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
Reducing risk in wire transfer systems
Stevens, Edward J. (1986-04)
A description of sources of risk in large-dollar transfer systems and a discussion of the Board of Governors' new mechanism for risk control. The author cites examples of potential changes that might facilitate future risk reduction.
Economic Review , Issue Q II , Pages 17-22

Journal Article
Seasonal borrowing and open market operations
Stevens, Edward J. (1990-04)
A review of the Federal Reserve's seasonal borrowing program, including 1) an investigation of the original rationale for the program, 2) a determination of how changes in financial market structure during the intervening years may have affected that rationale, and 3) an exploration of how seasonal borrowing complicates monetary policy implementation.
Economic Review , Volume 26 , Issue Q II , Pages 29-40

Journal Article
Electronic money and the future of central banks
Stevens, Edward J. (2002-03)
Computers and telecommunications devices may replace paper currency and checks?some day. Indeed, electronic methods of transferring money have become widely used. Recently, however, discussion of ?electronic money? has taken a new turn, zeroing in on the extent to which holding new forms of electronic money eventually could make central banks obsolete, rendering them powerless to control inflation. This Commentary updates the old story of electronic funds transfers before introducing the new story of electronic money holdings, which may be a metaphor for a larger question about the future of ...
Economic Commentary , Issue Mar

Journal Article
Measuring the adjusted monetary base in an era of financial change - commentary
Stevens, Edward J. (1996-11)
Review , Issue Nov , Pages 38-44

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
Is there any rationale for reserve requirements?
Stevens, Edward J. (1991-07)
A search for a contemporary rationale for reserve requirements that finds little to recommend them other than an aversion to total reliance on the discount window for meeting banks' day-to-day liquidity needs.
Economic Review , Volume 27 , Issue Q III , Pages 2-17

Working Paper
Pricing daylight overdrafts
Stevens, Edward J. (1988)
An examination of three policy problems associated with daylight credit and an evaluation of three reform proposals to alleviate the payment system risk associated with Federal Reserve Banks' extension of daylight credit to financial institutions.
Working Papers (Old Series) , Paper 8816

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
Auctioning treasury securities
Dumitru, Diana; Stevens, Edward J. (1992-06)
A proposal of two suggested changes in the current sealed-bid, multiple-price auction process for selling U.S. Treasury securities, each of which might eliminate incentives and opportunities for market manipulation and thereby reduce the need to police arbitrary auction rules.
Economic Commentary , Issue Jun