[...]In this article, we measure banks’ alternative fundingsources for Fedwire funds transfers throughout the day, usinga data set that includes all banks’ Fedwire funds transfers andFederal Reserve System deposits. This approach allows us togauge the importance of incoming payments as a...

Globalization and technological innovation are two of themost pervasive forces affecting the financial system andits infrastructure. Perhaps nowhere are these trends moreapparent than in the internationalization and automation ofpayments. The evolving landscape is most obvious in retailpayments...

This article investigates the factors influencing the timingand funding of payments in the CHAPS Sterling system,drawing where appropriate on comparisons with paymentactivity in Fedwire...

[...]This paper traces the evolution of Fedwire fromtwelve separate payment operations, linked only by aninterdistrict communications arrangement, to a more unifiedand efficient system. Our account highlights both thedifficulties the Federal Reserve encountered as it soughtto standardize and...

Both the quantity and quality of education and training in Britain are being comparedunfavourably with arrangements in other countries at a time when public expenditure isfacing the most stringent constraints. This paper starts from the presumption thatimprovements in the quality and quantity of...

We experimentally test whether intentional and observable discriminatorypay of symmetric agents in the Winter (2004) game causes lowpaid agents to reduce effort. We control for intentionality of wages byeither allowing a principal to determine wages or by implementing arandom process. Our main...

In 2009 Iowa farmers had the opportunity to enroll in a new revenue support programcalled ACRE. A survey showed that those who did enroll desired more risk protection andbelieved that payments from ACRE would exceed the value of direct payments forfeited.Operators who did not enroll said the...

In the context of U.S. farm policy, this paper analyzes the effect that expectationsabout base acreage and yield updating in future policies have on a farmer’s productiondecisions in the presence of price, yield and policy uncertainty. We consider a riskaverse farmer producing a single crop...