Beginning in 1959, Federal Reserve member banks were allowed to use both vault cash and deposits at Federal Reserve Banks to satisfy statutory reserve requirements. Prior to this time, member banks were restricted to satisfying required reserves solely with deposits at Federal Reserve Banks. Hence, member banks held currency in their vaults only to satisfy daily demands by depositors. Fluctuati...

The likelihood ratio test (LRT) and the related F test, popularized in astrophysics by Eadie et al. (1971), Bevington (1969), Lampton, Margon, and Bowyer (1976), Cash (1979), and Avni et al. (1978) do not (even asymptotically) adhere to their nominal χ and F distributions in many statistical tests common in astrophysics, thereby casting many marginal line or source detections and non-detections...

A general equilibrium monetary model is developed to study the optimal design of a cryptocurrency system based on a blockchain. The model is then calibrated to Bitcoin transaction data to perform a quantitative assessment of the scheme. We formalize the critical elements of a cryptocurrency: the blockchain to keep a history of transactions, the distributed updating of information and consensus ...

The number of payment transactions in Hungary has increased by almost one and a half times over ten years. use electronic instruments grown dynamically, while only moderate increase cash was observed. analysis shows the evolution payments market quantifies social costs attached to instruments. value latter HUF 832 billion 2019, representing real growth 20 per cent 10 years, mainly due developin...

Near Field Communication (NFC) technology allows for the implementation of novel contactless payment systems in stationary retail. In this paper, we quantitatively analyze the impact of such systems on a retailer's payment costs on the example of real-world data from a Swiss food retailer. Our results indicate that the introduction of contactless payment under current card fee models would in v...

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Buyers can use cash or credit, with the former (latter) subject to the inflation tax (transaction costs). Frictions making the choice of payment method interesting also imply equilibrium price dispersion, and together these deliver closed-form solutions for money demand. The model can ...

In this paper a novel payment system for Peer-to-Peer (P2P) commerce transactions is presented. It implements electronic cash-based transactions, between buyers and merchants. In this system, financial institutions become partners in the e-commerce transaction, conducted by their customers over the Internet. The innovation of the proposed system is the reduction of the involvement of the financ...

In the present day, the requirement of securing electronic cash flow system are increasing significantly. Today’s life is so busy that spending a valuable second cost so much. In, such situation if money flow is possible swiftly by just one swipe it would be a great relief. Biometric based authentication can be a new approach to satisfy user needs by replacing passwordbased authentication. Amon...

Electronic data interchange (EDI) is the movement of information electronically between a buyer and seller for purposes of facilitating a business transaction. EDI represents a powerful application of computer-communications technology. Its value includes such benefits as reduced paperwork, elimination of data entry overheads, improved accuracy, timely information receipt, accelerated cash flow...