Working Paper
Defining the monetary base in a deregulated financial system
Stevens, Edward J. (1995)
An examination of how the diminishing role of reserve requirements has made the monetary base a less useful measure of monetary policy than in previous years.
Working Papers (Old Series) , Paper 9514

Journal Article
The national debt: a secular perspective
Carlson, John B.; Stevens, Edward J. (1985-07)
An examination of the various factors that have determined the level and growth of the federal debt over the past 40 years, with some perspective on future levels of federal debt.
Economic Review , Issue Q III , Pages 11-24

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
How much is daylight credit worth?
Stevens, Edward J. (1995-05)
An examination of how much Federal Reserve Banks should charge for daylight overdrafts. A low fee involves questions of moral hazard in central banking, while a high fee raises questions about risk myopia in private credit markets.
Economic Commentary , Issue May

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

Journal Article
Price isn't everything
Stevens, Edward J. (1993-04)
A comparison of Fedwire, CHIPS, and GlobeSet payment services for 24-hour global markets, emphasizing the constraining influence of the Federal Reserve's monetary policy responsibilities on Fedwire's market share.
Economic Commentary , Issue Apr

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

Journal Article
Setting the discount rate
Stevens, Edward J. (1989-07)
An analysis of the rationale for using the discount rate as an independent monetary policy tool (rather than simply moving the rate in alignment with market rates) so that the Federal Reserve can improve the reliability of short-term policy information and prevent market activity based on inaccurate assumptions about policy intentions.
Economic Commentary , Issue Jul

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

Journal Article
Federal funds rate volatility
Dumitru, Diana; Stevens, Edward J. (1991-08)
An examination of the role that monetary policy easings and reduced reserve requirements played in the increased federal funds volatility of late 1990 and early 1991.
Economic Commentary , Issue Aug