An analysis of the potential effects of three recent proposals for pricing Federal Reserve daylight overdrafts, demonstrating that reducing the attendant moral hazard in daylight overdraft credit depends on how, rather than on how much, pricing affects overdrafts, and that this should be a...

A comparison of Fedwire, CHIPS, and GlobeSet payment services for 24-hour global markets, emphasizing the constraining influence of the Federal Reserve's monetary policy responsibilities on Fedwire's market share.

An examination of how much Federal Reserve Banks should charge for daylight overdrafts. A low fee involves questions of moral hazard in central banking, while a high fee raises questions about risk myopia in private credit markets.

An examination of three policy problems associated with daylight credit and an evaluation of three reform proposals to alleviate the payment system risk associated with Federal Reserve Banks' extension of daylight credit to financial institutions.

Pursuant to the Federal Reserve Act, the Federal Reserve Banks perform a number of services for the United States and for other entities as fiscal agents and depositories. These roles have evolved since the relevant provisions of the Federal Reserve Act were implemented in 1915. An article in...

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In the early days of the Federal Reserve, changes in the discount rate were the principal instrument through which the central bank exercised control over credit conditions. In this -address, Strong explains the use of discount rate changes as a means of controlling the volume of credit and...