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Working Paper
Network externalities and technology adoption: lessons from electronic payments
Stavins, Joanna; Gowrisankaran, Gautam (1999)
We seek to determine the presence and causes of network externalities for the automated clearinghouse (ACH) electronic payments system, using a monthly panel data set on individual bank adoption of ACH. We construct a model of ACH usage that shows how to separately identify network externalities from technological advancement and peer-group effects. We find significant evidence of network effects and find evidence that these network effects are not internalized. Moreover, a large part of these network effects is due to informational problems. Sunk costs of adoption appear to be low.
Working Papers , Paper 99-5

Speech
Fixing wholesale funding to build a more stable financial system
Dudley, William (2013-02-01)
Remarks at the New York Bankers Association's 2013 Annual Meeting & Economic Forum, The Waldorf Astoria, New York City.
Speech

Working Paper
Inducing agents to report hidden trades: a theory of an intermediary
Leitner, Yaron (2010)
When contracts are unobserved, agents may have the incentive to promise the same asset to multiple counterparties and subsequently default. The author constructs an optimal mechanism that induces agents to reveal all their trades voluntarily. The mechanism allows agents to report every contract they enter, and it makes public the names of agents who have reached some prespecified position limit. In some cases, an agent's position limit must be higher than the number of contracts he enters in equilibrium. The mechanism has some features of a clearinghouse. ; Supersedes Working Paper 09-10
Working Papers , Paper 10-28

Working Paper
The effect of pricing on demand and revenue in Federal Reserve ACH payment processing
Bauer, Paul W.; Stavins, Joanna (1997)
Because the automated clearinghouse (ACH) has been found to have lower social costs than paper checks, the Federal Reserve has been promoting more widespread use of ACH by lowering ACH processing fees. In this paper we have obtained the first numerical estimates of ACH demand elasticities, a measure of the responsiveness of ACH demand to price changes. In order to determine how robust the estimates are, various methods were employed to estimate the demand elasticities. ; Our results show that the volume of ACH items processed by the Federal Reserve does respond to changes in per-item fees. We ...
Financial Services working paper , Paper 97-01

Journal Article
Reductions of automated clearinghouse fees, effective May 1, 1997
anonymous (1997-05)
Federal Reserve Bulletin , Issue May

Working Paper
Opportunity cost and prudentiality: an analysis of collateral decisions in bilateral and multilateral settings
Moser, James T.; France, Virginia G.; Baer, Herbert L. (2001)
This paper develops a model that explains how the creation of a futures clearinghouse allows traders to reduce default and economize on margin. We contrast the collateral necessary between bilateral partners with that required when multilateral netting occurs. Optimal margin levels balance the deadweight costs of default against the opportunity costs of holding additional margin. Once created, it may be optimal for the clearinghouse to monitor the financial condition of its members. If undertake, monitoring will reduce the amount of margin required but need not affect the probability of ...
Working Paper Series , Paper WP-01-26

Journal Article
The Federal Reserve in the payments system
anonymous (1990-05)
Federal Reserve Bulletin , Issue May , Pages 293-298

Conference Paper
Systemic risk in interbank markets
Parkinson, Patrick M. (1993)
Proceedings , Paper 400

Conference Paper
Lessons from October 19th
Glauber, Robert R. (1988)
Proceedings , Paper 189

Journal Article
Operational changes to automated clearinghouse mechanism, effective July 18, 1988
anonymous (1988-02)
Federal Reserve Bulletin , Issue Feb

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