photo of William Roberds

William Roberds

Research Economist and Senior Adviser
email :: 404-498-8970

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

  • Biography

    William Roberds is a research economist and senior adviser on the macroeconomics and monetary policy team in the research department at 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.

  • Working Papers

    Atlanta Fed Working Papers

    2017-5
    An Early Experiment with "Permazero"
    Stephen Quinn and William Roberds
    May 2017
    Abstract | Full text Adobe PDF file format (3,309 KB)

    2014-17
    Death of a Reserve Currency
    Stephen Quinn and William Roberds
    September 2014
    Abstract | Full text Adobe PDF file format (513 KB)

    2014-9
    Early Public Banks
    William Roberds and François R. Velde
    August 2014
    Abstract | Full text Adobe PDF file format (710 KB)

    2012-14
    The Bank of Amsterdam through the Lens of Monetary Competition
    Stephen Quinn and William Roberds
    September 2012
    Abstract | Full text Adobe PDF file format (198 KB)

    2012-8
    Responding to a Shadow Banking Crisis: The Lessons of 1763
    Stephen Quinn and William Roberds
    June 2012
    Abstract | Full text Adobe PDF file format (457 KB)

    2010-17
    How Amsterdam Got Fiat Money
    Stephen Quinn and William Roberds
    December 2010
    Abstract | Full text Adobe PDF file format (667 KB)

    2008-22
    Data Breaches and Identity Theft
    William Roberds and Stacey L. Schreft
    September 2008
    Abstract | Full text Adobe PDF file format (419 KB)

    2006-25
    Credit and the No-Surcharge Rule
    Cyril Monnet and William Roberds
    November 2006
    Abstract | Full text Adobe PDF file format (262 KB)

    2006-13
    An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange, and the Emergence of the First Central Bank
    Stephen Quinn and William Roberds
    September 2006
    Abstract | Full text Adobe PDF file format (240 KB)

    2005-19
    Credit and Identity Theft
    Charles M. Kahn and William Roberds
    August 2005
    Abstract | Full text Adobe PDF file format (274 KB)

    2005-16
    The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking
    Stephen Quinn and William Roberds
    August 2005
    Abstract | Full text Adobe PDF file format (423 KB)

    2004-18
    Money Is Privacy
    Charles M. Kahn, James McAndrews, and William Roberds
    August 2004
    Abstract | Full text Adobe PDF file format (236 KB)

    2002-33
    Payments Settlement under Limited Enforcement: Private versus Public Systems
    Charles M. Kahn and William Roberds
    December 2002
    Abstract | Full text Adobe PDF file format (581 KB)

    2001-18b
    Transferability, Finality, and Debt Settlement
    Charles M. Kahn and William Roberds
    (Revised) October 2004
    Abstract | Full text Adobe PDF file format (1.1 MB)

    2000-22
    A Theory of Transactions Privacy
    Charles M. Kahn, James McAndrews, and William Roberds
    Novemeber 2000
    Abstract | Full text Adobe PDF file format (140 KB)

    2000-15a
    The CLS Bank: A Solution to the Risks of International Payments Settlement?
    Charles M. Kahn and William Roberds
    November 2000
    Abstract | Full text Adobe PDF file format (198 KB)

    99-11
    Payment Intermediation and the Origins of Banking
    James McAndrews and William Roberds
    August 1999
    Abstract | Full text Adobe PDF file format (127 KB)

    99-10a
    Settlement Risk under Gross and Net Settlement
    Charles M. Kahn, James McAndrews, and William Roberds
    (Revised) August 1999
    Abstract | Full text Adobe PDF file format (119 KB)

    98-21a
    Real-Time Gross Settlement and the Costs of Immediacy
    Charles M. Kahn and William Roberds
    (Revised) November 1999
    Abstract | Full text Adobe PDF file format (83 KB)

    98-5
    Demandable Debt as a Means of Payment: Banknotes versus Checks
    William Roberds and Charles H. Whiteman
    April 1998
    Abstract | Full text Adobe PDF file format (139 KB)

    97-4
    A General Equilibrium Analysis of Check Float
    James McAndrews and William Roberds
    October 1997
    Abstract | Full text Adobe PDF file format (190 KB)

    96-11
    Endogenous Term Premia and Anomalies in the Term Structure of Interest Rates: Explaining the Predictability Smile
    William Roberds and Charles H. Whiteman
    October 1996
    Abstract | Full text Adobe PDF file format (749 KB)

    96-10
    Payment System Settlement and Bank Incentives
    Charles M. Kahn and William Roberds
    October 1996
    Abstract | Full text Adobe PDF file format (750 KB)

    Unpublished Working Papers

    "The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking," with Stephen Quinn, August 2005.

