A comparison of Federal Reserve overdraft and reserve requirement rules with those of the Deutsche Bundesbank, the Bank of Japan, and the Bank of England, finding that no unique set of rules is necessary for effective performance of a central bank's monetary and payments system functions.

An examination of the fading significance of the Federal Reserve System's reserve requirements and the recent flowering of required clearing balances, a rapidly growing feature of Reserve Bank operations.

An examination of the federal deficit and of the possible effects of persistently high levels of federal debt on real interest rates, private investment, and the economy's real growth.

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.

An examination of how much Federal Reserve Banks should charge for daylight overdrafts. A low fee involves questions of moral hazard in central banking, while a high fee raises questions about risk myopia in private credit markets.

An examination of the indicator value of the yield curve, concluding that its message is no more distinct than those received from other intermediate indicators.

A discussion of investor risk in the government securities market, covering abuses and the key features of possible remedies being offered by proposed regulations required by the Government Securities Act of 1986.

A comparison of Fedwire, CHIPS, and GlobeSet payment services for 24-hour global markets, emphasizing the constraining influence of the Federal Reserve's monetary policy responsibilities on Fedwire's market share.

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.

An examination of the role that monetary policy easings and reduced reserve requirements played in the increased federal funds volatility of late 1990 and early 1991.