A review of the Federal Reserve's seasonal borrowing program, including 1) an investigation of the original rationale for the program, 2) a determination of how changes in financial market structure during the intervening years may have affected that rationale, and 3) an exploration of how...

A description of the little-known rules governing the holding of required clearing balances at the Federal Reserve Banks, a look at the growing popularity of this relatively new phenomenon, and an analysis of its impact on the setting and measuring of monetary policy.

An examination of the concept of settlement risk, a description of the large-dollar payment system in the U.S., and an explanation of the increased concern about settlement risk.

A description of sources of risk in large-dollar transfer systems and a discussion of the Board of Governors' new mechanism for risk control. The author cites examples of potential changes that might facilitate future risk reduction.

A search for a contemporary rationale for reserve requirements that finds little to recommend them other than an aversion to total reliance on the discount window for meeting banks' day-to-day liquidity needs.

A discussion of international, domestic, pricing, and operational aspects of electronic payment system risk, with a description of proposals for managing the risk and for reducing Federal Reserve exposure.

An examination of the role that monetary policy easings and reduced reserve requirements played in the increased federal funds volatility of late 1990 and early 1991.

An analysis of the rationale for using the discount rate as an independent monetary policy tool (rather than simply moving the rate in alignment with market rates) so that the Federal Reserve can improve the reliability of short-term policy information and prevent market activity based on...

An examination of how the diminishing role of reserve requirements has made the monetary base a less useful measure of monetary policy than in previous years.