The Federal Reserve's Fedwire funds transfer service-the biggest large-value payments system in the United States-has long displayed a peak of activity in the late afternoon. Theory suggests that the concentration of late-afternoon Fedwire activity reflects coordination among participating banks...

As liquidity conditions in the term funding markets grew increasingly strained in late 2007, the Federal Reserve began making funds available directly to banks through a new tool, the Term Auction Facility (TAF). The TAF provides term funding on a collateralized basis, at interest rates and...

[fre] Équilibre approximatif et règle intuitive : une application aux appels d'offres dans l'industrie spatiale par Olivier Armantier, Jean-Pierre Florens et Jean-François Richard . Nous adoptons dans cet article la notion d'équilibre approximatif obtenu à partir d'une "règle intuitive"....

Treasury auctions around the world have been typically conducted under either the uniform-price or discriminatory format. We propose alternative payment mechanisms including the uniform-price and discriminatory formats as special cases. We compare the properties of these alternative formats in...

To conduct monetary policy, central banks around the world increasingly rely on measures of public inflation expectations. In this article, we review findings from an ongoing initiative at the Federal Reserve Bank of New York aimed at improving the measurement and our understanding of household...

This article investigates the consumer welfare consequences of the recent code-share agreement between Continental Airlines and Northwest Airlines. We develop a discrete choice model based on individual flight characteristics. This structural model recognizes that consumers (i) may have...