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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 Role of Money Markets On May 29-30,2008, Columbia Business School and the Federal Reserve Bank of New York will cosponsor a conference that brings together scholars and policymakers interested in the theoretical and applied aspects of money markets, including cross-country comparative analysis. |
| RECENT ARTICLES |
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 An Economic Analysis of Liquidity-Saving MechanismsThis article analyzes the performance of RTGS systems with and without the addition of an LSM. By Antoine Martin and James McAndrews, Economic Policy Review, Forthcoming |
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| Changes in the Timing Distribution
of Fedwire Funds Transfers This article seeks to quantify how the changing environment in which Fedwire operates has affected the timing of payment value transferred within the system between 1998 and 2006. By Olivier Armantier, Jeffrey Arnold, and James McAndrews, Economic Policy Review, Forthcoming |
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 Monetary Policy Implementation Frameworks: A Comparative AnalysisThe authors compared two stylized frameworks for the implementation of monetary policy. By Antoine Martin and Cyril Monnet, Staff Reports 313, January 2008 |
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| Understanding Risk Management in Emerging Retail Payments This article describes an economic framework for understanding risk control in retail payments. By Michele Braun, James McAndrews, and William Roberds, and Richard Sullivan, Economic Policy Review, Forthcoming |
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| Rediscounting under Aggregate Risk
with Moral Hazard The authors extend Freeman’s model by introducing moral hazard. With moral hazard, the central bank should avoid absorbing losses, contrary to Freeman’s argument. By James T. E. Chapman and Antoine Martin, Staff Reports 296, August 2007 |
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| Liquidity-Saving Mechanisms The authors study the incentives of participants in a real-time gross settlement system with and without the addition of a liquidity-saving mechanism (queue). By Antoine Martin and James McAndrews, Staff Reports 282, April 2007 |
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