The history of money is marked by innovations that have expanded the role of "inside money"-money created by the private sector. For instance, the past few years have seen the development of several types of on-line payment arrangements, some of which have been dubbed "on-line currencies." ;...

In theory, banks that conduct all their business over the Internet will have low overhead expenses. If these saving materialize, Internet banks could use them to fuel fast growth while still earning normal profits. This article analyzes a small sample of "pure lay" Internet banks launched during...

Why do consumers use electronic bill payment services? what do the differences between nonusers, low users, and high users imply about the potential future market these services? How might public policy evolve in the future? Analyzing a unique consumer survey conducted by the Federal Reserve's...

Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.

Keynote remarks at the TCH Annual Payments Symposium and Business Meeting, New York City.

An examination of the payment problems that will have to be overcome as the electronic marketplace evolves, including the issues of trust between buyer and seller, security of payment instruments, individual privacy versus law enforcement concerns, and the implications for monetary policy.