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Journal Article
The design of wholesale payments networks: the importance of incentives
Roberds, William; Kahn, Charles M. (1999-07)
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
Facing up to our ignorance about measuring monetary policy effects
Leeper, Eric M. (1992-05)
Economic Review , Issue May , Pages 1-16

Journal Article
Observations about liquidity effects: the difficulties of exploring a simple idea
Cunningham, Thomas J. (1987-09)
Economic Review , Issue Sep , Pages 14-22

Journal Article
Lack of liquidity drives Asian crisis
anonymous (1998-10)
Economics Update , Issue Oct , Pages 5

Journal Article
Fed chair explains Fed's recent liquidity measures
anonymous (2008)
Federal Reserve Chairman Ben Bernanke recently discussed central bank actions to support market liquidity and the reasoning behind the Fed's actions to soothe recent strains in short-term funding markets.
Financial Update , Volume 21 , Issue 2

Journal Article
Helping banks meet liquidity needs: The Federal Reserve’s discount window
anonymous (2001-10)
Financial Update , Volume 14 , Issue Oct , Pages 4-5

Journal Article
Examining the Federal Reserve's new liquidity measures
anonymous (2008)
The Fed has taken a number of steps to address the tightness in credit markets, including traditional monetary policy tools as well as measures at the level of specific markets to provide additional liquidity.
Financial Update , Volume 21 , Issue 2

Working Paper
Decentralized production and public liquidity with private information
Smith, Stephen D.; Nachman, David C. (2000)
Firms with private information about the outcomes of production under uncertainty may face capital (liquidity) constraints that prevent them from attaining efficient levels of investment in a world with costly and/or imperfect monitoring. As an alternative, we examine the efficiency of a simple pooling scheme designed to provide a public (cooperative) supply of liquidity that results in the first best outcome for economic growth. We show that if, absent aggregate uncertainty, the elasticity of scale of the production technology is sufficiently small, then efficient levels of investment and ...
FRB Atlanta Working Paper , Paper 2000-2

Working Paper
Financial matchmakers in credit markets with heterogeneous borrowers
Li, Victor E.; Becsi, Zsolt; Wang, Ping (2000)
What happens when liquidity increases in credit markets and more funds are channeled from borrowers to lenders? We examine this question in a general equilibrium model where financial matchmakers help borrowers (firms) and lenders (households) search out and negotiate profitable matches and where the composition of heterogeneous borrowers adjusts to satisfy equilibrium entry conditions. We find that enhanced liquidity causes entry by all borrowers and tends to benefit low-quality borrowers disproportionately. However, liquid credit markets may or may not be associated with higher output and ...
FRB Atlanta Working Paper , Paper 2000-14

Working Paper
The impact of a dealer's failure on OTC derivatives market liquidity during volatile periods
Abken, Peter A.; Wall, Larry D.; Tallman, Ellis W. (1996)
This paper develops a model in which information losses may be an important part of the cost of an OTC derivatives dealer's failure. A dealer failure forces solvent counterparties of a failed dealer to seek replacement hedges with other dealers. However, by forcing good firms into the derivatives market, the failure provides camouflage for insolvent firms seeking to speculate with a dealer that does not know their credit status. The paper models this information loss and uses the model to quantitatively evaluate a range of scenarios. The results suggest that a market breakdown is unlikely but ...
FRB Atlanta Working Paper , Paper 96-6

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