E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit

• Large-Scale Asset Purchases: Impact on Commodity Prices and International Spillover Effects

  Staff Working Paper 2015-21 Sharon Kozicki, Lena Suchanek, Eric Santor

  Prices of commodities, including metals, energy and agricultural products, rose markedly over the 2009–2010 period. Some observers have attributed a significant part of this increase in commodity prices to the U.S. Federal Reserve’s large-scale asset purchase (LSAP) programs.

  Content Type(s): Staff working papers Topic(s): International topics JEL Code(s): E, E5, E58, G, G1, G14, Q, Q0, Q00

• Changes in Payment Timing in Canada’s Large Value Transfer System

  Staff Working Paper 2015-20 Nellie Zhang

  This paper uncovers trends in payment timing in Canada’s Large Value Transfer System (LVTS) from 2003 to 2011. Descriptive analysis shows that LVTS payment activity has not been peaking in the late afternoon since 2008, and the improvement was most significant in 2009.

  Content Type(s): Staff working papers Topic(s): Payment clearing and settlement systems JEL Code(s): E, E5, E50, G, G2, G20

• Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes

  Staff Working Paper 2015-18 Warren E. Weber

  The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.

  Content Type(s): Staff research, Staff working papers Topic(s): Bank notes, Digital currencies and fintech, Financial services JEL Code(s): E, E4, E41, E42, E5, E58