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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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| 2009 Money and Payments Workshop: Payment Systems in a Changing Financial Environment The Federal Reserve Bank of New York will host the 4th Annual Money and Payments Workshop on October 2, 2009. The workshop will bring 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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 Credit Default Swap AuctionsThis paper studies the functioning of the interbank lending market and the optimal policy of a central bank in response to both idiosyncratic and aggregate shocks. By Jean Helwege, Samuel Maurer, Asani Sarkar, and Yuan Wang, Staff Reports 372, May 2009 |
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| Bank Liquidity, Interbank Markets and Monetary Policy This paper studies the functioning of the interbank lending market and the optimal policy of a central bank in response to both idiosyncratic and aggregate shocks. By Xavier Freixas, Antoine Martin, and David Skeie, Staff Reports 371, May 2009 |
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| Precautionary Reserves and the Interbank Market The authors present empirical evidence on banks’ precautionary hoarding of reserves, their reluctance to lend, and extreme fed funds rate volatility. By Adam Ashcraft, James McAndrews, and David Skeie, Staff Reports 370, May 2009 |
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| The Term Structure of Inflation Expectations The authors present estimates of the term structure of inflation expectations, derived from an affine model of real and nominal yield curves. By Tobias Adrian and Hao Wu, Staff Reports 362, February 2009 |
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| Money, Liquidity, and Monetary Policy In a market-based financial system, banking and capital market developments are inseparable, and funding conditions are closely tied to fluctuations in the leverage of market-based financial intermediaries. By Tobias Adrian and Hyun Song Shin, Staff Reports 360, January 2009 |
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