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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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 Liquidity-Saving Mechanisms in Collateral-Based RTGS Payment SystemsThis paper studies banks’ incentives for choosing the timing of their payment submissions in a collateral-based real-time gross settlement payment system and the way in which these incentives change with the introduction of a liquidity-saving mechanism (LSM). By Marius Jurgilas and Antoine Martin, Staff Reports 438, March 2010 |
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| Stressed, not Frozen: The Federal Funds Market in the Financial Crisis This paper examines the impact of the financial crisis of 2008, specifically the bankruptcy of Lehman Brothers, on the federal funds market. By Gara Afonso, Anna Kovner, and Antoinette Schoar, Staff Reports 437, March 2010 |
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| Financial Amplification Mechanisms and the Federal Reserve’s Supply of Liquidity during the Crisis
The authors review the literature on financial amplification mechanisms and discuss the Federal Reserve’s interventions during different stages of the crisis in light of this literature. By Asani Sarkar and Jeffrey Shrader, Staff Reports 431, February 2010 |
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| The Federal Reserve's Commercial Paper Funding Facility This 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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