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| Title: | | Quantifying the benefits of a liquidity-saving mechanism  |
| Authors: | | Atalay, Enghin Martin, Antoine McAndrews, James |
| Issue Date: | | 2010 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 447 |
| Abstract: | | This paper attempts to quantify the benefits associated with operating a liquidity-saving mechanism (LSM) in Fedwire, the large-value payment system of the Federal Reserve. Calibrating the model of Martin and McAndrews (2008), we find that potential gains are large compared to the likely cost of implementing an LSM, on the order of hundreds of thousands of dollars per day. |
| Subjects: | | Liquidity-saving mechanisms real-time gross settlement large-value payment systems |
| JEL: | | E42 E58 G21 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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