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1901
result(s)
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
Testing for the Diffusion Matrix in a Continuous-Time Markov Process Model with Applications to the Term Structure of Interest Rates
Staff Working Paper 2015-17
Fuchun Li
The author proposes a test for the parametric specification of each component in the diffusion matrix of a d-dimensional diffusion process. Overall, d (d-1)/2 test statistics are constructed for the off-diagonal components, while d test statistics are constructed for the main diagonal components.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Econometric and statistical methods,
Interest rates
JEL Code(s):
C,
C1,
C12,
C14,
E,
E1,
E17,
E4,
E43,
G,
G1,
G12,
G2,
G20
Exploring Differences in Household Debt Across Euro Area Countries and the United States
Staff Working Paper 2015-16
Dimitris Christelis,
Michael Ehrmann,
Dimitris Georgarakos
We use internationally comparable household-level data for ten euro area economies and the United States to investigate cross-country differences in debt holdings and the potential of debt overhang.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Credit and credit aggregates,
Econometric and statistical methods,
International topics
JEL Code(s):
D,
D1,
D12,
E,
E2,
E21,
G,
G1,
G11
Variance Estimation for Survey-Weighted Data Using Bootstrap Resampling Methods: 2013 Methods-of-Payment Survey Questionnaire
Technical Report No. 104
Heng Chen,
Rallye Shen
Sampling units for the 2013 Methods-of-Payment Survey were selected through an approximate stratified random sampling design. To compensate for non-response and non-coverage, the observations are weighted through a raking procedure.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Econometric and statistical methods
JEL Code(s):
C,
C8,
C83
Household Stockholding Behavior During the Great Financial Crisis
Staff Working Paper 2015-15
Jie Zhou
Using the Panel Study of Income Dynamics, this paper studies household stock market participation and trading behavior in 2007–09, a period that saw a major stock market downswing. The stock market participation rate fell after the market crash.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial markets
JEL Code(s):
G,
G0,
G01,
G1,
G11
2013 Methods-of-Payment Survey: Sample Calibration Analysis
Technical Report No. 103
Kyle Vincent
Sample calibration is a procedure that utilizes sample and national-level demographic distribution information to weight survey participants. The objective of calibration is to weight the sample so that it is demographically representative of the target population.
Content Type(s):
Staff research,
Technical reports
Topic(s):
Central bank research
JEL Code(s):
C,
C8,
C81,
C83
A Wake-Up-Call Theory of Contagion
Staff Working Paper 2015-14
Christoph Bertsch,
Toni Ahnert
We propose a novel theory of financial contagion. We study global coordination games of regime change in two regions with an initially uncertain correlation of regional fundamentals.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Exchange rates,
Financial stability,
International financial markets
JEL Code(s):
D,
D8,
D82,
F,
F3,
G,
G0,
G01
Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Staff Working Paper 2015-13
Michael Ehrmann,
Marcel Fratzscher
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Asset pricing,
Financial markets,
Interest rates,
International financial markets
JEL Code(s):
E,
E5,
F,
F3,
G,
G1,
G15
2013 Methods-of-Payment Survey Results
Staff Discussion Paper 2015-4
Christopher Henry,
Kim Huynh,
Rallye Shen
As the sole issuer of bank notes, the Bank of Canada conducts methods-of-payment (MOP) surveys to obtain a detailed and representative snapshot of Canadian payment choices, with a focus on cash usage.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Bank notes,
Digital currencies and fintech
JEL Code(s):
E,
E4