Search Results
Showing results 1 to 10 of approximately 98.
(refine search)
Speech
Summary of the Report on the Competitiveness of Puerto Rico's Economy
McAndrews, James J.
(2012)
Remarks before the Puerto Rico Chamber of Commerce Annual Convention, Fajardo, Puerto Rico.
Speech
, Paper 86
Report
The payment system benefits of high reserve balances
Kroeger, Alexander; McAndrews, James J.
(2016-06-01)
The policy measures taken since the financial crisis have greatly expanded the size of the Federal Reserve?s balance sheet and have thus raised the level of aggregate bank reserves as well. Over the same period there has been a significant shift in the timing of payments made over the Federal Reserve?s Fedwire Funds Service toward earlier settlement. This paper documents this timing change and presents regression results suggesting that the increase in overall reserve balances explains the vast majority of this development. The paper also discusses the benefits of high aggregate reserve ...
Staff Reports
, Paper 779
Journal Article
Antitrust issues in payment systems: bottlenecks, access, and essential facilities
McAndrews, James J.
(1995-09)
Business Review
, Issue Sep
, Pages 3-12
Report
A study of competing designs for a liquidity-saving mechanism
McAndrews, James J.; Martin, Antoine
(2008-07-01)
We study two designs for a liquidity-saving mechanism (LSM), a queuing arrangement used with an interbank settlement system. We consider an environment where banks are subjected to liquidity shocks. Banks must make the decision to send, queue, or delay their payments after observing a noisy signal of the shock. With a balance-reactive LSM, banks can set a balance threshold below which payments are not released from the queue. Banks can choose their threshold such that the release of a payment from the queue is conditional on the liquidity shock. With a receipt-reactive LSM, a payment is ...
Staff Reports
, Paper 336
Report
A note on bank lending in times of large bank reserves
Skeie, David R.; McAndrews, James J.; Martin, Antoine
(2011)
The amount of reserves held by the U.S. banking system reached $1.5 trillion in April 2011. Some economists argue that such a large quantity of bank reserves could lead to overly expansive bank lending as the economy recovers, regardless of the Federal Reserve?s interest rate policy. In contrast, we show that the size of bank reserves has no effect on bank lending in a frictionless model of the current banking system, in which interest is paid on reserves and there are no binding reserve requirements. We also examine the potential for balance-sheet cost frictions to distort banks? lending ...
Staff Reports
, Paper 497
Report
Should there be intraday money markets?
McAndrews, James J.; Martin, Antoine
(2008)
In this paper, we consider the case for an intraday market for reserves. We discuss the separate roles of intraday and overnight reserves and argue that an intraday market could be organized in the same way as the overnight market. We present arguments for and against a market for intraday reserves when the marginal cost of overnight reserves is positive. We also consider how reserves should be supplied when the cost of overnight reserves is zero. In that case, the distinction between overnight and intraday reserves becomes blurred, raising an important question: What is the role of the ...
Staff Reports
, Paper 337
Speech
Modern recipes for financial crises
McAndrews, James J.
(2015-12-04)
Remarks at the University of Iowa, December 4, 2015.
Speech
, Paper 190
Discussion Paper
More Than Meets the Eye: Some Fiscal Implications of Monetary Policy
Remache, Julie; Del Negro, Marco; McAndrews, James J.
(2013-08-15)
In 2012, the Fed’s remittances to the U.S. Treasury amounted to $88.4 billion. The vast majority of these remittances originated as income from the SOMA portfolio (see the second post in this series for an account of the history of SOMA income). While net income has been high in recent years because of the Fed’s large balance sheet, it is likely to drop in the future as the Fed normalizes interest rates. This is because the Fed will likely face increased interest expense on its reserve balances and possibly realize losses in the case of asset sales. A recent paper by economists at the ...
Liberty Street Economics
, Paper 20130815
Working Paper
Two-sided Market, R&D and Payments System Evolution
Li, Bin Grace; McAndrews, James J.; Wang, Zhu
(2019-02-08)
It takes many years for more efficient electronic payments to be widely used, and the fees that merchants (consumers) pay for using those services are increasing (decreasing) over time. We address these puzzles by studying payments system evolution with a dynamic model in a two-sided market setting. We calibrate the model to the U.S. payment card data, and conduct welfare and policy analysis. Our analysis shows that the market power of electronic payment networks plays important roles in explaining the slow adoption and asymmetric price changes, and the welfare impact of regulations may vary ...
