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Discussion Paper
Are Higher Haircuts Better? A Paradox
McAndrews, James J.; Martin, Antoine; McLaughlin, Susan; Begalle, Brian; Copeland, Adam (2013-08-19)
Repurchase agreement (repo) markets played an important role in the 2007-09 financial crisis in the United States, and much discussion since then has focused on the role of repo haircuts. A repo is essentially a loan collateralized by securities. Typically, the value of the securities exceeds the value of the loan and the amount of overcollateralization corresponds to the haircut. In a 2010 paper, Yale?s Gary Gorton and Andy Metrick identified a dramatic increase in haircuts in the bilateral segment of the repo market, which they interpreted as a run on repo. Separately, an industry task ...
Liberty Street Economics , Paper 20130819

Working Paper
Shared ownership and pricing in a network switch
Rob, Rafael; McAndrews, James J. (1994)
Working Papers , Paper 94-6

Journal Article
Stability of funding models: an analytical framework
Yorulmazer, Tanju; Eisenbach, Thomas M.; McAndrews, James J.; Keister, Todd (2014-02)
With the recent financial crisis, many financial intermediaries experienced strains created by declining asset values and a loss of funding sources. In reviewing these stress events, one notices that some arrangements appear to have been more stable?that is, better able to withstand shocks to their asset values and/or funding sources?than others. Because the precise determinants of this stability are not well understood, gaining a better grasp of them is a critical task for market participants and policymakers as they try to design more resilient arrangements and improve financial regulation. ...
Economic Policy Review , Issue Feb , Pages 29-47

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

Working Paper
Banks, payments, and coordination
McAndrews, James J.; Roberds, William (1994)
Working Papers , Paper 94-20

Working Paper
Payment intermediation and the origins of banking
McAndrews, James J.; Roberds, William (1999)
The medieval banks of continental Europe facilitated trade by serving as payment intermediaries. Depositors commonly would pay one another by transferring bank balances with the aid of overdraft credit. We model this process in an environment of intermediate good exchange with incomplete contract enforcement. Our model suggests that the early banks were capable of accessing the "netting credit" that exists by virtue of there being a high proportion of offsetting transactions in an economy. Individual traders are unable to net their individual positions because of difficulty in enforcing ...
FRB Atlanta Working Paper , Paper 99-11

Discussion Paper
Interest-Bearing Securities When Interest Rates are Below Zero
McAndrews, James J.; Garbade, Kenneth D. (2015-05-04)
Negative interest rates have evolved, over the past few years, from a topic of modest academic interest to a practical reality. Short- and intermediate-term sovereign debt of several European countries, including Germany, Denmark, the Netherlands, Sweden, Austria, and Switzerland, now trades at negative yields.
Liberty Street Economics , Paper 20150504

Journal Article
The emergence of electronic communications networks in the U.S. equity markets
Stefanadis, Chris; McAndrews, James J. (2000-10)
Recent regulatory and technological changes have spurred the development of automated trading systems known as ECNs, or electronic communications networks. Proponents of the networks contend that ECNs can cut transaction costs, accelerate trade execution, and expand the price information available to investors. While some critics have questioned the effects of the ECNs on market integration, it is clear that the networks are poised to play an increasingly important role in the new electronic environment.
Current Issues in Economics and Finance , Volume 6 , Issue Oct

Journal Article
Alternative arrangements for the distribution of intraday liquidity
McAndrews, James J. (2006-04)
In July 2006, the Federal Reserve will end its provision of free daylight credit to government-sponsored enterprises (GSEs), financial services corporations created by Congress to establish a secondary market in mortgages and other consumer loans. To meet their payments to investors, the GSEs can use a wide variety of alternative funding arrangements. While such arrangements can in theory distribute liquidity efficiently, a decline in the intraday funds in circulation following the Fed's move may lead to some slowing in payments by both the GSEs and commercial banks.
Current Issues in Economics and Finance , Volume 12 , Issue Apr

Journal Article
The consolidation of European stock exchanges
Stefanadis, Chris; McAndrews, James J. (2002-06)
With the growing appeal of cross-border trading in Europe, efforts are under way to establish consolidated exchanges that offer trading in stocks from many European countries. An analysis of these evolving pan-European exchanges suggests that consolidation could reduce the costs and complications of cross-border trading through such enhancements as a standardization of trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges may delay any benefits of consolidation.
Current Issues in Economics and Finance , Volume 8 , Issue Jun

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