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Report
Personality Traits and Financial Outcomes
Greene, Claire; Shy, Oz; Stavins, Joanna (2023-07-01)
Surveys indicate that about 4.5 percent of US households do not have a bank account and about one-quarter do not own any credit cards. Among credit cardholders, revolving credit card debt (carrying unpaid balances) is common. Using data from the 2021 Survey and Diary of Consumer Payment Choice and the University of Southern California’s Understanding America Study, this paper looks at whether self-reported personality traits have a significant effect on these financial outcomes when the analysis considers consumers’ income, demographics, and financial literacy. Specifically, it studies ...
Consumer Payments Research Data Reports , Paper 2023-02

Journal Article
Recent payment trends in the United States
Gerdes, Geoffrey R. (2008-10)
Federal Reserve Bulletin , Volume 94 , Issue Oct

Working Paper
Uncovering Retail Trading in Bitcoin: The Impact of COVID-19 Stimulus Checks
Divakaruni, Anantha; Zimmerman, Peter (2021-07-16)
In April 2020, the US government sent economic impact payments (EIPs) directly to households, as part of its measures to address the COVID-19 pandemic. We characterize these stimulus checks as a wealth shock for households and examine their effect on retail trading in Bitcoin. We find a significant increase in Bitcoin buy trades for the modal EIP amount of $1,200. The rise in Bitcoin trading is highest among individuals without families and at exchanges catering to nonprofessional investors. We estimate that the EIP program has a significant but modest effect on the US dollar–Bitcoin ...
Working Papers , Paper 21-13

Working Paper
Managing a New Policy Framework: Paul Volcker, the St. Louis Fed, and the 1979-82 War on Inflation
Wheelock, David C.; Kliesen, Kevin L. (2020-07-23)
In October 1979, Federal Reserve Chairman Paul Volcker persuaded his FOMC colleagues to adopt a new policy framework that i) accepted responsibility for controlling inflation and ii) implemented new operating procedures to control the growth of monetary aggregates in an effort to restore price stability. These moves were strongly supported by monetarist-oriented economists, including the leadership and staff of the Federal Reserve Bank of St. Louis. The next three years saw inflation peak and then fall sharply, but also two recessions and considerable volatility in interest rates and money ...
Working Papers , Paper 2020-022

Journal Article
Introduction [to A Primer on the GCF Repo® Service]
Copeland, Adam (2015)
Repurchase agreements, or repos, are commonly used by financial entities to access money markets. GCF Repo, a financial service provided by the Fixed Income Clearing Corporation (FICC), is a particular type of repo in which trades are executed anonymously, with FICC acting as a central counterparty and guaranteeing settlement. In this primer, which consists of an introduction and two articles, the authors explore the effects on GCF Repo of ongoing reforms to the settlement procedures for another type of repo, tri-party repo. Key areas of focus are the impact of the reforms on the use of ...
Economic Policy Review , Issue 2 , Pages 1-6

Report
Stablecoin Disintermediation
Lee, Michael Junho; Tou, Donny (2026-02-01)
We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks’ deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking on-chain transactions to wholesale interbank payments, we document the first evidence of liquidity-driven bank disintermediation. Stablecoins directly transmit liquidity shocks to the banking system: banks with stablecoin deposits experience substantial increases in payment demand and heightened liquidity exposure to daily stablecoin primary market activity. Consistent with theory, ...
Staff Reports , Paper 1185

Report
2023 Survey and Diary of Consumer Payment Choice
Foster, Kevin; Greene, Claire; Stavins, Joanna (2024-06-03)
For 2023, the Survey and Diary of Consumer Payment choice found the following: • US consumers made more payments in 2023. o Compared to October 2022, there were statistically significant increases in the number of all payments (to 45.6 on average per month), in the number of all types of card payments (29.5), and in payments via mobile app (13). o The share of purchases made remotely increased to 22 percent, up 4 percentage points from 2022 and more than double the share of remote purchases before the COVID-19 pandemic. • Mobile has won over three-quarters of US consumers. o 72 percent of ...
Consumer Payments Research Data Reports , Paper 2024-01

Working Paper
The Federal Reserve's Portfolio and its Effect on Interest Rates
Klee, Elizabeth C.; Ihrig, Jane E.; Huther, Jeff W. (2017-07)
We explore the historical composition of the Federal Reserve's Treasury portfolio and its effect on Treasury yields. Using data from 1985 to 2016, we show that the divergence of the composition of the Federal Reserve's portfolio from overall Treasury securities outstanding is associated with a statistically significant effect on interest rates. In aggregate, when the Federal Reserve's portfolio has shorter maturity than overall Treasury debt outstanding, measures of the term premium are higher at all horizons; likewise, when the Federal Reserve's portfolio has longer maturity, term premiums ...
Finance and Economics Discussion Series , Paper 2017-075

Report
The Monetary and Fiscal History of Brazil, 1960-2016
Kehoe, Patrick J.; Ayres, Joao Luiz; Guillen, Diogo; Garcia, Marcio (2018-12-20)
Brazil has had a long period of high inflation. It peaked around 100 percent per year in 1964, decreased until the first oil shock (1973), but accelerated again afterward, reaching levels above 100 percent on average between 1980 and 1994. This last period coincided with severe balance of payments problems and economic stagnation that followed the external debt crisis in the early 1980s. We show that the high-inflation period (1960-1994) was characterized by a combination of fiscal deficits, passive monetary policy, and constraints on debt financing. The transition to the low-inflation period ...
Staff Report , Paper 575

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