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Author:Roberds, William 

Conference Paper
Demandable debt as a means of payment: banknotes versus checks


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

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

Journal Article
Forecast accuracy and the performance of economic policy: is there a connection?

Economic Review , Issue Sep , Pages 20-32

Journal Article
Are on-line currencies virtual banknotes?

The history of money is marked by innovations that have expanded the role of "inside money"-money created by the private sector. For instance, the past few years have seen the development of several types of on-line payment arrangements, some of which have been dubbed "on-line currencies." ; This article examines the likely success or failure of on-line currencies by means of a historical analogy. The discussion compares the introduction of on-line currencies to the debut of the bearer banknote, the direct predecessor to modern currency, in London in the late 1600s. ; The key innovation ...
Economic Review , Volume 88 , Issue Q2 , Pages 1-15

Discussion Paper
Central Banks, Global Shocks, and Local Crises: Lessons from the Atlanta Fed's Response to the 1920–21 Recession

During late 1920, the president (then called "governor") and board of directors of the Federal Reserve Bank of Atlanta were confronted with an unexpected, devastating collapse in the price of a commodity whose global production was concentrated in their district—cotton. Their judgment was that the fall in cotton prices was temporary and that its effects could be lessened with generous credit policies that did not conflict with the Federal Reserve Act. Other officials within the Federal Reserve System did not agree with this judgment, however, leading to a contentious policy debate and an ...
Policy Hub , Paper 2020-15

Working Paper
Banks, payments, and coordination

FRB Atlanta Working Paper , Paper 94-14

Journal Article
The design of wholesale payments networks: the importance of incentives

Most people are familiar with retail payments systems such as checks and credit cards. Less familiar are wholesale payments systems, which consist of electronic networks used for sending large sums among banks. A feature common to all wholesale networks is that settlement is carried out by exchange of funds held in banks' reserve accounts at a central bank, though the rules for settlement vary. This article considers the question of what is the best design for a wholesale payments system, in particular whether it should settle on a net or a real-time gross basis, and some of the difficult ...
Economic Review , Volume 84 , Issue Q3 , Pages 30-39

Journal Article
The impact of fraud on new methods of retail payment

Currency fraud (counterfeiting), check fraud, and credit card fraud are serious problems, costing the U.S. economy billions of dollars each year. But with each of these traditional payments methods, the problem of fraud has been kept at a manageable level. To be successful in the marketplace, newer forms of payment such as electronic cash and stored-value cards will need to hold fraud risk to similarly low levels. ; Will fraud hinder development of the new payments media? The natural advantages of electronic systems for storing, copying, and manipulating data can be a drawback when it comes ...
Economic Review , Volume 83 , Issue Q 1 , Pages 42-52

Working Paper
Early Public Banks

Publicly owned or commissioned banks were common in Europe from the fifteenth century. This survey argues that while the early public banks were characterized by great experimentation in their design, a common goal was to create a liquid and reliable monetary asset in environments where such assets were rare or unavailable. The success of these banks was however never guaranteed, and even well-run banks could become unstable over time as their success made them susceptible to fiscal exploitation. The popularization of bearer notes in the eighteenth century broadened the user base for the ...
Working Paper Series , Paper WP-2014-3

Working Paper
A quarterly Bayesian VAR model of the US economy

FRB Atlanta Working Paper , Paper 88-2


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