William Roberds
Research Economist and Senior Adviser Emeritus
About
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.
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Biography
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.
Published Work
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Publications
2017
Stephen Quinn and William Roberds. "An Early Experiment with "Permazero"." Working Paper 2017-5. Federal Reserve Bank of America. May 2017.
2016
"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.
2014
Stephen Quinn and William Roberds. "Death of a Reserve Currency." Working Paper 2014-17. Federal Reserve Bank of Atlanta. September 2014.
William Roberds and François R. Velde. "Early Public Banks." Working Paper 2014-9. Federal Reserve Bank of Atlanta. August 2014.
2013
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).
2012
Stephen Quinn and William Roberds. "The Bank of Amsterdam through the Lens of Monetary Competition." Working Paper 2012-14. September 2012.
Stephen Quinn and William Roberds. "Responding to a Shadow Banking Crisis: The Lessons of 1763." Working Paper 2012-8. June 2012.
2010
Stephen Quinn and William Roberds. "How Amsterdam Got Fiat Money." Working Paper 2010-17. Federal Reserve Bank of Atlanta. December 2010.
2009
"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.
2008
William Roberds and Stacey L. Schreft. "Data Breaches and Identity Theft." Working Paper 2008-22. Federal Reserve Bank of Atlanta. September 2008.
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).
2006
Cyril Monnet and William Roberds. "Credit and the No-Surcharge Rule." Working Paper 2006-25. Federal Reserve Bank of Atlanta. November 2006.
Stephen Quinn and William Roberds. "An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange, and the Emergence of the First Central Bank." Working Paper 2006-13. Federal Reserve Bank of Atlanta. September 2006.
2005
Charles M. Kahn and William Roberds. "Credit and Identity Theft." Working Paper 2005-19. Federal Reserve Bank of Atlanta. August 2005.
Stephen Quinn and William Roberds. "The Big Problem of Large Bills: The Bank of Amsterdam and the Origins of Central Banking." Working Paper 2005-16. Federal Reserve Bank of Atlanta. August 2005.
2004
Charles M. Kahn, James McAndrews, and William Roberds. "Money Is Privacy." Working Paper 2004-18. Federal Reserve Bank of Atlanta. August 2004.
2003
Stephen F. Quinn and William Roberds. "Are On-Line Currencies Virtual Banknotes?" Federal Reserve Bank of Atlanta Economic Review (2003 Q2).
2002
Charles M. Kahn and William Roberds. "Payments Settlement under Limited Enforcement: Private versus Public Systems." Working Paper 2002-33. Federal Reserve Bank of Atlanta. December 2002.
Charles M. Kahn and William Roberds. "The Economics of Payment Finality." Federal Reserve Bank of Atlanta Economic Review (2002 Q2).
2001
Charles M. Kahn and William Roberds. "Transferability, Finality, and Debt Settlement." Working Paper 2001-18b. Federal Reserve Bank of Atlanta. (Revised) October 2004.
2000
Charles M. Kahn, James McAndrews, and William Roberds. "A Theory of Transactions Privacy." Working Paper 2000-22. Federal Reserve Bank of America. November 2000.
Charles M. Kahn and William Roberds. "The CLS Bank: A Solution to the Risks of International Payments Settlement?." Working Paper 2000-15a. Federal Reserve Bank of Atlanta. November 2000.
James McAndrews and William Roberds. "The Economics of Check Float." Federal Reserve Bank of Atlanta Economic Review (2000 Q4).
1999
James McAndrews and William Roberds. "Payment Intermediation and the Origins of Banking." Working Paper 99-11. Federal Reserve Bank of Atlanta. August 1999.
Charles M. Kahn, James McAndrews, and William Roberds. "Settlement Risk under Gross and Net Settlement." Working Paper 99-10a. Federal Reserve Bank of Atlanta. (Revised) August 1999.
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).
Charles M. Kahn and William Roberds. "Real-Time Gross Settlement and the Costs of Immediacy." Working Paper 98-21a. Federal Reserve Bank of Atlanta. (Revised) November 1999.
1998
William Roberds and Charles H. Whiteman. "Demandable Debt as a Means of Payment: Banknotes versus Checks." Working Paper 98-5. Federal Reserve Bank of Atlanta. April 1998.
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).
1997
James McAndrews and William Roberds. "A General Equilibrium Analysis of Check Float." Working Paper 97-4. Federal Reserve Bank of Atlanta. October 1997.
William Roberds. "What's Really New about the New Forms of Retail Payment?" Federal Reserve Bank of Atlanta Economic Review (1997 Q1).
1996
William Roberds and Charles H. Whiteman. "Endogenous Term Premia and Anomalies in the Term Structure of Interest Rates: Explaining the Predictability Smile." Working Paper 96-11. Federal Reserve Bank of Atlanta. October 1996.
Charles M. Kahn and William Roberds. "Payment System Settlement and Bank Incentives." Working Paper 96-10. Federal Reserve Bank of Atlanta. October 1996.
1995
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).
1994
William Roberds. "Changes in Payments Technology and the Welfare Cost of Inflation." Federal Reserve Bank of Atlanta Economic Review (1994 No3).
1993
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).
1992
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).
1990
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).
1989
William Roberds. "Money and the Economy: Puzzles from the 1980s Experience." Federal Reserve Bank of Atlanta Economic Review (1989 No5).
1988
William Roberds. "Forecast Accuracy and the Performance of Economic Policy: Is There a Connection?" Federal Reserve Bank of Atlanta Economic Review (1988 No9).
1987
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).
1985
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
William Roberds. "The Death of a Reserve Currency." Economy Matters podcast. November 12, 2015.
Unpublished Working Papers
1999
"The Incentive Effects of Settlement Systems: A Comparison of Gross Settlement, Net Settlement, and Gross Settlement with Queueing," Bank of Japan, August 1999.
1997
"A Model of Check Exchange," with James J. McAndrews, November 1997.
1996
"On the Role of Bank Coalitions in the Provision of Liquidity," with Charles M. Kahn, January 1996, revised January 1998.
Economic History
2024
How a Ledger Became a Central Bank: A Monetary History of the Bank of Amsterdam, with Stephen Quinn. Cambridge University Press, 2024.
2018
"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.
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