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Economists


Photo of William Roberds William Roberds

Research Economist and Senior Policy Adviser

Research Department
Federal Reserve Bank of Atlanta
1000 Peachtree Street N.E.
Atlanta, Georgia 30309-4470
404-498-8970
William.Roberds@atl.frb.org

To interview economists, press should contact Public Affairs at 404-498-8748.

  • Biography
  • Research

Biography

William Roberds is a research economist and senior policy adviser with the Federal Reserve Bank of Atlanta. His areas of responsibility include basic research and policy analysis. Dr. Roberds's research focuses primarily on the fields of payment systems, macroeconomics, and econometrics. His research has been published in leading economic journals as well as in Federal Reserve System publications. He is also an occasional contributor to the Atlanta Fed's macroblog, which provides commentary on economic topics including monetary policy, macroeconomic developments, and the Southeast economy.

Dr. Roberds joined the Bank in July 1987. Previously he was an assistant professor at Brown University (1982–84) and an economist at the Federal Reserve Bank of Minneapolis (1984–87). From March through May 1999, he was a visiting scholar at the Bank of Japan.

He is a member of the American Economic Association.

A native of Columbus, Georgia, he received a bachelor's degree in economics from the University of Georgia, attended the University of Bielefeld, Germany, and received a master's degree and a doctorate from Carnegie-Mellon University.

Research

Publications

Federal Reserve Publications

"Responding to a Shadow Banking Crisis: The Lessons of 1763," with Stephen Quinn, FRB Atlanta Working Paper 2012-8, June 2012.
Abstract || Full text in PDF (457 KB)

"The Evolution of the Check as a Means of Payment: A Historical Survey," with Stephen Quinn, FRB Atlanta Economic Review Vol. 93, No. 4 (2008): 1–28.

"Understanding Risk Management in Emerging Retail Payments," with Michele Braun, James McAndrews, and Richard Sullivan, FRB New York Economic Policy Review Vol. 14, No. 2 (2008): 137–59. off-site image

"Are On-Line Currencies Virtual Banknotes?" with Stephen Quinn, FRB Atlanta Economic Review 88 (Second Quarter 2003): 1–15.

"The Economics of Payment Finality," with Charles M. Kahn, FRB Atlanta Economic Review 87 (Second Quarter 2002): 1–12.

"The Economics of Check Float," with James McAndrews, FRB Atlanta Economic Review 85 (Fourth Quarter 2000): 1–11.

"The Design of Wholesale Payments Networks: The Importance of Incentives," with Charles M. Kahn, FRB Atlanta Economic Review 84 (Third Quarter 1999): 30–39.

"The Impact of Fraud on New Methods of Retail Payment." FRB Atlanta Economic Review 83 (First Quarter 1998): 42–52.

"What's Really New about the New Forms of Retail Payment?" FRB Atlanta Economic Review 82 (First Quarter 1997): 32–45.

"Financial Crises and the Payments System: Lessons from the National Banking Era." FRB Atlanta Economic Review 80 (September/October 1995).

Review Essay—"Privatopia and the Public Good." FRB Atlanta Economic Review 80 (May/June 1995).

"Changes in Payments Technology and the Welfare Cost of Inflation," FRB Atlanta Economic Review, May/June 1994.

"The Rise of Electronic Payments Networks and the Future Role of the Fed with Regard to Payment Finality," FRB Atlanta Economic Review, March/April 1993. Reprinted in Payment Systems Worldwide, Winter 1993–94.

Review of Garreau, Edge City: Life on the New Frontier, FRB Atlanta Economic Review, May/June 1992.

"What Hath the Fed Wrought: Interest Rate Smoothing in Theory and Practice," FRB Atlanta Economic Review, May/June 1992.

"How Little We Know about Deficit Policy Effects," with Preston J. Miller, FRB Minneapolis Quarterly Review, Winter 1992.

"Lenders of the Next to Last Resort: Scrip Money in Georgia 1932–35," FRB Atlanta Economic Review, September/October 1990.

Review of Klamer and Colander, The Making of An Economist, FRB Atlanta Economic Review, September/October 1990.

"Money and the Economy: Puzzles from the 1980s Experience," FRB Atlanta Economic Review, September/October 1989.

"Forecast Accuracy and the Performance of Economic Policy: Is There a Connection?" FRB Atlanta Economic Review, September, 1988.

"Forecasting and Modeling the U.S. Economy in 1986–87," with Richard M. Todd, FRB Minneapolis Quarterly Review, Winter 1987.

"Adjustable Rate Mortgages: Increasing Efficiency More Than Housing Activity," with Michael J. Stutzer, FRB Minneapolis Quarterly Review, Summer 1985.


Academic Publications

"The Bank of Amsterdam through the Lens of Monetary Competition," with Stephen Quinn, in Explaining Monetary and Financial Innovation, edited by Peter Bernholz and Roland Vaubel, Springer, 2014.
Also Federal Reserve Bank of Atlanta Working Paper 2012-14.

"How Amsterdam Got Fiat Money," with Stephen Quinn, forthcoming in the Journal of Monetary Economics, 2014.
Also Federal Reserve Bank of Atlanta Working Paper 2010-17.

"Domestic Coinage and the Bank of Amsterdam," with Stephen Quinn, in The Bank of Amsterdam, edited by Marius van Nieuwkerk, Sonsbeek Publishers, 2009.

"Data Breaches and Identity Theft," with Stacey L. Schreft, Journal of Monetary Economics, October 2009.
Also Federal Reserve Bank of Atlanta Working Paper 2008-22.

