 2014
Turnover in Fedwire Funds Has Dropped Considerably since the Crisis, but It’s Okay
Rodney Garratt, Antoine Martin, and James McAndrews
August 25, 2014
Gates, Fees, and Preemptive Runs
Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
August 18, 2014
Lifting the Veil on the U.S. Bilateral Repo Market
Adam Copeland, Isaac Davis, Eric LeSueur, and Antoine Martin
July 9, 2014
What’s Your WAM? Taking Stock of Dealers' Funding Durability
Adam Copeland, Isaac Davis, and Ira Selig
June 9, 2014
Crisis Chronicles: Canal Mania (1793)
James Narron and David Skeie
June 6, 2014
On Fire-Sale Externalities, TARP Was Close to Optimal
Fernando Duarte and Thomas Eisenbach
April 15, 2014
The Failure Resolution of Lehman Brothers
Michael Fleming and Asani Sarkar
April 3, 2014
Crisis Chronicles: The Credit and Commercial Crisis of 1772
James Narron and David Skeie
March 7, 2014
Economic Policy Review
Challenges in Identifying Interbank Loans
Olivier Armantier and Adam Copeland
Stability of Funding Models: An Analytical Framework
Thomas Eisenbach, Todd Keister, James McAndrews, and Tanju Yorulmazer
Volume 20, Number 1  February 2014
Staff Reports
Does Central Clearing Reduce Counterparty Risk in Realistic Financial Networks?
Rodney J. Garratt and Peter Zimmerman
Staff Reports 717,  March 2015
Informational Contagion in the Laboratory
Marco Cipriani, Antonio Guarino, Giovanni Guazzarotti, Federico Tagliati, and Sven Fischer
Staff Reports 715,  March 2015
Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Joshua Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache
Number 712  February 2015
Anxiety, Overconfidence, and Excessive Risk Taking
Thomas M. Eisenbach and Martin C. Schmalz
Number 711  February 2015
Asset Pricing with Horizon-Dependent Risk Aversion
Marianne Andries, Thomas Eisenbach, and Martin C Schmalz
Number 703  November 2014
Dealer Financial Conditions and Lender-of-Last-Resort Facilities
Viral Acharya, Michael J. Fleming, Warren B. Hrung, and Asani Sarkar
Number 673  May 2014
A Primer on the GCF Repo® Service
Paul Agueci, Leyla Alkan, Adam Copeland, Isaac Davis, Antoine Martin, Kate Pingitore, Caroline Prugar, and Tyisha Rivas
Number 671  April 2014
Gates, Fees, and Preemptive Runs
Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
Number 670  April 2014
LIBOR: Origins, Economics, Crisis, Scandal, and Reform
David Hou and David Skeie
Number 667  March 2014
The Over-the-Counter Theory of the Fed Funds Market: A Primer
Gara Afonso and Ricardo Lagos
Number 660  December 2013
Fire-Sale Spillovers and Systemic Risk
Fernando Duarte and Thomas M. Eisenbach
Number 645  October 2013
Federal Reserve Tools for Managing Rates and Reserves
Antoine Martin, James McAndrews, Ali Palida, and David Skeie
Number 642  September 2013
The Fragility of Short-Term Secured Funding Markets
Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden
Number 630  September 2013
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