This paper describes segregated balance accounts (SBAs), a concept for a new type of account that could provide increased competition for deposits, reduce system-wide balance sheet costs, and improve the transmission of monetary policy by facilitating greater pass-through of interest on excess...

Dinero Electrónico was a mobile payment system developed by the Banco Central del Ecuador that allowed citizens to transfer USD balances in real-time from person to person using basic cell phones. The program operated between 2014 and 2018. Key drivers of the program were increasing financial...

This paper explains the nature of interest rates in the U.S. federal funds market after the 2007-09 financial crisis. We build a model of the over-the-counter lending market that incorporates new aspects of the financial system: abundance of liquidity, different regulatory standards for banks,...