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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. |
New from Liberty Street Economics Blog |
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What’s Driving Up Money Growth?
Two key monetary aggregates, M1 and M2, have grown quickly recently—especially M1, the narrow aggregate. In this post, we show that we can attribute most, but not all, of the recent high money growth rate of M1 to low current interest rates as well as the growth in bank reserves that has resulted from the Fed’s asset purchase programs. By Jamie McAndrews, Donald Morgan, and James Vickery |
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RECENT ARTICLES |
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Shadow Banking Regulation
The authors review the implications of these reform efforts for shadow funding sources including asset-backed commercial paper, triparty repurchase agreements, money market mutual funds, and securitization By Tobias Adrian and Adam B. Ashcraft, Staff Reports 559, April 2012 |
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Leverage and Asset Prices: An Experiment
This is the first paper to test the asset pricing implication of leverage in a laboratory. We show that as theory predicts, leverage increases asset prices: When an asset can be used as collateral (that is, when the asset can be bought on margin), its price goes up. By Marco Cipriani, Ana Fostel, and Daniel Hauser, Staff Reports 548, February 2012 |
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Repo and Securities Lending
In this paper, we provide an overview of the data requirements necessary to monitor repurchase agreements (repos) and securities lending markets for the purposes of informing policymakers and researchers about firm-level and systemic risk. By Tobias Adrian, Brian Begalle, Adam Copeland, and Antoine Martin, Staff Reports 529, December 2011 |
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Monetary Policy Implementation: Common Goals but Different Practices
This study of the policy frameworks of four central banks—the Federal Reserve, the European Central Bank, the Bank of England, and the Swiss National Bank—focuses on two notable areas of difference. By Marlene Amstad and Antoine Martin, Current Issues in Economics and Finance (17) 7, November 2011 |
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