Remarks at panel discussion on fiscal challenges
Remarks at Panel Discussion at 2012 U.S. Monetary Policy Forum, New York City.
Expense preference and the Fed revisited
Reserve Banks return $35 billion to U.S. Treasury
In 2008, the Federal Reserve System transferred $34.9 billion to the U.S. Treasury. This revenue represents most of the Reserve Banks' net income and came from a number of sources.
Reserve banks disburse $21 billion to Treasury
Reserve banks return nearly $29 billion to Treasury
Unconventional monetary policies and central bank independence
Remarks at the Central Bank Independence Conference?Progress and Challenges in Mexico, Mexico City, Mexico.
Reflections on the TALF and the Federal Reserve's role as liquidity provider
Remarks at the New York Association for Business Economics, New York City.
The effect of pricing on demand and revenue in Federal Reserve ACH payment processing
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 ...
1987 annual report on priced service operations issued