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 ...
A comparison of social costs and benefits of paper check presentment and ECP with truncation
Each year, about 60 billion checks are collected in the United States. While the shares of electronic payments methods such as the automated clearing house and credit and debit cards have been growing in recent years, the volume of checks has grown by more in absolute numbers during the last 20 years than all electronic payments methods combined. Partly because of their convenience, checks remain an extremely popular way to carry out transactions. Since it seems that checks will be around for the foreseeable future, it makes sense to try to improve the process of their collection.> This ...
Redeposit service approved
Fed vice chair sees promise of proposed Check Truncation Act
If the proposed Check Truncation Act is enacted, it will remove existing legal barriers to the use of new technology in check processing. These reforms will make check collections more efficient and more cost effective.
Check 21 growth shows no sign of slowing
Financial institutions' use of Check 21 continues to grow rapidly. In 2006, the Atlanta Fed processed 10 times as many Check 21 transactions as it did in 2005, and the trend is expected to accelerate.
Proposed concept of same-day payment for checks
Fed’s check modernization initiative in full swing