Center for Financial Innovation and Stability
CenFIS Working Papers feature the research of visiting scholars and distinguished economists. The papers are intended to stimulate professional discussion about financial innovation and financial stability and associated policies. Online only.
This series has been discontinued. View our working papers series for the complete set of scholarly research from Atlanta Fed economists and visiting scholars.
Government and Private E-Money-Like Systems:
Federal Reserve Notes and National Bank Notes
Warren E. Weber
CenFIS Working Paper 15-03
In the United States from 1914 to 1935, both privately issued and government-issued bank notes were in circulation simultaneously. The author examines this period and considers the government's potential role in using e-money.
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with National Bank Notes
Warren E. Weber
CenFIS Working Paper 15-02
Starting in 1864, notes of the individual national banks were the predominant medium of exchange in the United States. Comparing national bank notes with e-money, the author suggests that a privately issued e-money system can operate efficiently with appropriate government intervention, regulation, and supervision.
The Efficiency of Private E-Money-Like Systems: The U.S. Experience with State Bank Notes
Warren E. Weber
CenFIS Working Paper 15-01
Before 1863 in the United States, each bank issued its own distinct bank notes. Today's e-money shares many of the characteristics of those notes. The author examines lessons relevant to e-money from the U.S. experience with state bank notes.
A Unifying Approach to the Empirical Evaluation of Asset Pricing Models
Francisco Peñaranda and Enrique Sentana
CenFIS Working Paper 10-03
Linear factor pricing models can produce different results depending on the way the theory is represented and the estimation strategy. We show that single-step continuously updated GMM estimates are numerically identical for the two common representations.
The Relationship between Mortgage Markets and House Prices: Does Financial Instability Make the Difference?
Santiago Carbó Valverde and Francisco Rodríguez Fernández
CenFIS Working Paper 10-02
The authors present evidence that the effect of mortgage lending on housing prices increased in 2001 in Spain. They suggest this change may be related to securitization of mortgage loans.
Investment Performance Evaluation
Wayne E. Ferson
CenFIS Working Paper 10-01
The author reviews the rapidly developing literature on investment performance evaluation, summarizing the significant forces and contributions in that field and suggesting directions for future research.
U.S. Monetary Policy and the Financial Crisis
James R. Lothian
CenFIS Working Paper 09-01
Comparing monetary policy before and during the current recession to policy during the Great Depression, the author discusses what policymakers must do to avoid an inflation surge and the likely difficulties of making necessary policy shifts.
Atlanta Fed Working Papers
Expected Returns to Stock Investments by Angel Investors in Groups
Ramon P. DeGennaro and Gerald P. Dwyer
Working Paper 2010-14 (August)
Angel investors fund thousands of entrepreneurial projects annually. The authors' estimates indicate that the expected return for doing so is about 70 percent per year, compensating for the substantial risk. about 70 percent per year, compensating for the substantial risk.