"An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange and the Emergence of the First Central Bank," with Stephen Quinn, forthcoming in The Development of Financial Markets and Institutions, edited by Jeremy Atack and Larry Neal, Cambridge University Press, 2009.
Also Federal Reserve Bank of Atlanta Working Paper 2006-13.

"Payments Settlement: Tiering in Private and Public Systems," with Charles M. Kahn, Journal of Money, Credit, and Banking, August 2009.
Also Federal Reserve Bank of Atlanta Working Paper 2002-33.

"Why Pay? An Introduction to the Payments Economics," with Charles M. Kahn, Journal of Financial Intermediation, January 2009.

"Optimal Pricing of Payment Services," with Cyril Monnet, Journal of Monetary Economics, November 2008.
Also Federal Reserve Bank of Atlanta Working Paper 2006-25.

"Credit and Identity Theft," with Charles M. Kahn, Journal of Monetary Economics, March 2008.
Also Federal Reserve Bank of Atlanta Working Paper 2005-19.

"The Bank of Amsterdam and the Leap to Central Bank Money," with Stephen Quinn, Papers and Proceedings of the American Economic Association, May 2007.

"Payment Systems," the New Palgrave Dictionary of Economics.

"Transferability, Finality, and Debt Settlement," with Charles M. Kahn, Journal of Monetary Economics, May 2007
See also Atlanta Fed Working Paper 2001-18b.

"Money Is Privacy," with Charles M. Kahn and James McAndrews, International Economic Review, May 2005.
See also Atlanta Fed Working Paper 2004-18.

"Settlement Risk under Gross and Net Settlement," with Charles M. Kahn and James McAndrews, Journal of Money, Credit, and Banking, August 2003.
See also Atlanta Fed Working Paper 99-10a.

"The CLS Bank: A Solution to the Risks of International Payments Settlement?" with Charles M. Kahn, Carnegie-Rochester Conference Series on Public Policy, June 2001.
See also Atlanta Fed Working Paper 2000-15a.

"Real-Time Gross Settlement and the Costs of Immediacy," with Charles M. Kahn, Journal of Monetary Economics, April 2001.
See also Atlanta Fed Working Paper 98-21a.

"A General Equilibrium Analysis of Check Float," with James J. McAndrews, Journal of Financial Intermediation, December 1999.
See also Atlanta Fed Working Paper 97-4.

"Endogenous Term Premia and Anomalies in the Term Structure of Interest Rates: Explaining the Predictability Smile," with Charles H. Whiteman, Journal of Monetary Economics, December 1999.
See also Atlanta Fed Working Paper 96-11.

"Demandable Debt as a Means of Payment: Checks versus Notes," with Charles M. Kahn, Journal of Money, Credit, and Banking, Part 2, August 1999.
See also Atlanta Fed Working Paper 98-5.

Comment on James D. Hamilton, "The Supply and Demand for Federal Reserve Deposits," Carnegie-Rochester Conference Series on Public Policy, December 1998.

"Payment System Settlement and Bank Incentives," with Charles M. Kahn, Review of Financial Studies, Winter 1998.
See also Atlanta Fed Working Paper 96-10

Comment on Jordi Gali, "Budget Constraints and Time-Series Evidence on Consumption," American Economic Review, March 1996.

"A Daily View of Yield Spreads and Short-Term Interest Rate Movements," with David Runkle and Charles H. Whiteman, Journal of Money, Credit, and Banking, February 1996.

"Banks, Payments, and Coordination," with James J. McAndrews, Journal of Financial Intermediation, October 1995.

Comment on Stephen Leroy, "On Policy Regimes," in Macroeconometrics: Developments, Tensions, and Prospects, edited by Kevin Hoover, Kluwer Academic Publishers, 1995.

Review of Graham Dawson, Inflation and Unemployment: Causes, Consequences, and Cures, in Journal of Money, Credit, and Banking, November 1994.

"Monetary Aggregates as Monetary Targets: A Statistical Investigation," with Charles H. Whiteman, Journal of Money, Credit, and Banking, May 1992.

"The Quantitative Significance of the Lucas Critique," with Preston J. Miller, Journal of Business and Economic Statistics, October 1991.

"Time-Series Implications of Present Value Budget Balance and Martingale Models of Consumption and Taxes," with Lars Peter Hansen and Thomas J. Sargent, in Rational Expectations Econometrics, edited by Hansen and Sargent, Westview Press, 1991.

"Implications of Present Value Budget Balance: Application to Postwar U.S. Data," in Rational Expectations Econometrics, edited by Hansen and Sargent, Westview Press, 1991.

"Variable Rate Loans Increase Efficiency but Not Necessarily Borrowers' Consumption of Financed Goods," with Michael J. Stutzer, Journal of Urban Economics, July 1988.

"Models of Policy Under Stochastic Replanning," International Economic Review, October 1987.

"Linear-Quadratic Duopoly Models of Resource Depletion," with Lars Peter Hansen and Dennis Epple, in Energy, Foresight, and Strategy, edited by Thomas J. Sargent, Resources for the Future, 1985.

Other Research Papers

"The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking," with Stephen Quinn, August 2005.
See also Atlanta Fed Working Paper 2005-16

"A Theory of Transactions Privacy," with Charles M. Kahn and James McAndrews, November 2000.
See also Atlanta Fed Working Paper 2000-22

"Payment Intermediation and the Origins of Banking," with James McAndrews, August 1999.
See also Atlanta Fed Working Paper 99-11

"The Incentive Effects of Settlement Systems: A Comparison of Gross Settlement, Net Settlement, and Gross Settlement with Queueing," August 1999.

"A Model of Check Exchange," with James J. McAndrews, November 1997.

"On the Role of Bank Coalitions in the Provision of Liquidity," with Charles M. Kahn, January 1996, revised January 1998.