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

Journal Article
Comparing central banks' rulebooks
Stevens, Edward J. (1992)
A comparison of Federal Reserve overdraft and reserve requirement rules with those of the Deutsche Bundesbank, the Bank of Japan, and the Bank of England, finding that no unique set of rules is necessary for effective performance of a central bank's monetary and payments system functions.
Economic Commentary , Volume 28 , Issue Q , Pages 2-15

Journal Article
Beyond zero: transparency in the Bank of Japan’s monetary policy
Stevens, Edward J. (2001-03)
Japan?s economy has problems that, undoubtedly, are more complex than monetary policy might be expected to solve. But other kinds of policy actions stand a better chance of success when monetary policy is transparent. Transparency means that market participants? anticipations of central bank actions are congruent with those of policymakers themselves. The Bank of Japan has made repeated efforts toward greater transparency since achieving independence in 1998.
Economic Commentary , Issue Mar

Journal Article
The new discount window
Stevens, Edward J. (2003-05)
New regulations will change the way credit is rationed at the Federal Reserve's discount window. The Reserve Banks used to charge a below-market discount rate and rely on loan officers to restrict access to loans. Under the new system, the discount rate normally will be significantly higher than market rates, but loans will be available to any sound institution (which means most) at its discretion. This new arrangement eliminates any perception of a subsidy at the discount window. It also should prevent the actual fed funds rate from exceeding the discount rate so long as depository ...
Economic Commentary , Issue May

Working Paper
Money in the twenty-first century.
Jordan, Jerry L.; Stevens, Edward J. (1996)
What implications do 21st century monetary innovations bring for holdings of central bank money and standards of value? Emerging technologies such as cybercash, e-cash, and smart cards can be expected to reduce demand for central bank money, but the theoretical framework for monetary policy has not changed. The authors stress three points in this paper: 1) money innovations tend to reduce the demand for central bank money, but it remains to be seen whether the predictability of that demand, and thus the reliability of monetary policy, will decline in the coming century; 2) in principle, ...
Financial Services working paper , Paper 96-02

Journal Article
The national debt: a secular perspective
Carlson, John B.; Stevens, Edward J. (1985-07)
An examination of the various factors that have determined the level and growth of the federal debt over the past 40 years, with some perspective on future levels of federal debt.
Economic Review , Issue Q III , Pages 11-24

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

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
Seeking safety
Stevens, Edward J. (1987-04)
A discussion of investor risk in the government securities market, covering abuses and the key features of possible remedies being offered by proposed regulations required by the Government Securities Act of 1986.
Economic Commentary , Issue Apr

Journal Article
Reducing risk in wire transfer systems
Stevens, Edward J. (1986-04)
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.
Economic Review , Issue Q II , Pages 17-22