Liquidity effects of the events of September 11, 2001

Banks rely heavily on incoming payments from other banks to fund their own payments. The terrorist attacks of September 11, 2001, destroyed facilities in Lower Manhattan, leaving some banks unable to send payments through the Federal Reserve's Fedwire payments system. As a result, many banks received fewer payments than expected, causing unexpected shortfalls in banks' liquidity. These disruptions also made it harder for banks to redistribute balances across the banking system in a timely manner. In this article, the authors measure the payments responses of banks to the receipt of payments from other banks, both under normal circumstances and during the days following the attacks. Their analysis suggests that the significant injections of liquidity by the Federal Reserve, first through the discount window and later through open market operations, were important in allowing banks to reestablish their normal patterns of payments coordination.Fedwire ; Electronic funds transfers ; War - Economic aspects ; Bank liquidity ; Payment systems

Money is privacy

An extensive literature in monetary theory has emphasized the role of money as a record-keeping device. Money assumes this role in situations where using credit would be too costly, and some might argue that this role will diminish as the cost of information, and thus the cost of credit-based transactions, continues to fall. ; In this paper we investigate another use for money: the provision of privacy. That is, a money purchase does not identify the purchaser while a credit purchase does. In a simple trading economy with moral hazard, we compare the efficiency of money is compared with that of credit, and we find that money may be useful even when information is free.

Perspectives on cowgirls, humor and images of the American West

In the summers of 1992 and 1994, I collected oral narratives from cowgirls or horsewomen living in Winthrop, Washington, a Western theme town. Winthrop is located in the northeast corner of Washington State in the North Cascade Mountains in the Methow Valley. In tourist brochures, this area is often referred to as “the American Alps”. I was looking for work-related humorous stories from women who made their livings primarily working with horses. These women worked physically as hard as any cowboy I met in addition to maintaining their traditional domestic roles as wives and mothers

Settlement risk under gross and net settlement

Previous comparative analyses of gross and net settlement have focused on the credit risk of the central counterparty in net settlement arrangements and on the incentives for participants to alter the risk of the portfolio under net settlement. By modeling the trading economy that generates the demand for payment services, we are able to show some largely unexplored advantages of net settlement. We find that net settlement can prevent certain gridlock situations, which may arise in gross settlement in the absence of delivery versus payment requirements. In addition, we show that net settlement can economize on collateral requirements and avoid trading delays.Payment systems ; Risk

King David Kalakaua\u27s Last Diplomatic Dinner: a Discussion of the Rhetoric of the Menu

Gastronomic diplomacy uses food as a political tool to foster cultural understanding from diverse cultures and political points of view. This paper discuss the ways Ke Ali\u27i David La\u27amea Kamanakapu\u27u Mahinulani Nalaiaehuokalani Lumialani Kalakua, the constitutional monarch of the kingdom of Hawai\u27i from 1874-1891 utilized culinary diplomacy in his last formal dinner

A study to determine the correlation between social studies vocabulary and social studies achievement.

Thesis (M.A.)--Boston Universit

Shop in the Name of Love: A Qualitative Analysis of Fashion Mobile Design Features

This study utilized semi structured interviews to study mobile design features, specifically (a) to explore the features that drive consumer purchase and decision-making and (b) to identify which features were most prevalent in current fashion mobile apps. Seven women, between the ages of 18-22, enrolled in a southeastern university in the U.S. were purposively chosen as each had experience with shopping on mobile devices, expressed a heightened interest in fashion, belonged in the millennial generation, and displayed evidence of their smartphones being an essential part of their daily lives. Data collection was framed by Magrath and McCormick (2013) mobile design features (a) multimedia product viewing (b) product promotion and (c) consumer led interactions. Unique themes were generated and interpreted. Findings showed participants placed value on mobile design features, and used a variety of them to aid in the shopping decision process