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Working Paper
Optimal Monetary Policy under Negative Interest Rate
Wen, Yi; Dong, Feng (2017-05-16)
In responding to the extremely weak global economy after the financial crisis in 2008, many industrial nations have been considering or have already implemented negative nominal interest rate policy. This situation raises two important questions for monetary theories: (i) Given the widely held doctrine of the zero lower bound on nominal interest rate, how is a negative interest rate (NIR) policy possible? (ii) Will NIR be effective in stimulating aggregate demand? (iii) Are there any new theoretical issues emerging under NIR policies? This article builds a model to show that (i) money ...
Working Papers , Paper 2017-19

Report
Online Appendix for: The Welfare Costs of Inflation Reconsidered
Benati, Luca; Nicolini, Juan Pablo (2025-10-15)
This online appendix accompanies Staff Report 675: The Welfare Costs of Inflation Reconsidered.
Staff Report , Paper 676

Working Paper
The efficiency of private e-money-like systems: the U.S. experience with national bank notes
Weber, Warren E. (2015-03-01)
Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e money from the U.S. experience with national bank notes. It examines historical evidence on how well the bank notes?a privately issued currency system with multiple issuers?functioned with respect to ease of transacting, counterfeiting, safety, overissuance, and par exchange (a uniform currency). It finds that bank notes made transacting ...
FRB Atlanta CenFIS Working Paper , Paper 15-2

Discussion Paper
Tracking Reserve Ampleness in Real Time Using Reserve Demand Elasticity
Afonso, Gara; Giannone, Domenico; La Spada, Gabriele; Williams, John C. (2024-10-17)
As central banks shrink their balance sheets to restore price stability and phase out expansionary programs, gauging the ampleness of reserves has become a central topic to policymakers and academics alike. The reason is that the ampleness of reserves informs when to slow and then stop quantitative tightening (QT). The Federal Reserve, for example, implements monetary policy in a regime of ample reserves, whereby the quantity of reserves in the banking system needs to be large enough such that everyday changes in reserves do not cause large variations in short-term rates. The goal is ...
Liberty Street Economics , Paper 20241017

Working Paper
The efficiency of private e-money-like systems: the U.S. experience with state bank notes
Weber, Warren E. (2015-03-01)
In the United States prior to 1863, each bank issued its own distinct notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e-money from the U.S. experience with state bank notes. It examines historical evidence on how well the bank notes?a privately issued currency system with multiple issuers?functioned with respect to ease of transacting, counterfeiting, safety, overissuance, and par exchange. It finds that bank notes made transacting easier and were not subject to overissuance. However, counterfeiting of bank notes was ...
FRB Atlanta CenFIS Working Paper , Paper 15-1

Report
Consumer Payment Behavior by Income and Demographics
Greene, Claire; Perry, Julian; Stavins, Joanna (2024-07-01)
Despite the introduction of an array of innovations and new payment options for consumers over the last decade, income and demographics remain significant predictors of payment behavior. Using data from a 2023 consumer payments diary, we find that income, age, and education are significant predictors of which payment instruments consumers adopt and use. These associations hold not only for traditional payment instruments—cards and paper—but also for innovations such as mobile apps; buy now, pay later (BNPL); and cryptocurrency. In 2023, less educated consumers were significantly less ...
Consumer Payments Research Data Reports , Paper 2024-02

Working Paper
Technological progress, the \"user cost of money,\" and the real output of banks
Basu, Susanto; Wang, J. Christina (2013-12-31)
Financial institutions provide their customers a variety of unpriced services and cover their costs through interest margins - the interest rates they receive on assets are generally higher than the rates they pay on liabilities. In particular, banks pay below-public-market interest rates on deposits while charging above-public-market rates on loans. Various authors have suggested that this situation allows one to measure the real quantity of financial services provided without explicit prices as proportional to the real stocks of financial assets held by households. We present a ...
Working Papers , Paper 13-21

Report
How Do Consumers Make Their Payment Choices?
Stavins, Joanna (2017-05-31)
Payment transformation has generated a shift from paper to cards and electronic payments in the United States, but there is also a large degree of heterogeneity among consumers in howthey pay. We present factors affecting consumer payment behavior, show data on how consumers pay in the United States, and summarize existing literature on consumer payment choice. On the supply side, technology, regulation, and cost affect payment behavior. On the demand side, consumer demographics and income, consumer preferences, and consumer assessments of payment method attributes have all been found ...
Consumer Payments Research Data Reports , Paper 2017-1

Working Paper
Consumer Payment Behavior by Income and Demographics
Greene, Claire; Perry, Julian; Stavins, Joanna (2024-07-01)
Despite the introduction of an array of innovations and new payment options for consumers over the last decade, income and demographics remain significant predictors of payment behavior. Using data from a 2023 consumer payments diary, we find that income, age, and education are significant predictors of which payment instruments consumers adopt and use. These associations hold not only for traditional payment instruments—cards and paper—but also for innovations such as mobile apps; buy now, pay later (BNPL); and cryptocurrency. In 2023, less educated consumers were significantly less ...
Working Papers , Paper 24-8

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