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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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| Central Bank Liquidity Tools Conference On February 19-20, 2009, the Federal Reserve Bank of New York will host a conference that brings together academics, market participants, and policymakers to discuss the tools central banks use to provide liquidity to financial institutions and markets. The submission deadline is October 20, 2008. |
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| 2008 Money and Payments Workshop: Implementing Monetary Policy This year’s annual Money and Payments Workshop will focus on monetary policy implementation, that is, the process by which central banks affect interest rates and, ultimately, the level of prices and general economic activity. The purpose of the workshop is to bring together academics and other researchers this issue and other new developments in monetary and payments economics. |
| RECENT ARTICLES |
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 The Federal Home Loan Bank System:
The Lender of Next-to-Last Resort?In this paper, we document the significant role played by the FHLB System at the onset of the ongoing financial crises and then provide evidence on the uses of these funds by the System’s bank and thrift members. By Adam B. Ashcraft, Morten L. Bech, and W. Scott Frame, Staff Reports 357, November 2008 |
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| Which Bank Is the “Central” Bank?
An Application of Markov Theory to the Canadian Large Value Transfer System In this paper, we use a method similar to Google’s PageRank procedure to rank banks in the Canadian Large Value Transfer System (LVTS). By Morten L. Bech, James T. E. Chapman, and Rod Garratt, Staff Reports 356, November 2008 |
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| The Topology of the Federal Funds Market In this paper, we explore the network topology of the federal funds market. By Morten L. Bech and Enghin Atalay, Staff Reports 354, November 2008 |
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| Systemic Risk and Liquidity
in Payment Systems The authors study liquidity and systemic risk in high-value payment systems. By Gara M. Afonso and Hyun Song Shin, Staff Reports 352, October 2008 |
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| Liquidity and Congestion This paper studies the relationship between the arrival of potential investors and market liquidity in a search-based model of asset trading. By Gara M. Afonso, Staff Reports 349, October 2008 |
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 Divorcing Money from Monetary Policy This article considers an alternative approach to monetary policy implementation -- known as a “floor system”-- that can reduce or even eliminate these tensions. By Todd Keister, Antoine Martin, and James McAndrews, Economic Policy Review 14 (2), September 2008 |
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