    "A Theory of Transactions Privacy," with Charles M. Kahn and James McAndrews, October 2000.

    "Payment Intermediation and the Origins of Banking," with James McAndrews, August 1999.

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

  • Academic Publications

    Publications listed included journal articles, book chapters, and book reviews. These are organized by field.

    Economic History

    "Death of a Reserve Currency," with Stephen Quinn, International Journal of Central Banking, 2016, 12(4): 63–103.

    Review of Making Money: Coin, Currency, and the Coming of Capitalism, by Christine Desan, Journal of Economic Literature, 2016, 54(3): 906–921.

    "Early Public Banks I: Ledger-Money Banks," with François Velde, in Money in the Western Legal Tradition, 2016, edited by Wolfgang Ernst and David M. Fox, Oxford University Press, pp. 321–358.

    "Early Public Banks II: Banks of Issue," with François Velde, in Money in the Western Legal Tradition, 2016, edited by Wolfgang Ernst and David M. Fox, Oxford University Press, pp. 359–386.

    "Responding to a Shadow Banking Crisis: The Lessons of 1763," with Stephen Quinn, 2015, Journal of Money, Credit, and Banking, 47(6): 1149–1176.

    "How Amsterdam Got Fiat Money," with Stephen Quinn, 2014, Journal of Monetary Economics, 66(C): 1–12.

    Review of The House of Rothschild in Spain, 1812–1941, by Miguel López-Morell., 2014, Journal of Economic History, 74(3): 922–924.

    "The Bank of Amsterdam through the Lens of Monetary Competition," with Stephen Quinn, 2014, in Explaining Monetary and Financial Innovation: a Historical Analysis, edited by Peter Bernholz and Roland Vaubel, Springer Verlag, pp. 283–300.

    "Domestic Coinage and the Bank of Amsterdam," with Stephen F. Quinn, in De Wisselbank: van Stadsbank tot Bank van de Wereld [English edition: The Bank of Amsterdam: on the Origins of Central Banking], 2009, edited by Marius Nieuwkerk, Sonsbeek Publishers, pp. 92–107.

    "An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange and the Emergence of the First Central Bank," with Stephen Quinn, in The Development of Financial Markets and Institutions, 2009, edited by Jeremy Atack and Larry Neal, Cambridge University Press, pp. 32–70.

    "The Bank of Amsterdam and the Leap to Central Bank Money," with Stephen Quinn, 2007, American Economic Review (papers and proceedings), 97(2): 955–978.

    Money and Payments

    "Why Pay? An Introduction to the Payments Economics," 2009, with Charles M. Kahn, Journal of Financial Intermediation, 18(1):1–23.

    "Data Breaches and Identity Theft," with Stacey L. Schreft, 2009, Journal of Monetary Economics, 56(7): 918–929.

    "Payments Settlement: Tiering in Private and Public Systems," with Charles M. Kahn, 2009, Journal of Money, Credit, and Banking, 41(5): 855–844.

    "Optimal Pricing of Payment Services," with Cyril Monnet, 2008, Journal of Monetary Economics, 55(8): 1428–1440.

    "Credit and Identity Theft," with Charles M. Kahn, 2008, Journal of Monetary Economics, 55(8): 1428–1440.

    "Transferability, Finality and Debt Settlement," 2007, with Charles M. Kahn, Journal of Monetary Economics, 54(4): 955–978.

    "Money is Privacy," with Charles M. Kahn and James McAndrews, 2005, nternational Economic Review, 46(2): 377–399.

    "Settlement Risk under Gross and Net Settlement," with Charles M. Kahn and James McAndrews, 2003, Journal of Money, Credit, and Banking, 35(4): 591–608.

    "Real-Time Gross Settlement and the Costs of Immediacy," with Charles M. Kahn, 2001, Journal of Monetary Economics, 47(2): 299–319.

