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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

I Want My Money Now: The Highs and Lows of Payments in Real Time Parinitha Sastry and David Skeie April 3, 2013

Pick Your Poison: How Money Market Funds Reacted to Financial Stress in 2011 Neel Krishnan, Antoine Martin, and Asani Sarkar March 6, 2013

How the Nation Resolved Its First Debt Ceiling Crisis Kenneth Garbade March 4, 2013

Money and Payments Workshop Examines Financial Market Structure Thomas Eisenbach December 3, 2012

The Minimum Balance at Risk: A Proposal to Stabilize Money Market Funds Marco Cipriani, Michael Holscher, Antoine Martin, and Patrick McCabe October 15, 2012

The Odd Behavior of Repo Haircuts during the Financial Crisis Adam Copeland and Antoine Martin September 17, 2012

If Interest Rates Go Negative . . . Or, Be Careful What You Wish For Kenneth Garbade and Jamie McAndrews August 29, 2012

The European Debt Crisis and the Dollar Funding Gap Jason Miu, Asani Sarkar, and Alexander Tepper August 8, 2012

Intraday Liquidity Flows Michele Braun, Adam Copeland, Alexa Herlach, and Radhika Mithal August 6, 2012

Income Evolution at BHCs: How Big BHCs Differ Adam Copeland July 23, 2012

Mapping and Sizing the U.S. Repo Market Adam Copeland, Isaac Davis, Eric LeSueur, and Antoine Martin June 25, 2012

Money Market Funds and Systemic Risk Marco Cipriani, Michael Holscher, Antoine Martin, and Patrick McCabe June 11, 2012

What’s Driving Up Money Growth? Jamie McAndrews, Donald Morgan, and James Vickery May 23, 2012

The Flash Crash, Two Years On Adam Biesenbach and Marco Cipriani May 7, 2012

The Impact of Trade Reporting on the Interest Rate Derivatives Market Michael Fleming, John Jackson, Ada Li, Asani Sarkar, and Patricia Zobel April 30, 2012

Is Risk Rising in the Tri-Party Repo Market? Antoine Martin February 29, 2012

How the High Level of Reserves Benefits the Payment System Morten Bech, Antoine Martin, and Jamie McAndrews February 27, 2012

Cash Assets of Foreign Banks: An Example of Seasonal Adjustment Gone Awry Adam Copeland, Todd Keister, and Parinitha Sastry January 9, 2012

Economic Policy Review

Key Mechanics of the U.S. Tri-Party Repo Market Adam Copeland, Darrell Duffie, Antoine Martin, and Susan McLaughlin Volume 18, Number 3  November 2012

Evolution and Heterogeneity among Larger Bank Holding Companies: 1994 to 2010 Adam Copeland Volume 18, Number 2  July 2012

Settlement Liquidity and Monetary Policy Implementation—Lessons from the Financial Crisis Morten L. Bech, Antoine Martin, and James McAndrews Volume 18, Number 1  March 2012

Staff Reports

The Risk of Fire Sales in the Tri-Party Repo Market Brian Begalle, Antoine Martin, James McAndrews, and Susan McLaughlin Number 616  March 2013

Identifying Term Interbank Loans from Fedwire Payments Data Dennis Kuo, David Skeie, James Vickery, and Thomas Youle Number 603  March 2013

Money Market Funds Intermediation, Bank Instability, and Contagion Marco Cipriani, Antoine Martin, and Bruno M. Parigi Number 599  February 2013

Rollover Risk as Market Discipline: A Two-Sided Inefficiency Thomas M. Eisenbach Number 597  February 2013

A Sampling-Window Approach to Transactions-Based Libor Fixing Darrell Duffie, David Skeie, and James Vickery Number 596  February 2013

Exchange Rate Pass-Through, Markups, and Inventories Adam Copeland and James A. Kahn Number 584  December 2012 Revised December 2012

Assessing the Quality of "Furfine-Based" Algorithms Olivier Armantier and Adam Copeland Number 575  October 2012

The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin Number 564  July 2012

Estimating a Structural Model of Herd Behavior in Financial Markets Marco Cipriani and Antonio Guarino Number 561  May 2012