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Author:Porter, Richard D. 

Journal Article
The efficiency and integrity of payment card systems: industry views on the risks posed by data breaches

To examine the adequacy of existing efforts to prevent, manage, and mitigate data breaches and other fraud in card-based payment systems, the authors conducted 17 interviews of various payment industry participants in 2009. This article documents the insights gained from the interviews, which consider the need for greater cooperation, sharing of relevant information, and innovation to stay ahead of the criminals that perpetrate payment card fraud with increasingly sophisticated methods.
Economic Perspectives , Volume 36 , Issue Q IV , Pages 130-146

Newsletter
Using payment innovations to improve transportation networks: a conference summary

On June 12, 2007, Chicago Metropolis 2020 and the Federal Reserve Bank of Chicago jointly hosted a conference to discuss road pricing strategies, as well as other issues related to reducing transportation congestion and improving economic efficiency in the Chicago region and around the world. On June 12, 2007, Chicago Metropolis 2020 and the Federal Reserve Bank of Chicago jointly hosted a conference to discuss road pricing strategies, as well as other issues related to reducing transportation congestion and improving economic efficiency in the Chicago region and around the world.
Chicago Fed Letter , Issue Sep

Journal Article
Empirical comparisons of credit and monetary aggregates using vector autoregressive methods

An abstract for this article is not available.
Economic Review , Volume 69 , Issue Nov , Pages 16-29

Working Paper
Estimating the worldwide volume of counterfeit U.S. currency: data and extrapolation

The incidence of currency counterfeiting and the possible total stock of counterfeits in circulation are popular topics of speculation and discussion in the press and are of substantial practical interest to the U.S. Treasury and the U.S. Secret Service. This paper assembles data from Federal Reserve and U.S. Secret Service sources and presents a range of estimates for the number of counterfeits in circulation. In addition, the paper presents figures on counterfeit passing activity by denomination, location, and method of production. The paper has two main conclusions: first, the stock of ...
Finance and Economics Discussion Series , Paper 2003-52

Journal Article
Economic Perspectives special issue on payments fraud: an introduction

This article provides an overview of this special issue of Economic Perspectives, which presents selected papers based on the proceedings of the Federal Reserve Bank of Chicago's eighth annual Payments Conference, Payments Fraud: Perception Versus Reality, held on June 5?6, 2008.
Economic Perspectives , Volume 33 , Issue Q I , Pages 2-6

Working Paper
Currency ratios and U.S. underground economic activity

Cagan's classic currency ratio suggests that underground economic activity in the U.S. surged starting in 1994. In contrast, we show that a ratio adjusted to take care of two distorting developments -- retail sweep programs and overseas demand for U.S. currency -- did not surge, and that movements in the adjusted ratio owe primarily to the differential effects of interest rates on currency and checkable deposits. As a result, we are skeptical of monetary-based claims that the underground economy has expanded significantly in recent years and believe that any claims that is has must rely on ...
Finance and Economics Discussion Series , Paper 1998-41

Discussion Paper
The Anderson-Rasche report: a review of the review

Special Studies Papers , Paper 166

Journal Article
The location of U.S. currency: how much is abroad?

Federal Reserve bank notes are widely used outside the United States. Knowledge of how much U.S. currency is abroad is important for a variety of reasons, but currency movements are notoriously difficult to measure, and estimates of the foreign component of currency stocks and flows have been subject to a great deal of speculation and uncertainty. This article brings together several new methods and data sources to narrow the range of that uncertainty. The authors estimate that about $200 billion-$250 billion of U.S. currency was abroad at the end of 1995, or more than half the roughly $375 ...
Federal Reserve Bulletin , Volume 82 , Issue Oct

Discussion Paper
Estimating distributed lag relationships using near-minimax procedures

Special Studies Papers , Paper 187

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