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
Introducing the Revised Broad Treasuries Financing Rate
Kathryn Bayeux, Alyssa Cambron, Marco Cipriani, Adam Copeland, Scott Sherman, and Brett Solimine
June 19, 2017
Which Dealers Borrowed from the Fed’s Lender-of-Last-Resort Facilities?
Viral V. Acharya, Michael J. Fleming, Warren B. Hrung, and Asani Sarkar
May 10, 2017
Money Market Funds and the New SEC Regulation
Catherine Chen, Marco Cipriani, Gabriele La Spada, Philip Mulder, and Neha Shah
March 20, 2017
Investigating the Proposed Overnight Treasury GC Repo Benchmark Rates
Alexandra Altman, Kathryn Bayeux, Marco Cipriani, Adam Copeland, Scott Sherman, Brett Solimine
December 18, 2016
Implementing Monetary Policy Post-Crisis: What Do We Need to Know?
Antoine Martin, Patricia Mosser, and Julie Remache
July 15, 2016
Monetary Policy Transmission before and after the Crisis
Alexander Kroeger and Asani Sarkar
June 29, 2016
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
Economic Policy Review
Challenges in Identifying Interbank Loans
Olivier Armantier and Adam Copeland
October 2015   Volume 21, Number 1
Staff Reports
Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform
Marco Cipriani, Gabriele La Spada and Philip Mulder
Staff Reports 816,  June 2017
The Pre-Crisis Monetary Policy Implementation Framework
Alexander Kroeger, John McGowan, and Asani Sarkar
Staff Reports 809,  March 2017
Beyond Thirty: Treasury Issuance of Long-Term Bonds from 1953 to 1965
Kenneth D. Garbade
Staff Reports 806,  January 2017
The First Debt Ceiling Crisis
Kenneth D. Garbade
Staff Reports 783,  June 2016
Repurchase Agreements as an Instrument of Monetary Policy at the Time of the Accord
Kenneth D. Garbade
Staff Reports 780,  June 2016
The Payment System Benefits of High Reserve Balances
James McAndrews and Alexander Kroeger
Staff Reports 779,  June 2016
The Early Years of the Primary Dealer System
Kenneth D. Garbade
Staff Reports 777,  June 2016
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
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