    "The CLS Bank: A Solution to the Risks of International Payment Settlement?" with Charles M. Kahn, 2001, Carnegie-Rochester Series on Public Policy, 54(1): 191–226.

    "A General Equilibrium Analysis of Check Float," with James J. McAndrews, 1999, Journal of Financial Intermediation, 8(4): 353–377.

    "Demandable Debt as a Means of Payment: Checks versus Notes," with Charles M. Kahn, 1999, Journal of Money, Credit, and Banking, 31(3): 500–525.

    "Payment System Settlement and Bank Incentives," with Charles M. Kahn, 1998, Review of Financial Studies, 11(4): 845–870.

    Macroeconomics, Finance, and Others

    "Endogenous Term Premia and Anomalies in the Term Structure of Interest Rates: Explaining the Predictability Smile," with Charles H. Whiteman, 1999, Journal of Monetary Economics, 44(3): 555–580.

    "The Supply and Demand for Federal Reserve Deposits: A comment," 1998, Carnegie-Rochester Conference Series on Public Policy 49(1):45–52.

    "A Daily View of Yield Spreads and Short-Term Interest Rate Movements," with David Runkle and Charles H. Whiteman, 1996, Journal of Money, Credit, and Banking, 28(1): 34–53.

    "Budget Constraints and Time-Series Evidence on Consumption,: A comment," 1996: American Economic Review, 86(1): 296–297.

    "Banks, Payments, and Coordination," with James J. McAndrews, 1995, Journal of Financial Intermediation, 4(4): 305–327.

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

    "Monetary Aggregates as Monetary Targets: A Statistical Investigation," with Charles H. Whiteman, 1992, Journal of Money, Credit, and Banking, 24(2): 141–161.

    "The Quantitative Significance of the Lucas Critique" with Preston J. Miller, 1991, Journal of Business and Economic Statistics, 9(4): 361–387.

    "Time-Series Implications of Present Value Budget Balance and Martingale Models of Consumption and Taxes," with Lars Peter Hansen and Thomas J. Sargent, 1991, in Rational Expectations Econometrics, edited by Hansen and Sargent, Westview Press, pp. 121–162.

    "Implications of Present Value Budget Balance: Application to Postwar U.S. Data," 1991, in Rational Expectations Econometrics, edited by Hansen and Sargent, Westview Press, pp. 163–175.

    "Variable Rate Loans and Financed Activities: the Case of Adjustable Rate Mortgages," with Michael J. Stutzer, 1988, Journal of Urban Economics, 24(1): 27–37.

    "Models of Policy Under Stochastic Replanning," 1987, International Economic Review, 28(3): 731–755.

    "Linear-Quadratic Duopoly Models of Resource Depletion," with Lars Peter Hansen and Dennis Epple, 1985, in Energy, Foresight, and Strategy, edited by Thomas J. Sargent, Resources for the Future, pp. 101–142.

  • Other Fed and Central Bank Work

    Articles

    "The Descent of Central Banks (1400–1815)Off-site link," with François Velde, 2016, in Central Banks at a Crossroads: What Can We Learn from History? edited by Michael D. Bordo, Øyvind Eitreim, Marc Flandreau, and Jan F. Qvigstad, published by Norges Bank, pp. 18–61.

    "Central Banks and Payment Systems: The Evolving Tradeoff between Cost and RiskOff-site link," with Charles M. Kahn and Stephen Quinn, 2016, in Central Banks at a Crossroads: What Can We Learn from History? edited by Michael D. Bordo, Øyvind Eitreim, Marc Flandreau, and Jan F. Qvigstad, published by Norges Bank, pp. 563–609.

    A Return to Jekyll Island: The Origins, History, and Future of the Federal ReserveOff-site link, 2013, co-edited with Michael Bordo, Cambridge University Press (conference volume marking the 100th anniversary of the Jekyll Island meeting). "Data Security, Privacy, and Identity Theft: The Economics Behind the Policy Debates," with Stacey L. Schreft, 2009, Federal Reserve Bank of Chicago Economic Perspectives, first quarter.

    "Data Security, Privacy, and Identity Theft: The Economics Behind the Policy DebatesOff-site link," with Stacey L. Schreft, 2009, Federal Reserve Bank of Chicago Economic Perspectives, first quarter.

