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
Entry and Exit Leads to Zero Profit for Bitcoin Miners
Rod Garratt and Rosa Hayes
August 28, 2015
History of Discount Window Stigma
Olivier Armantier, Helene Lee, and Asani Sarkar
August 10, 2015
Have Dealers' Strategies in the GCF Repo© Market Changed?
Nina Boyarchenko, Thomas Eisenbach, and Or Shachar
July 20, 2015
The Eurodollar Market in the United States
Marco Cipriani and Julia Gouny
May 27, 2015
Financial Innovation: Evolution of the Tri-Party Repo Arrangement
Antoine Martin and Susan McLaughlin
May 13, 2015
Financial Innovation: The Origins of the Tri-Party Repo Market
Antoine Martin and Susan McLaughlin
May 11, 2015
Interest-Bearing Securities When Interest Rates Are Below Zero
Kenneth Garbade and James McAndrews
May 4, 2015
The FR 2420 Data Collection: A New Base for the Fed Funds Rate
Marco Cipriani and Jonathan Cohn
April 8, 2015
Herd Behavior in Financial Markets
Marco Cipriani and Antonio Guarino
March 9, 2015
Bitcoin: How Likely Is a 51 Percent Attack?
Rod Garratt and Rosa Hayes
November 24, 2014
What Explains the June Spike in Treasury Settlement Fails?
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
Measuring Settlement Fails
Michael Fleming, Frank Keane, Antoine Martin, and Michael McMorrow
September 19, 2014
At the N.Y. Fed: Workshop on the Risks of Wholesale Funding
Dong Beom Choi, Patrick de Fontnouvelle, Thomas Eisenbach, and Michael Fleming
September 18, 2014
Turnover in Fedwire Funds Has Dropped Considerably since the Crisis, but It’s Okay
Rodney Garratt, Antoine Martin, and James McAndrews
August 25, 2014
Gates, Fees, and Preemptive Runs
Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
August 18, 2014
Economic Policy Review
Challenges in Identifying Interbank Loans
Olivier Armantier and Adam Copeland
Stability of Funding Models: An Analytical Framework
Thomas Eisenbach, Todd Keister, James McAndrews, and Tanju Yorulmazer
Volume 20, Number 1  February 2014
Staff Reports
Interest Rates and the Market for New Light Vehicles
Adam Copeland, George Hall, and Louis Maccini
Staff Reports 741,  September 2015
Reference Guide to U.S. Repo and Securities Lending Markets
Viktoria Baklanova, Adam Copeland, and Rebecca McCaughrin
Staff Reports 740,  September 2015
Nonlinear Pricing with Competition: The Market for Settling Payments
Adam Copeland and Rodney Garratt
Staff Reports 737,  August 2015
The Term Structure of the Price of Volatility Risk
Marianne Andries, Thomas Eisenbach, Martin Schmalz, and Yichuan Wang
Staff Reports 736,  August 2015
Segregated Balance Accounts
Rodney Garratt, Antoine Martin, James McAndrews, and Ed Nosal
Staff Reports 730,  May 2015
Supervising Large, Complex Financial Companies: What Do Supervisors Do?
Thomas Eisenbach, Andrew Haughwout, Beverly Hirtle, Anna Kovner, David Lucca, and Matthew Plosser
Staff Reports 729,  May 2015
Watering a Lemon Tree: Heterogeneous Risk Taking and Monetary Policy Transmission
Dong Beom Choi, Thomas M. Eisenbach, and Tanju Yorulmazer
Staff Reports 724,  April 2015
Does Central Clearing Reduce Counterparty Risk in Realistic Financial Networks?
Rodney J. Garratt and Peter Zimmerman
Staff Reports 717,  March 2015
Informational Contagion in the Laboratory
Marco Cipriani, Antonio Guarino, Giovanni Guazzarotti, Federico Tagliati, and Sven Fischer
Staff Reports 715,  March 2015
Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Joshua Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache
Number 712  February 2015
Anxiety, Overconfidence, and Excessive Risk Taking
Thomas M. Eisenbach and Martin C. Schmalz
Number 711  February 2015
Asset Pricing with Horizon-Dependent Risk Aversion
Marianne Andries, Thomas Eisenbach, and Martin C Schmalz
Number 703  November 2014
Dealer Financial Conditions and Lender-of-Last-Resort Facilities
Viral Acharya, Michael J. Fleming, Warren B. Hrung, and Asani Sarkar
Number 673  May 2014
A Primer on the GCF Repo® Service
Paul Agueci, Leyla Alkan, Adam Copeland, Isaac Davis, Antoine Martin, Kate Pingitore, Caroline Prugar, and Tyisha Rivas
Number 671  April 2014
Gates, Fees, and Preemptive Runs
Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
Number 670  April 2014
LIBOR: Origins, Economics, Crisis, Scandal, and Reform
David Hou and David Skeie
Number 667  March 2014
The Over-the-Counter Theory of the Fed Funds Market: A Primer
Gara Afonso and Ricardo Lagos
Number 660  December 2013
Fire-Sale Spillovers and Systemic Risk
Fernando Duarte and Thomas M. Eisenbach
Number 645  October 2013
Federal Reserve Tools for Managing Rates and Reserves
Antoine Martin, James McAndrews, Ali Palida, and David Skeie
Number 642  September 2013
The Fragility of Short-Term Secured Funding Markets
Antoine Martin, David Skeie, and Ernst-Ludwig von Thadden
Number 630  September 2013
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