Foreword / Esther L. George -- Introduction / Troy Davig -- The moderators : Peter Blair Henry, Kristin J. Forbes -- Opening remarks / Janet L. Yellen -- Pass-through efficiency in the Fed's new monetary policy setting / Darrell Duffie, Arvind Krishnamurthy ; Commentary / Minouche Shafik -- The...

Increasing differences between firms: market power and the macroeconomy / John Van Reenen -- Understanding weak capital investment: the role of market concentration and intangibles / Nicolas Crouzet, Janice C. Eberly -- Panel on changing market structure and implications for monetary policy /...

This paper studies endogenous diffusion and impact of a cost-saving technological innovation -- Internet Banking. When the innovation is initially introduced, large banks have an advantage to adopt it first and enjoy further growth of size. Over time, as the innovation diffuses into smaller...

This paper presents models that explain why merchants accept payment cards even when the fees they face exceed the transactional benefits they receive from a card transaction. Such merchant behaviors can be explained by competition among merchants and/or the effectiveness of the merchant’s...

Nonbank providers of payment services are important in the United States and appear to have become more prominent in recent years. This development, by itself, poses unique risks to the payments system. Associated with this change is a significant transformation in the mix of payment types away...