Showing 1 - 7 of 7
Persistent link: https://www.econbiz.de/10003971950
Persistent link: https://www.econbiz.de/10001747657
Students of U.S. banking history typically hold that the check collection industry was excessively costly prior to 1915 and that the Fed's subsequent entry into check clearing improved efficiency. The authors propose an alternative view based on the economics of network communications...
Persistent link: https://www.econbiz.de/10013101949
The payment system is a communications industry in which Federal Reserve Banks, in their check collection activities, provide communication services. The history of government intervention in other communications industries offers lessons for the Fed in its efforts at payment system innovation....
Persistent link: https://www.econbiz.de/10013102379
The Federal Reserve competes with private providers in markets for payment services. The Fed's pricing behavior in these markets should be guided by the goal of efficiency in the provision and distribution of services. The notion of sustainable pricing provides a framework for pursuing that goal
Persistent link: https://www.econbiz.de/10013102474
Federal government debt held by the public reached 67.7 percent of gross domestic product in 2011 and trends point to large budget deficits for many years to come. In this essay, Renee Haltom and John Weinberg explore the implications for monetary policy if the United States ever approached its...
Persistent link: https://www.econbiz.de/10012995751
These essays reflect much of the thinking we have done, some of it well before the financial crisis, on the sources of financial instability and the means by which public policy can promote stability. A unifying theme is that government interventions that protect creditors weaken the market...
Persistent link: https://www.econbiz.de/10012995759