Search Results
Journal Article
Regulation effective January 3, 1994
Journal Article
Improving the nation's payments system: advice to the Fed
Journal Article
Fed’s check modernization initiative in full swing
Journal Article
New Fed policy addresses cash access discrepancies
Working Paper
Non-parametric, unconditional quantile estimation for efficiency analysis with an application to Federal Reserve check processing operations
This paper examines the technical efficiency of U.S. Federal Reserve check processing offices over 1980?2003. We extend results from Park et al. (2000) and Daouia and Simar (2007) to develop an unconditional, hyperbolic, a-quantile estimator of efficiency. Our new estimator is fully non-parametric and robust with respect to outliers; when used to estimate distance to quantiles lying close to the full frontier, it is strongly consistent and converges at rate root-n, thus avoiding the curse of dimensionality that plagues data envelopment analysis (DEA) estimators. Our methods could be used by ...
Working Paper
New evidence on the Fed's productivity in providing payments services
As the dominant provider of payments services, the efficiency with which the Federal Reserve provides such services in an important public policy issue. This paper examines the productivity of Federal Reserve check-processing offices during 1980-1999 using non-parametric estimation methods and newly developed methods for non-parametric inference and hypothesis testing. The results support prior studies that found little initial improvement in the Fed's efficiency with the imposition of pricing for Federal Reserve services in 1982. However, we find that median productivity improved ...
Working Paper
Effects of Federal Reserve services on the efficiency of the system for collecting checks in the United States: 1915--30
This paper investigates whether the services of the Federal Reserve System improved the efficiency of the system in the United States for collecting checks relative to the efficiency of the system used by banks just prior to the formation of the Federal Reserve. There are two types of evidence that the Fed's services improved efficiency. First, the Reserve Banks quickly became major processors of interregional checks, even though banks could have continued to use the prior payments arrangements. Second, declines in the ratios of cash to total assets of banks can be attributed to the ...
Conference Paper
In homage to the king: long live the check