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Showing results 1 to 10 of approximately 35.

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Author:Kahn, Charles M. 

Conference Paper
Project choice, moral hazard, and optimal subsidiary structure for intermediaries

Proceedings , Paper 409

Conference Paper
The efficiency of self-regulated payments systems: learning from the Suffolk System


Why “Paying in Rubles” May Prove Irrelevant

Russia’s recent decree to 'unfriendly' buyers of its natural gas may not make a great deal of difference in economic terms.
On the Economy

Conference Paper
Allocating bank regulatory powers: lender of last resort, deposit insurance, and supervision

Proceedings , Paper 717

Conference Paper
Bank consolidation and consumer loan interest rates

Proceedings , Paper 690

Journal Article
The Fed and Its Shadow: A Historical View

Central bank policies have always incorporated both a discretionary or active component and a passive component. Successful central banking has required a coordination of the two components. After a period of apparent dormancy, the passive component of monetary policy has emerged from the shadows and become relevant for Federal Reserve policy today.
Policy Hub , Volume 2023 , Issue 6 , Pages 32

Conference Paper
Payment system settlement and bank incentives

Proceedings , Paper 537

Working Paper
Payment system settlement and bank incentives

In this paper we consider the relative merits of net versus gross settlement of interbank payments. Net settlement economizes on the costs of holding non-interest-bearing reserves but increases moral hazard problems. The "put option" value of default under net settlement can also distort banks' investment incentives. ; Absent these distortions, net settlement dominates gross, although the optimal net settlement scheme may involve a positive probability of default. Net settlement becomes more attractive relative to gross settlement if bank assets have to be liquidated at less than book value.
FRB Atlanta Working Paper , Paper 96-10

Working Paper
Eggs in One Basket: Security and Convenience of Digital Currencies

Digital currencies store balances in anonymous electronic addresses. We analyze the trade-offs between safety and convenience of aggregating balances in addresses, electronic wallets and banks. In our model agents balance the risk of theft of a large account with the cost to safeguarding a large number of passwords of many small accounts. Account custodians (banks, wallets and other payment service providers) have different objectives and tradeoffs on these dimensions; we analyze the welfare effects of differing industry structures and interdependencies, and in particular the consequences ...
Working Papers , Paper 2020-032

Discussion Paper
Standing Repo Facilities, Then and Now

Recently there have been discussions, both within the FOMC and more broadly, about whether the FOMC should set up a standing repo facility. Such a facility would allow banks to sell safe assets (U.S. Treasury securities) to the Fed, with the assurance of subsequent repurchase, in unlimited quantities at an administered rate. This is not a new idea. In fact, a similar facility was implemented in 1683by the Bank of Amsterdam, the leading central bank of the time, and operated for more than a century afterward. In this article, we describe the motivations, operations, and limitations of the Bank ...
Policy Hub , Paper 2020-1


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