Notes from the Vault

The Center for Financial Innovation and Stability's series, Notes from the Vault

Cashless Stores and Cash Users
Oz Shy
May 2019

With the emergence of cashless stores, how does this change affect consumers who lack credit or debit cards? This post characterizes consumers who pay cash for in-person purchases and those who do not have credit or debit cards.

Fractional Reserve Cryptocurrency Banks
Larry D. Wall
April 2019

Some observers argue that widespread acceptance of cryptocurrency would eliminate banks. This post discusses the potential for such banks and some issues raised by cryptocurrency banks.

Carry Factors: Characteristics and Informational Content
Nikolay Gospodinov and Ibrahim Jamali
March 2019

This post discusses the informational content of carry factors for policy analysis. It highlights the predictive content of the bond and commodity carry, respectively, for recessions and inflation, and the commonality in the currency carry.

Tech-Driven Financial Innovation in Banking
W. Scott Frame, Larry D. Wall, and Lawrence J. White
January 2019

This post draws on the authors' recent working paper to highlight why research on financial innovation is important. It also discusses some data limitations that inhibit such research.

Notes from the Vault was on hiatus after the March/April 2012 post; it restarted in March 2013.

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