Journal Article
The Euro
Stevens, Edward J. (1999-01)
In January 1999, the new European Central Bank began manufacturing a new money-the euro-and took over the operations of 11 nations' monetary systems. This Commentary outlines the ECB's institutions and operations, exploring some of the political economy issues that face the new central banking arrangement.
Economic Commentary , Issue Jan

Journal Article
Evolution in banking supervision
Stevens, Edward J. (2000-03)
Banking supervision must keep pace with technical innovations in the banking industry. The international Basel Committee on Banking Supervision currently is reviewing public comments on its proposed new method for judging whether a bank maintains enough capital to absorb unexpected losses. This Economic Commentary explains how existing standards became obsolete and describes the new plan.
Economic Commentary , Issue Mar

Journal Article
The dynamics of federal debt
Stevens, Edward J.; Carlson, John B. (1985-07)
An examination of the federal deficit and of the possible effects of persistently high levels of federal debt on real interest rates, private investment, and the economy's real growth.
Economic Commentary , Issue Jul

Journal Article
Payment system risk issues
Stevens, Edward J. (1989-06)
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.
Economic Commentary , Issue Jun

Journal Article
Price isn't everything
Stevens, Edward J. (1993-04)
A comparison of Fedwire, CHIPS, and GlobeSet payment services for 24-hour global markets, emphasizing the constraining influence of the Federal Reserve's monetary policy responsibilities on Fedwire's market share.
Economic Commentary , Issue Apr

Journal Article
Electronic money and the future of central banks
Stevens, Edward J. (2002-03)
Computers and telecommunications devices may replace paper currency and checks?some day. Indeed, electronic methods of transferring money have become widely used. Recently, however, discussion of ?electronic money? has taken a new turn, zeroing in on the extent to which holding new forms of electronic money eventually could make central banks obsolete, rendering them powerless to control inflation. This Commentary updates the old story of electronic funds transfers before introducing the new story of electronic money holdings, which may be a metaphor for a larger question about the future of ...
Economic Commentary , Issue Mar

Working Paper
Pricing daylight overdrafts
Stevens, Edward J. (1988)
An examination of three policy problems associated with daylight credit and an evaluation of three reform proposals to alleviate the payment system risk associated with Federal Reserve Banks' extension of daylight credit to financial institutions.
Working Papers (Old Series) , Paper 8816

Journal Article
Setting the discount rate
Stevens, Edward J. (1989-07)
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 inaccurate assumptions about policy intentions.
Economic Commentary , Issue Jul

Working Paper
Defining the monetary base in a deregulated financial system
Stevens, Edward J. (1995)
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.
Working Papers (Old Series) , Paper 9514

Journal Article
Auctioning treasury securities
Dumitru, Diana; Stevens, Edward J. (1992-06)
A proposal of two suggested changes in the current sealed-bid, multiple-price auction process for selling U.S. Treasury securities, each of which might eliminate incentives and opportunities for market manipulation and thereby reduce the need to police arbitrary auction rules.
Economic Commentary , Issue Jun