    Stephen Quinn and William Roberds. "The Evolution of the Check as a Means of Payment: A Historical Survey." Federal Reserve Bank of Atlanta Economic Review (2008 No4).
    Abstract | Full text Adobe PDF file format (530 KB)

    Michele Braun, James McAndrews, William Roberds, andRichard Sullivan. "Understanding Risk Management in Emerging Retail Payments." Federal Reserve Bank of New York Economic Policy Review (2008 No2).Off-site link
    Abstract | Executive summary | Full text Adobe PDF file format (288 KB)

    Stephen F. Quinn and William Roberds. "Are On-Line Currencies Virtual Banknotes?." Federal Reserve Bank of Atlanta Economic Review (2003 Q2).
    Abstract | Full text Adobe PDF file format (155 KB)

    Charles M. Kahn and William Roberds. "The Economics of Payment Finality." Federal Reserve Bank of Atlanta Economic Review (2002 Q2).
    Abstract | Full text Adobe PDF file format (302 KB)

    James McAndrews and William Roberds. "The Economics of Check Float." Federal Reserve Bank of Atlanta Economic Review (2000 Q4).
    Abstract | Full text Adobe PDF file format (161 KB)

    Charles M. Kahn and William Roberds. "The Design of Wholesale Payments Networks: The Importance of Incentives." Federal Reserve Bank of Atlanta Economic Review (1999 Q3).
    Abstract | Full text Adobe PDF file format (100 KB)

    William Roberds. "The Impact of Fraud on New Methods of Retail Payment." Federal Reserve Bank of Atlanta Economic Review (1998 Q1).
    Abstract | Full text Adobe PDF file format (309 KB)

    William Roberds. "What's Really New about the New Forms of Retail Payment?." Federal Reserve Bank of Atlanta Economic Review (1997 Q1).
    Abstract | Full text Adobe PDF file format (329 KB)

    William Roberds. "Financial Crises and the Payments System: Lessons from the National Banking Era." Federal Reserve Bank of Atlanta Economic Review (1995 No5).

    William Roberds. "Review essay: Privatopia and the Public Good." Federal Reserve Bank of Atlanta Economic Review (1995 No3).

    William Roberds. "Changes in Payments Technology and the Welfare Cost of Inflation." Federal Reserve Bank of Atlanta Economic Review (1994 No3).

    William Roberds. "The Rise of Electronic Payments Networks and the Future Role of the Fed with Regard to Payment Finality." Federal Reserve Bank of Atlanta Economic Review (1993 No2).

    William Roberds. "Review of Garreau, Edge City: Life on the New Frontier." Federal Reserve Bank of Atlanta Economic Review (1992 No3).

    William Roberds. "What Hath the Fed Wrought: Interest Rate Smoothing in Theory and Practice." Federal Reserve Bank of Atlanta Economic Review (1992 No3).

    Preston J. Miller and William Roberds. "How Little We Know about Deficit Policy Effects." Federal Reserve Bank of Minneapolis Quarterly Review (1992 Winter).

    William Roberds. "Lenders of the Next to Last Resort: Scrip Money in Georgia 1932–35." Federal Reserve Bank of Atlanta Economic Review (1990 No5).

    William Roberds. "Review of Klamer and Colander, The Making of An Economist." Federal Reserve Bank of Atlanta Economic Review (1990 No5).

    William Roberds. "Money and the Economy: Puzzles from the 1980s Experience." Federal Reserve Bank of Atlanta Economic Review (1989 No5).

    William Roberds. "Forecast Accuracy and the Performance of Economic Policy: Is There a Connection?" Federal Reserve Bank of Atlanta Economic Review (1988 No9).

    William Roberds and Richard M. Todd. "Forecasting and Modeling the U.S. Economy in 1986–87." Federal Reserve Bank of Minneapolis Quarterly Review (1987 Winter).

    William Roberds and Michael J. Stutzer. "Adjustable Rate Mortgages: Increasing Efficiency More Than Housing Activity." Federal Reserve Bank of Minneapolis Quarterly Review (1985 Summer).

    Podcast Episodes podcast

    William Roberds. "The Death of a Reserve Currency." Economy Matters podcast. November 12, 2015.