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Author:Roberds, William 

Journal Article
How little we know about deficit policy effects

We use a simple model to show why previous empirical studies of budget policy effects are flawed. Due to an identification problem, those studies' findings can be shown to be consistent with policies either mattering or not. We argue that this problem is difficult and not likely to be resolved soon.
Quarterly Review , Volume 16 , Issue Win , Pages 2-11

Journal Article
The economics of payment finality

Payment finality is critical to decentralized exchange. By specifying how the transfer of one type of claim extinguishes another, the rules governing finality minimize opportunities for default along credit chains and allocate other risks. ; The authors provide a basic analysis of finality and its role in facilitating exchange. They first present a simple, historically based model of transferable debt and finality. The discussion demonstrates the desirability of transferable debt and why rules governing payment finality are needed to sort out who will bear the losses in the event of default. ...
Economic Review , Volume 87 , Issue Q2 , Pages 1-12

Working Paper
Legal restrictions and welfare in a simple model of money

FRB Atlanta Working Paper , Paper 91-14

Journal Article
The rise of electronic payments networks and the future role of the Fed with regard to payment finality

Economic Review , Issue Mar , Pages 1-22

Conference Paper
On the role of bank coalitions in the provision of liquidity

Proceedings , Paper 590

Working Paper
Another hole in the ozone layer: changes in FOMC operating procedure and the term structure

FRB Atlanta Working Paper , Paper 92-15

Solution of linear-quadratic- Gaussian dynamic games using variational methods

Methods are presented for solving a certain class of rational expectations models, principally those that arise from dynamic games. The methods allow for numerical solution using spectral factorization algorithms and for estimation of these models using maximum likelihood techniques.
Staff Report , Paper 105

Working Paper
Data breaches and identity theft

This paper presents a monetary-theoretic model to study the implications of networks' collection of personal identifying data and data security on each other's incidence and costs of identity theft. To facilitate trade, agents join clubs (networks) that compile and secure data. Too much data collection and too little security arise in equilibrium with noncooperative networks compared with the efficient allocation. A number of potential remedies are analyzed: mandated limits on the amount of data collected, mandated security levels, reallocations of data-breach costs, and data sharing through ...
FRB Atlanta Working Paper , Paper 2008-22

Working Paper
A general equilibrium analysis of check float

Households and businesses in the United States prefer to use check payment over less costly, electronic means of payment. Earlier studies have focused on check "float," that is, the time lag between receipt and clearing, as a potential explanation for the continued popularity of checks. An underlying assumption of these studies is that check float operates as a pure transfer from payee to payor. We construct a simple general equilibrium model in which payments are made by check. In general equilibrium, check float does not act as a pure transfer. If float can be priced into market ...
FRB Atlanta Working Paper , Paper 97-4

Journal Article
Forecasting and modeling the U.S. economy in 1986-88

Quarterly Review , Volume 11 , Issue Win , Pages 7-20


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