From its inception, the Federal Reserve has operated payment systems that let banks move money for their customers. Checks, wire transfers, and electronic consumer payments all happen thanks to the Federal Reserve. Congress by statute specified which banks get access to the Fed’s payment...

In this essay, we examine and critique current proposals to offer monetary incentives for vaccination against COVID-19 in the United States. As the U.S. Food and Drug Administration authorized the first COVID-19 vaccines, these proposals gained traction among commentators and policymakers as a...

Policies offering material incentives for Covid-19 vaccination have been widely used around the world as countries pursue the pressing objective of boosting immunity. This paper reports an experiment in China aimed at testing the effects of such interventions on vaccination willingness. We...