Journal Article
The Euro
Stevens, Edward J. (1999-01)
In January 1999, the new European Central Bank began manufacturing a new money-the euro-and took over the operations of 11 nations' monetary systems. This Commentary outlines the ECB's institutions and operations, exploring some of the political economy issues that face the new central banking arrangement.
Economic Commentary , Issue Jan

Journal Article
Comparing central banks' rulebooks
Stevens, Edward J. (1992)
A comparison of Federal Reserve overdraft and reserve requirement rules with those of the Deutsche Bundesbank, the Bank of Japan, and the Bank of England, finding that no unique set of rules is necessary for effective performance of a central bank's monetary and payments system functions.
Economic Commentary , Volume 28 , Issue Q , Pages 2-15

Journal Article
Is there a message in the yield curve?
Stevens, Edward J. (1989-03)
An examination of the indicator value of the yield curve, concluding that its message is no more distinct than those received from other intermediate indicators.
Economic Commentary , Issue Mar

Working Paper
Non-par banking: competition and monopoly in markets for payments services
Stevens, Edward J. (1998)
Once the Federal Reserve Banks started providing par interbank funds transfers, their check collection service was unnecessary to bring nationwide par check collection in competitive banking markets. The survival of non-par banks probably reflected the absence of competition in the markets where they operated. The empirical evidence is consistent with this conclusion, since non-par banks typically were monopolists in isolated rural markets for banking services.
Working Papers (Old Series) , Paper 9817

Journal Article
Seeking safety
Stevens, Edward J. (1987-04)
A discussion of investor risk in the government securities market, covering abuses and the key features of possible remedies being offered by proposed regulations required by the Government Securities Act of 1986.
Economic Commentary , Issue Apr

Working Paper
The founders' intentions: sources of the payments services franchise of the Federal Reserve banks
Stevens, Edward J. (1996)
The reserve banks check collection service was designed in 1913 to serve as "glue," attaching the new central bank to the commercial and financial markets through member banks. Successful creation and operation of the Federal Reserve System was thought to be more likely if the reserve banks could do more for member banks than lend occasionally and administer the reserve requirement tax. Initial drafts of the Federal Reserve Act would have allowed member banks to use required reserve deposits only for making interbank transfers. But correspondent banking relationships already provided ...
Financial Services working paper , Paper 96-03

Journal Article
Payment system risk issues
Stevens, Edward J. (1989-06)
A discussion of international, domestic, pricing, and operational aspects of electronic payment system risk, with a description of proposals for managing the risk and for reducing Federal Reserve exposure.
Economic Commentary , Issue Jun

Working Paper
Money in the twenty-first century.
Jordan, Jerry L.; Stevens, Edward J. (1996)
What implications do 21st century monetary innovations bring for holdings of central bank money and standards of value? Emerging technologies such as cybercash, e-cash, and smart cards can be expected to reduce demand for central bank money, but the theoretical framework for monetary policy has not changed. The authors stress three points in this paper: 1) money innovations tend to reduce the demand for central bank money, but it remains to be seen whether the predictability of that demand, and thus the reliability of monetary policy, will decline in the coming century; 2) in principle, ...
Financial Services working paper , Paper 96-02

Journal Article
Risk in large-dollar transfer systems
Stevens, Edward J. (1985)
Special issue on payments system risk
Financial Industry Perspectives

Journal Article
The dynamics of federal debt
Carlson, John B.; Stevens, Edward J. (1985-07)
An examination of the federal deficit and of the possible effects of persistently high levels of federal debt on real interest rates, private investment, and the economy's real growth.
Economic Commentary , Issue Jul