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William Roberds is an economist emeritus of the Research Department of the Federal Reserve Bank of Atlanta. Before his retirement, he was a research economist and senior adviser on the macroeconomics and monetary policy team. 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 Policy Hub: 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.
2017-5
An Early Experiment with "Permazero"
Stephen Quinn and William Roberds
May 2017
2014-17
Death of a Reserve Currency
Stephen Quinn and William Roberds
September 2014
2014-9
Early Public Banks
William Roberds and François R. Velde
August 2014
2012-14
The Bank of Amsterdam through the Lens of Monetary Competition
Stephen Quinn and William Roberds
September 2012
2012-8
Responding to a Shadow Banking Crisis: The Lessons of 1763
Stephen Quinn and William Roberds
June 2012
2010-17
How Amsterdam Got Fiat Money
Stephen Quinn and William Roberds
December 2010
2008-22
Data Breaches and Identity Theft
William Roberds and Stacey L. Schreft
September 2008
2006-25
Credit and the No-Surcharge Rule
Cyril Monnet and William Roberds
November 2006
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
2005-19
Credit and Identity Theft
Charles M. Kahn and William Roberds
August 2005
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
2004-18
Money Is Privacy
Charles M. Kahn, James McAndrews, and William Roberds
August 2004
2002-33
Payments Settlement under Limited Enforcement: Private versus Public Systems
Charles M. Kahn and William Roberds
December 2002
2001-18b
Transferability, Finality, and Debt Settlement
Charles M. Kahn and William Roberds
(Revised) October 2004
2000-22
A Theory of Transactions Privacy
Charles M. Kahn, James McAndrews, and William Roberds
Novemeber 2000
2000-15a
The CLS Bank: A Solution to the Risks of International Payments Settlement?
Charles M. Kahn and William Roberds
November 2000
99-11
Payment Intermediation and the Origins of Banking
James McAndrews and William Roberds
August 1999
99-10a
Settlement Risk under Gross and Net Settlement
Charles M. Kahn, James McAndrews, and William Roberds
(Revised) August 1999
98-21a
Real-Time Gross Settlement and the Costs of Immediacy
Charles M. Kahn and William Roberds
(Revised) November 1999
98-5
Demandable Debt as a Means of Payment: Banknotes versus Checks
William Roberds and Charles H. Whiteman
April 1998
97-4
A General Equilibrium Analysis of Check Float
James McAndrews and William Roberds
October 1997
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
96-10
Payment System Settlement and Bank Incentives
Charles M. Kahn and William Roberds
October 1996
"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.
How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam, with Stephen Quinn. Cambridge University Press, 2024.
"A Policy Framework for the Bank of Amsterdam, 1736–1791," with Stephen Quinn, Journal of Economic History, 2019, 79(3): 736–772.
Review of Till Time's Last Sand: A History of the Bank of England, 1694–2013, by David Kynaston. Journal of Economic History, 2018, 78(4): 1258–1259."The Bank of Amsterdam's Search for Success and Stability," with Stephen Quinn, 2018, in Financial Innovation and Resilience: A Comparative Perspective on the Public Banks of Naples (1462–1808), edited by Lilia Costabile and Larry Neal, Springer Verlag, pp. 289–10.
"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.
"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, International 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.
"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.
William Roberds "The Fed and Its Shadow: A Historical View." Policy Hub (2023-6).
Will Roberds. "Workshop on Monetary and Financial History: Day Two," Policy Hub: Macroblog. July 6, 2022.
Will Roberds. "Workshop on Monetary and Financial History: Day One," Policy Hub: Macroblog. July 5, 2022.
William Roberds "Unstable Coins: The Early History of Central Bank Analog Currencies." Policy Hub (2022-2).
Will Roberds. "Workshop on Monetary and Financial History: Day Two," Policy Hub: Macroblog. June 24, 2021.
Will Roberds. "Workshop on Monetary and Financial History: Day One," Policy Hub: Macroblog. June 23, 2021.
Eugene White and William Roberds "Central Banks, Global Shocks, and Local Crises: Lessons from the Atlanta Fed's Response to the 1920–21 Recession." Policy Hub (2020-15).
Stephen Quinn, William Roberds, and Charles M. Kahn "Standing Repo Facilities, Then and Now." Policy Hub (2020-1).
"The Descent of Central Banks (1400–1815)," 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 Risk," 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 Reserve, 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.
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).
Michele Braun, James McAndrews, William Roberds, and Richard Sullivan. "Understanding Risk Management in Emerging Retail Payments." Federal Reserve Bank of New York Economic Policy Review (2008 No2).
Stephen F. Quinn and William Roberds. "Are On-Line Currencies Virtual Banknotes?" Federal Reserve Bank of Atlanta Economic Review (2003 Q2).
Charles M. Kahn and William Roberds. "The Economics of Payment Finality." Federal Reserve Bank of Atlanta Economic Review (2002 Q2).
James McAndrews and William Roberds. "The Economics of Check Float." Federal Reserve Bank of Atlanta Economic Review (2000 Q4).
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).
William Roberds. "The Impact of Fraud on New Methods of Retail Payment." Federal Reserve Bank of Atlanta Economic Review (1998 Q1).
William Roberds. "What's Really New about the New Forms of Retail Payment?" Federal Reserve Bank of Atlanta Economic Review (1997 Q1).
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 Essay: 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 during the Great Depression." Federal Reserve Bank of Atlanta Economic Review (1990 No5).
William Roberds. "Book Review, 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).
William Roberds. "The Death of a Reserve Currency." Economy Matters podcast. November 12, 2015.