Each of the three hypothetical market structures that may emerge for faster payments in the United States has advantages and disadvantages in meeting public policy objectives of efficiency, safety, and ubiquity. Tools are available to promote positive outcomes in each structure.
Rosenbaum, Aaron, Garth Baughman, Mark Manuszak, Kylie Stewart, Fumiko Hayashi, and Joanna Stavins. “Faster Payments: Market Structure and Policy Considerations.” Federal Reserve Bank of Kansas City, Research Working Paper no. 17-14, November. Available at External Linkhttps://doi.org/10.18651/RWP2017-14
A new model of money demand incorporates consumers’ past and future habits to shed light on time inconsistency in monetary policy.
Developing new ideas requires not only researchers but also R&D capital—that is, targeted investment in research equipment.
Restricting landlords’ ability to evict may reduce housing supply, so paying delinquent tenants’ rent is a better policy.
