Bank debit cards may look like credit cards, but they certainly do not act like them when it comes to account overdrafts. This does not suggest that credit cards are better than debit cards, as complaints abound concerning the transparency of fees charged to consumers for credit card...

While the appearance of debit and credit cards is similar, the attributes have significant differences, particularly when it comes to account overdrafts. This does not suggest that credit cards are somehow superior products, as complaints abound concerning credit card fees. Nevertheless,...

The U.S. tri‐party repo market is one of the most active and liquid in global capital markets. Even more specialized than traditional repo, tri‐party repo has often operated in the shadows of global finance. The U.S. Federal Reserve, however, has helped make this market more transparent and...

The operationalisation in late 2014 of European Regulation 1024/2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions and establishing a Single Supervisory Mechanism (SSMR) has profoundly changed the European...

Among the countries currently considering issuing a central bank digital currency (CBDC), including nearly all of G20, there is a strong preference for a retail CBDC made available to the general public through private intermediaries. This Policy Brief sheds light on the technical complexities...

We formulate a quantitative dynamic equilibrium theory of trade in the fed funds market, calibrate it to fit a comprehensive set of marketwide and micro-level cross-sectional observations, and use it to make two contributions to the operational side of monetary policy implementation. First, we...

The federal government’s economic response to the COVID-19 epidemic has principally been one in which the Federal Reserve has set up extraordinary lending facilities in partnership with the Treasury Department. These facilities were modeled on multi-trillion-dollar lending facilities set up by...

From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of...

The European Central Bank (ECB) ranks highly on the author's proposed central bank disclosure inidcator, measuring activities of central banks to enhance the public's understanding of their policies. Nevertheless, the survey evidence offered in this contribution suggests that private-sector...