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Working Paper
Survey Incentives, Survey Effort, and Survey Costs
This paper uses the 2007 and 2010 waves of the Survey of Consumer Finances (SCF) to investigate how monetary incentives affect the time and effort that interviewers expend during the survey field period, and how these incentives affect effort expended by the survey respondent. The results imply that a larger monetary incentive offer helps reduce contact attempts and time in the field while maintaining data quality and effort during the survey by the respondent. Our results are based on a quasi-experiment that varies which families receive an incentive offer letter. Supporting evidence is ...
Journal Article
Challenges in identifying interbank loans
Although interbank lending markets play a key role in the financial system, the lack of disaggregated data often makes the analysis of these markets difficult. To address this problem, recent academic papers focusing on unsecured loans of central bank reserves have employed an algorithm in an effort to identify individual transactions that are federal funds loans. The accuracy of the algorithm, however, is not known. The authors of this study conduct a formal test with U.S. data and find that the rate of false positives produced by one of these algorithms is on average 81 percent; the rate of ...
Report
Evaluating the quality of fed funds lending estimates produced from Fedwire payments data
A number of empirical analyses of interbank lending rely on indirect inferences from individual interbank transactions extracted from payments data using algorithms. In this paper, we conduct an evaluation to assess the ability of identifying overnight U.S. fed funds activity from Fedwire payments data. We find evidence that the estimates extracted from the data are statistically significantly correlated with banks' fed funds borrowing as reported on the FRY-9C. We find similar associations for fed funds lending, although the correlations are lower. To be conservative, we believe that the ...