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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. |
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| The Economics of Payments IV The Federal Reserve Bank of Atlanta and the Federal Reserve Bank of New York will host a conference organized on April 1-2, 2010. The purpose of the conference is to bring together academics and other researchers to discuss new developments in payments economics. |
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| 2009 Money and Payments Workshop: Payment Systems in a Changing Financial Environment The Federal Reserve Bank of New York hosted the 4th Annual Money and Payments Workshop on October 2, 2009. The workshop brought together academics, central bankers, and other researchers to discuss the economics of payment systems, including issues raised by the current financial crisis, innovations in financial markets, and other changes in the financial system. |
| RECENT ARTICLES |
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 The Federal Reserve's Commercial Paper Funding FacilityThis paper documents aspects of the financial crisis relevant to the creation of the CPFF, reviews the operation of the CPFF, discusses use of the facility, and draws conclusions for lender-of-last-resort facilities in a market-based financial system. By Tobias Adrian, Karin Kimbrough, and Dina Marchioni, Staff Reports 423, January 2010 |
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| Financial Intermediation, Asset Prices,
and Macroeconomic Dynamics The authors findings point to the importance of financing frictions in macroeconomic dynamics and provide quantitative guidance for preemptive macroprudential and monetary policies. By Tobias Adrian, Emanuel Moench, and Hyun Song Shin, Staff Reports 422, January 2010 |
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| Monetary Cycles, Financial Cycles,
and the Business Cycle In this paper, we propose a possible causal mechanism for the forecasting power of the term spread, deriving from the balance sheet management of financial intermediaries. By Tobias Adrian, Arturo Estrella, and Hyun Song Shin, Staff Reports 421, January 2010 |
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 Why Are Banks Holding So Many Excess Reserves?This paper describes the buildup of reserves in the U.S. banking system during the financial crisis has fueled concerns that the Federal Reserve’s policies may have failed to stimulate the flow of credit in the economy: banks, it appears, are amassing funds rather than lending them out. By Todd Keister and James J. McAndrews, Current Issues in Economics and Finance (15) 8, December 2009 |
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The Determinants of International Flows of U.S. Currency
This paper examines the determinants of cross-border flows of U.S. dollar banknotes, using a new panel data set of bilateral flows between the United States and 103 countries from 1990 to 2007. By Rebecca Hellerstein and William Ryan, Staff Reports 400, October 2009 |
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