We develop a parsimonious model of the interbank payment system to study congestion and the role of liquidity markets in alleviating congestion. The model incorporates an endogenous instruction arrival process, scale-free topology of payments between banks, fixed total liquidity that limits...

We present a modified Deffuant-Weisbuch opinion dynamics model that integrates the influence of media campaigns on opinion. Media campaigns promote messages intended to inform and influence the opinions of the targeted audiences through factual and emotional appeals. Media campaigns take many...

We explore the network topology of the interbank payments transferred between commercial banks over the Fedwire Funds Service. We find that the network is compact despite low connectivity. The network includes a tightly connected core of money-center banks to which all other banks connect. The...