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Discussion Paper
Evolution in Bank Complexity
McAndrews, James J.; Cetorelli, Nicola; Traina, James (2014-03-28)
In yesterday’s post, our colleagues discussed the historic changes in financial sector size. Here, we tackle a related question on dynamics—how has bank complexity evolved through time? Recently, academics and policymakers have proposed a variety of strong actions to curb bank complexity, stemming from the view that complex banks are undesirable. While the large banks of today are certainly complex, we lack a thorough understanding of how they got that way. In this post and in our related contribution to the Economic Policy Review (EPR) volume, we focus on organizational complexity, ...
Liberty Street Economics , Paper 20140328

Working Paper
Results of a survey of ATM network pricing
McAndrews, James J. (1992)
Working Papers , Paper 92-7

Working Paper
A general equilibrium analysis of check float
Roberds, William; McAndrews, James J. (1997)
Households and businesses in the United States prefer to use check payment over less costly, electronic means of payment. Earlier studies have focused on check "float," that is, the time lag between receipt and clearing, as a potential explanation for the continued popularity of checks. An underlying assumption of these studies is that check float operates as a pure transfer from payee to payor. We construct a simple general equilibrium model in which payments are made by check. In general equilibrium, check float does not act as a pure transfer. If float can be priced into market ...
FRB Atlanta Working Paper , Paper 97-4

Journal Article
The evolution of shared ATM networks
McAndrews, James J. (1991-05)
Business Review , Issue May , Pages 3-16

Discussion Paper
Why Large Bank Failures Are So Messy and What to Do about It?
Morgan, Donald P.; Yorulmazer, Tanju; Santos, João A. C.; McAndrews, James J. (2014-04-04)
If the Lehman Brothers failure proved anything, it was that large, complex bank failures are messy; they destroy value and can destabilize financial markets. We certainly don’t mean to trivialize matters by calling large bank failures “messy,” as it their messiness, particularly the destabilizing aspect, that creates the “too-big-to-fail” problem. In our contribution to the Economic Policy Review volume, we venture an explanation about why large bank failures are so messy and discuss a policy that can make them less so.
Liberty Street Economics , Paper 20140404a

Speech
Opening remarks at the Mortgage Contract Design: Implications for Households, Monetary Policy, and Financial Stability Conference
McAndrews, James J. (2015-05-21)
Remarks at Mortgage Contract Design: Implications for Households, Monetary Policy and Financial Stability Conference, Federal Reserve Bank of New York.
Speech , Paper 171

Journal Article
An economic analysis of liquidity-saving mechanisms
McAndrews, James J.; Martin, Antoine (2008-09)
A recent innovation in large-value payments systems has been the design and implementation of liquidity-saving mechanisms (LSMs), tools used in conjunction with real-time gross settlement (RTGS) systems. LSMs give system participants, such as banks, an option not offered by RTGS alone: they can queue their outgoing payments. Queued payments are released if some prespecified event occurs. LSMs can reduce the amount of central bank balances necessary to operate a payments system as well as quicken settlement. This article analyzes the performance of RTGS systems with and without the addition of ...
Economic Policy Review , Volume 14 , Issue Sep , Pages 25-39

Journal Article
The timing and funding of Fedwire funds transfers
McAndrews, James J.; Rajan, Samira (2000-07)
An examination of the Federal Reserve?s Fedwire Funds Transfer service reveals that the highest concentration of funds-transfer value occurs in the late afternoon. The authors attribute this activity peak to attempts by banks (and their customers) to coordinate payment timing more closely. By synchronizing payments, banks can take advantage of incoming funds to make outgoing payments?especially during periods of heavy payment traffic. Conversely, during off-peak times, banks must rely more on account balances or overdrafts to fund payments, which increases the cost of making payments. For ...
Economic Policy Review , Issue Jul , Pages 17-32

Working Paper
Retail pricing of ATM network services
McAndrews, James J. (1996)
This paper develops a model of wholesale and retail fee-setting for automated teller machine (ATM) network services, and comparative statics results are derived. Retail ATM fees are shown to be dependent on the demand-side network effect and economies of scale in production of network services. These, in turn, are functions of the size of the ATM network. Survey data on bank fees are linked with the bank's probable ATM network membership, and the retail ATM fees are regressed on ATM network size and other variables in a reduced-form estimation. The results suggest that both network effects in ...
Working Papers , Paper 96-12

Journal Article
Liquidity effects of the events of September 11, 2001
McAndrews, James J.; Potter, Simon M. (2002-11)
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 ...
Economic Policy Review , Volume 8 , Issue Nov , Pages 59-79

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