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
Borrowing, Lending, and Swapping Collateral in GCF Repo®
Marco Cipriani and Adam Copeland
May 5, 2016
Why Dealers Trade in GCF Repo®
Marco Cipriani and Adam Copeland
May 4, 2016
Understanding the Interbank GCF Repo® Market
Jacob Adenbaum, David Hubbs, Antoine Martin, and Ira Selig
May 3, 2016
What’s Up with GCF Repo®?
Jacob Adenbaum, David Hubbs, Antoine Martin, and Ira Selig
May 2, 2016
The Economics of Bank Supervision: So Much to Do, So Little Time
Thomas Eisenbach, David Lucca, and Robert Townsend
April 12, 2016
Quantifying Potential Spillovers from Runs on High-Yield Funds
Nicola Cetorelli, Fernando Duarte, Thomas Eisenbach, and Emily Eisner
February 19, 2016
Are Asset Managers Vulnerable to Fire Sales?
Nicola Cetorelli, Fernando Duarte, and Thomas Eisenbach
February 18, 2016
How Do Central Bank Balance Sheets Change in Times of Crisis?
Emily Eisner, Antoine Martin, and Ylva Søvik
February 3, 2016
What Is the Composition of Central Bank Balance Sheets in Normal Times?
Emily Eisner, Antoine Martin, and Ylva Søvik
February 3, 2016
Counterparties and Collateral Requirements for Implementing Monetary Policy
Emily Eisner, Antoine Martin, and Ylva Søvik
February 2, 2016
Standard Elements of a Monetary Policy Implementation Framework
Emily Eisner, Antoine Martin, and Ylva Søvik
February 1, 2016
End of the Road? Impact of Interest Rate Changes on the Automobile Market
Adam Copeland, George Hall, and Louis Maccini
November 23, 2015
The New Overnight Bank Funding Rate
Marco Cipriani, Julia Gouny, Matthew Kessler, and Adam Spiegel
November 9, 2015
The Tri-Party Repo Market Like You Have Never Seen It Before
Jacob Adenbaum, Antoine Martin, and Susan McLaughlin
October 19, 2015
Entry and Exit Leads to Zero Profit for Bitcoin Miners
Rod Garratt and Rosa Hayes
August 28, 2015
History of Discount Window Stigma
Olivier Armantier, Helene Lee, and Asani Sarkar
August 10, 2015
Have Dealers' Strategies in the GCF Repo © Market Changed?
Nina Boyarchenko, Thomas Eisenbach, and Or Shachar
July 20, 2015
The Eurodollar Market in the United States
Marco Cipriani and Julia Gouny
May 27, 2015
Financial Innovation: Evolution of the Tri-Party Repo Arrangement
Antoine Martin and Susan McLaughlin
May 13, 2015
Financial Innovation: The Origins of the Tri-Party Repo Market
Antoine Martin and Susan McLaughlin
May 11, 2015
Interest-Bearing Securities When Interest Rates Are Below Zero
Kenneth Garbade and James McAndrews
May 4, 2015
The FR 2420 Data Collection: A New Base for the Fed Funds Rate
Marco Cipriani and Jonathan Cohn
April 8, 2015
Herd Behavior in Financial Markets
Marco Cipriani and Antonio Guarino
March 9, 2015
Economic Policy Review
Challenges in Identifying Interbank Loans
Olivier Armantier and Adam Copeland
October 2015   Volume 21, Number 1
Staff Reports
The Economics of Bank Supervision
Thomas M. Eisenbach, David O. Lucca, and Robert M. Townsend
Staff Reports 769,  March 2016
Interbank Market and Central Bank Policy
Jung-Hyun Ahn, Vincent Bignon, Régis Breton, and Antoine Martin
Staff Reports 763,  January 2016
A New Survey of the U.S. Bilateral Repo Market: A Snapshot of Broker-Dealer Activity
Viktoria Baklanova, Cecilia Caglio, Marco Cipriani, and Adam Copeland
Staff Reports 758,  January 2016
Do Long-Haul Truckers Undervalue Future Fuel Savings?
Jacob Adenbaum, Adam Copeland, and John Stevens
Staff Reports 756,  January 2016
Floor Systems and the Friedman Rule: The Fiscal Arithmetic of Open Market Operations
Todd Keister, Antoine Martin, and James McAndrews
Staff Reports 754,  December 2015
Competition, Reach for Yield, and Money Market Funds
Gabriele La Spada
Staff Reports 753,  December 2015
Interest Rates and the Market for New Light Vehicles
Adam Copeland, George Hall, and Louis Maccini
Staff Reports 741,  September 2015
Reference Guide to U.S. Repo and Securities Lending Markets
Viktoria Baklanova, Adam Copeland, and Rebecca McCaughrin
Staff Reports 740,  September 2015
Nonlinear Pricing with Competition: The Market for Settling Payments
Adam Copeland and Rodney Garratt
Staff Reports 737,  August 2015
The Term Structure of the Price of Volatility Risk
Marianne Andries, Thomas Eisenbach, Martin Schmalz, and Yichuan Wang
Staff Reports 736,  August 2015
Segregated Balance Accounts
Rodney Garratt, Antoine Martin, James McAndrews, and Ed Nosal
Staff Reports 730,  May 2015
Supervising Large, Complex Financial Companies: What Do Supervisors Do?
Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, Anna Kovner, David Lucca, and Matthew Plosser
Staff Reports 729,  May 2015
Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
Staff Reports 724,  April 2015
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