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 health care, as in everything else, money matters. Of course, money is not the only thing that matters, but it matters a lot - perhaps more than all other factors combined. What we pay for and how we pay for it profoundly affect the care that is provided (and not provided), the settings in...

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...