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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. |
| Features |
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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 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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 The Global Financial Crisis and Offshore Dollar MarketsThe authors examine the unusual increase in the euro-dollar foreign exchange swap basis, which is an interest rate differential relative to dollar LIBOR, during the crisis of 2007 and 2008. By Niall Coffey, Warren B. Hrung, Hoai-Luu Nguyen, and Asani Sarkar, Current Issues in Economics and Finance (15) 6, October 2009 |
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| Prices and Quantities in the Monetary Policy Transmission Mechanism The financial crisis that erupted in the summer of 2007 has refocused attention on other channels of monetary policy, notably the transmission of policy through the supply of credit and overall conditions in the capital markets. By Tobias Adrian and Hyun Song Shin, Staff Reports 396, September 2009 |
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| Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes The authors develop a new likelihood-based approach to signing trades in the absence of quotes. By Michel Van der Wel, Albert J. Menkveld, and Asani Sarkar, Staff Reports 395, September 2009 |
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| Capital Constraints, Counterparty Risk, and Deviations from Covered Interest Rate Parity The authors provide robust evidence of a deviation in the covered interest rate parity (CIP) relation since the onset of the financial crisis in August 2007. By Niall Coffey, Warren B. Hrung, and Asani Sarkar, Staff Reports 393, September 2009 |
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| Liquidity Risk, Credit Risk and The Federal Reserve's Responses to the Crisis In this paper, I examine the Fed's actions in light of the underlying financial amplification mechanisms propagating the crisis- in particular, balance sheet constraints and counterparty credit risk. By Asani Sarkar, Staff Reports 389, September 2009 |
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| The Federal Reserve's Primary Dealer Credit Facility The authors consider the events that led to the creation of the facility—chiefly, the2008 Bear Stearns turmoil and the liquidity strains that developed in the overnight repo market—and the reasons for the expansion of the facility in September 2008. By Tobias Adrian, Christopher R. Burke, and James J. McAndrews, Current Issues in Economics and Finance (15) 4, August 2009 |
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