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Series:Economic Review  Bank:Federal Reserve Bank of Kansas City 

Journal Article
The evolution of the payments system: a U.S. perspective
In an article adapted from a speech made to at the Annual Conference of the National Bank of Austria in May of this year, Federal Reserve Bank of Kansas City President Hoenig examines recent and prospective changes in the U.S. payments system. The theme of his remarks is that the rate at which a payments system develops depends largely on a struggle between rapid technological change and natural barriers to new product acceptance. This ongoing conflict explains why Americans have seen revolutionary developments in large-dollar payments but only evolutionary developments in small-dollar and retail means of payment.> Mr. Hoenig first examines recent trends in the U.S. payments system. Second, he explores why progress has been so slow in small-dollar and retail payments by examining some of the barriers that have limited payments system progress. Third, he offers his thoughts on how the U.S. system is likely to evolve over time. Finally, he identifies the types of public policy issues the United States is likely to encounter as it moves toward a world of electronic money.
AUTHORS: Hoenig, Thomas M.
DATE: 1995

Journal Article
Guidelines for efficient reserve management
AUTHORS: Knight, Robert E.
DATE: 1977

Journal Article
Migration in the Tenth District : long-term trends and current developments
The movement of people into and out of a state can have important implications for the state?s economy. The total net inflow of people to a state matters because it affects the overall supply of workers in the state. Economists predict that growth in the national labor force will slow in coming decades as a result of such factors as the aging of the baby boomers and the decline in the fertility rate. As this happens, the availability of workers is likely to become an increasingly more important factor in the location decisions of firms. ; Migration matters not only for the size of a state?s workforce but also for the composition of the workforce. The spread of computers and advances in information technology have increased the demand for highly educated workers over the last two decades. Most economists expect the demand for such workers to continue growing in response to further advances in technology. But there will also continue to be a need for unskilled workers to perform jobs at the bottom of the job distribution. In deciding where to locate, firms are likely to pay careful attention to the educational composition of a state?s workforce in addition to the size. The most important determinant of the educational composition of the workforce is the quality of the state?s educational institutions. But also important is whether the state is retaining and attracting the kinds of workers in demand by businesses?for example, whether the state is suffering a net gain or net loss of college graduates to the rest of the nation, and whether the state is receiving too large or too small an influx of less educated immigrants from abroad. ; Focusing on the last half century, Keeton and Newton examine overall patterns in total migration and migration by level of education in Tenth District states. They show that the net inflow of people from other states has been consistently positive in only one state, Colorado, but has gradually improved in most other states. In addition, immigration increased greatly in most district states but ended up more important than in the nation only in Colorado. They also show that many district states have experienced both a net loss of college graduates to the rest of the nation and a net gain of people without high school degrees from abroad. The effects of these migration flows on the mix of workers have been greatly outweighed up till now by increases in education in the population at large. Finally, the authors show that in the current decade migration flows have taken a turn for the worse in several states, but this shift was due to temporary changes in relative economic conditions.
AUTHORS: Keeton, William R.; Newton, Geoffrey B.
DATE: 2006

Journal Article
The Social Security surplus - a solution to the federal budget deficit?
AUTHORS: Garner, C. Alan
DATE: 1989

Journal Article
Mobile payments: What’s in it for consumers?
Mobile payments?those initiated on a mobile device such as a cell phone or tablet computer?have received a significant amount of attention recently but still have not been widely adopted in the United States. ; Hayashi examines the barriers that have limited the takeoff of mobile payments in the United States. The article also draws on consumer payments research to assess which attributes of mobile payments might encourage or discourage adoption by U.S. consumers. ; The article concludes that greater convenience and enhanced ability to monitor account balances are likely to encourage consumer adoption of mobile payments for in-store purchases, while initial lack of merchant acceptance may discourage adoption. The effects on consumer adoption of cost, security, and targeted marketing are less clear and will depend on which mobile payment technology is used and how it is implemented.
AUTHORS: Hayashi, Fumiko
DATE: 2012

Journal Article
Defense spending and economic activity
AUTHORS: Miller, Glenn H.; Able, Stephen L.
DATE: 1980

Journal Article
The business and financial outlook for 1978
AUTHORS: Zell, Steven P.; Gambs, Carl M.
DATE: 1977

Journal Article
How Do FOMC Projections Affect Policy Uncertainty?
In January 2012, the Federal Open Market Committee (FOMC) began publicly releasing its participants? projections for the future value of the federal funds rate. The former FOMC Chair Ben Bernanke stated that these releases help the public form policy expectations. However, Federal Reserve Bank of San Francisco President John C. Williams noted that the range of the funds rate forecast conveyed disagreement and uncertainty. These projections may be conflicting in nature, and thus may not lower public uncertainty. Bundick and Herriford seek to answer the question: do these projections decrease or increase uncertainty about future policy? To answer this question, the authors measure how uncertainty about future interest rates changed after the FOMC began releasing its participants? projections for the appropriate federal funds rate. The authors found that the overall uncertainty about future interest rates decreased after FOMC began releasing its participants? interest rate projections. However, the authors found that public uncertainty is correlated with disagreement across participants? projections. In sum, the findings provide empirical support for the claims of Bernanke and Williams.
AUTHORS: Herriford, Trenton; Bundick, Brent
DATE: 2017

Journal Article
U.S. investment in foreign equity markets
AUTHORS: Abrams, Richard K.; Kimball, Donald V.
DATE: 1981

Journal Article
The Dispersion of Farmland Values in the Tenth District
Cortney Cowley examines the widening dispersion of farmland values in the Tenth Federal Reserve District and finds that land quality, climate, and commodity sales have played important roles.
AUTHORS: Cowley, Cortney
DATE: 2016

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