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Report
The 2010 Survey of Consumer Payment Choice: Summary Results
Foster, Kevin; Schuh, Scott; Zhang, Hanbing (2013-11-01)
In 2010, the number of consumer payments increased nearly 9 percent from 2009 as economic activity began to rebound from the financial crisis and recession. Cash payments by consumers, which had increased sharply in 2009, did not fall back but rather grew another 3 percent in 2010. However, the share of cash payments, the dollar amount of cash withdrawals, and cash holdings by consumers decreased moderately in 2010. Credit card payments by consumers increased 15 percent, reversing more than half the 2009 decline, and the steady trend decline in paper check payments by consumers continued. ...
Consumer Payments Research Data Reports , Paper 2013-02

Working Paper
The Federal Reserve's Portfolio and its Effect on Interest Rates
Klee, Elizabeth C.; Ihrig, Jane E.; Huther, Jeff W. (2017-07)
We explore the historical composition of the Federal Reserve's Treasury portfolio and its effect on Treasury yields. Using data from 1985 to 2016, we show that the divergence of the composition of the Federal Reserve's portfolio from overall Treasury securities outstanding is associated with a statistically significant effect on interest rates. In aggregate, when the Federal Reserve's portfolio has shorter maturity than overall Treasury debt outstanding, measures of the term premium are higher at all horizons; likewise, when the Federal Reserve's portfolio has longer maturity, term premiums ...
Finance and Economics Discussion Series , Paper 2017-075

Briefing
Promoting Payment Inclusion in the United States
Toh, Ying Lei (2022-10-07)
In recent decades, entities in both the public and private sectors have worked to promote payment inclusion in the United States, whether by expanding the supply of transaction accounts or boosting consumer demand for them. However, more research and data collection are needed to better define and measure payment inclusion as well as evaluate how effective efforts have been to improve it.
Payments System Research Briefing , Issue October 7, 2022 , Pages 10

Report
The 2017 Diary of Consumer Payment Choice
Greene, Claire; Stavins, Joanna (2020-04-01)
This paper describes key results from the 2017 Diary of Consumer Payment Choice (DCPC), the fourth in a series of diary surveys that measure payment behavior through the daily recording of U.S. consumers' spending. The DCPC is the only diary survey of U.S. consumer payments available free to the public. In October 2017, consumers paid mostly with cash (30.3 percent of payments), debit cards (26.2 percent), and credit cards (21.0 percent). These instruments accounted for three-quarters of the number of payments, but only about 40 percent of the total value of payments, because they tend to be ...
Consumer Payments Research Data Reports , Paper 2018-5

Journal Article
The Market Events of Mid-September 2019
Afonso, Gara; Cipriani, Marco; Copeland, Adam; Kovner, Anna; La Spada, Gabriele; Martin, Antoine (2021-08-01)
This article studies the mid-September 2019 stress in U.S. money markets: On September 16 and 17, unsecured and secured funding rates spiked, and on September 17, the effective federal funds rate broke the ceiling of the Federal Open Market Committee (FOMC) target range. We highlight two factors that may have contributed to these events. First, reserves may have become scarce for at least some depository institutions, in the sense that these institutions’ reserve holdings may have been close to, or lower than, their desired level. Moreover, frictions in the interbank market may have ...
Economic Policy Review , Volume 27 , Issue 2 , Pages 26

Working Paper
Too-Big-to-Fail before the Fed
Gorton, Gary; Tallman, Ellis W. (2016-05-06)
?Too-big-to-fail? is consistent with policies followed by private bank clearing houses during financial crises in the U.S. National Banking Era prior to the existence of the Federal Reserve System. Private bank clearing houses provided emergency lending to member banks during financial crises. This behavior strongly suggests that ?too-big-to-fail? is not the problem causing modern crises. Rather, it is a reasonable response to the threat posed to large banks by the vulnerability of short-term debt to runs.
Working Papers (Old Series) , Paper 1612

Working Paper
On the inherent instability of private money
Sanches, Daniel R. (2015-04-09)
A primary concern in monetary economics is whether a purely private monetary regime is consistent with macroeconomic stability. I show that a competitive regime is inherently unstable due to the properties of endogenously determined limits on private money creation. Precisely, there is a continuum of equilibria characterized by a self-fulfilling collapse of the value of private money and a persistent decline in the demand for money. I associate these equilibrium allocations with self-fulfilling banking crises. It is possible to formulate a fiscal intervention that results in the global ...
Working Papers , Paper 15-18

Journal Article
Federal Reserve Banks as fiscal agents and depositories of the United States in a changing financial environment
Trimble, Theresa A.; DeCorleto, Donna A. (2004-10)
Pursuant to the Federal Reserve Act, the Federal Reserve Banks perform a number of services for the United States and for other entities as fiscal agents and depositories. These roles have evolved since the relevant provisions of the Federal Reserve Act were implemented in 1915. An article in the April 2000 Federal Reserve Bulletin described these activities as being mainly the issuance and redemption of securities and the processing of payments to and from the federal government. Although the basic fiscal agent services have not changed since the article was published in 2000, considerable ...
Federal Reserve Bulletin , Volume 90 , Issue Aut , Pages 435-446

Working Paper
Central Bank Digital Currency: Financial Inclusion vs. Disintermediation
Banet, Jeremie; Lebeau, Lucie (2022-09-24)
An overlapping-generations model with income heterogeneity is developed to analyze the impact of introducing a Central Bank Digital Currency (CBDC) on financial inclusion, and its potential adverse effect on bank funding. We highlight the role of two design parameters: the fixed cost of CBDC usage and the interest rate it pays, and derive principles for maximum inclusion and for mitigating the inclusion-intermediation trade-off. Agents’ choice of money instrument is endogenously driven by income heterogeneity. Pre-CBDC, wealthier agents adopt deposits, while poorer agents adopt cash and ...
Working Papers , Paper 2218

Working Paper
Introducing a Framework for Measuring the Quantitative Benefits of Privacy-Enhancing Technologies
Isaacson, Ken (2024-08-07)
This paper reviews privacy-enhancing technologies (PETs) and explores their benefits when used to make traditional payment processes more private. PETs can decrease privacy risk by reducing the amount of sensitive information accessible to payment-processing personnel and systems. This paper proposes a framework for quantifying the risk-reduction benefits of PETs. This method can be used to calculate the amount of privacy-risk exposure that may be created by a set of payment activities, estimate the amount by which PETs can decrease that exposure, and compare that quantified benefit against ...
Working Papers , Paper 24-16

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