Working Paper
, Paper 19-3
Report
Settlement delays in the money market
McAndrews, James J.; Hilton, R. Spence; Bartolini, Leonardo
(2008)
We track 38,000 money market trades from execution to delivery and return to provide a first empirical analysis of settlement delays in financial markets. In line with predictions from recent models showing that financial claims are settled strategically, we document a tendency by lenders to delay delivery of loaned funds until the afternoon hours. We find that banks follow a simple strategy to manage the risk of account overdrafts - delaying the settlement of large payments relative to that of small payments. More sophisticated strategies, such as increasing settlement delays when own liquid ...
Staff Reports
, Paper 319
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of New York 61 items
Federal Reserve Bank of Philadelphia 20 items
Federal Reserve Bank of Atlanta 7 items
Federal Reserve Bank of Chicago 3 items
Federal Reserve Bank of Kansas City 2 items
Federal Reserve Bank of Richmond 2 items
Board of Governors of the Federal Reserve System (U.S.) 1 items
Federal Reserve Bank of Cleveland 1 items
Federal Reserve Bank of St. Louis 1 items
show more (4)
show less
FILTER BY Series
Staff Reports 18 items
Economic Policy Review 13 items
Working Papers 13 items
Liberty Street Economics 12 items
Speech 11 items
Business Review 7 items
Current Issues in Economics and Finance 7 items
FRB Atlanta Working Paper 6 items
Proceedings 4 items
Working Paper 2 items
Economic Review 1 items
Finance and Economics Discussion Series 1 items
Payments System Research Working Paper 1 items
Research Working Paper 1 items
Review 1 items
show more (10)
show less
FILTER BY Content Type
Journal Article 29 items
Working Paper 24 items
Report 18 items
Discussion Paper 12 items
Speech 11 items
Conference Paper 4 items
show more (1)
show less
FILTER BY Author
Martin, Antoine 17 items
Roberds, William 13 items
Keister, Todd 5 items
Kahn, Charles M. 4 items
Morgan, Donald P. 4 items
Skeie, David R. 4 items
Wang, Zhu 4 items
Yorulmazer, Tanju 3 items
Armantier, Olivier 2 items
Atalay, Enghin 2 items
Bech, Morten L. 2 items
Begalle, Brian 2 items
Cetorelli, Nicola 2 items
Garbade, Kenneth D. 2 items
Garratt, Rod 2 items
McLaughlin, Susan 2 items
Nakamura, Leonard I. 2 items
Palida, Ali 2 items
Sarkar, Asani 2 items
Stefanadis, Chris 2 items
Traina, James 2 items
Wang, Zhenyu 2 items
Adrian, Tobias 1 items
Arnold, Jeffrey 1 items
Ashcraft, Adam B. 1 items
Balto, David A. 1 items
Bartolini, Leonardo 1 items
Braun, Michele 1 items
Burke, Christopher R. 1 items
Copeland, Adam 1 items
Del Negro, Marco 1 items
Eisenbach, Thomas M. 1 items
Green, Edward J. 1 items
Hannan, Timothy H. 1 items
Hilton, R. Spence 1 items
Johnson, Kurt 1 items
Kauffman, Robert J. 1 items
Kirk, Adam 1 items
Kiser, Elizabeth K. 1 items
Krieger, Sandra C. 1 items
Kroeger, Alexander 1 items
Kuttner, Kenneth N. 1 items
Li, Bin Grace 1 items
Nosal, Ed 1 items
Potter, Simon M. 1 items
Prager, Robin A. 1 items
Rajan, Samira 1 items
Remache, Julie 1 items
Rob, Rafael 1 items
Rolnick, Arthur J. 1 items
Santos, Joao A. C. 1 items
Santos, João A. C. 1 items
Sastry, Parinitha 1 items
Soramaki, Kimmo 1 items
Strahan, Philip E. 1 items
Sullivan, Richard J. 1 items
Thomson, James B. 1 items
Vickery, James 1 items
Voith, Richard 1 items
Wasilyew, George 1 items
Weed, Phillip 1 items
show more (57)
show less
FILTER BY Jel Classification
G2 8 items
G21 6 items
E5 5 items
E58 5 items
G01 4 items
G20 4 items
E4 3 items
E42 3 items
G18 3 items
G28 3 items
C80 2 items
G1 2 items
G12 2 items
G23 2 items
C40 1 items
C8 1 items
D10 1 items
D12 1 items
D14 1 items
D80 1 items
D84 1 items
E20 1 items
E40 1 items
E50 1 items
E52 1 items
E5;G2;G1 1 items
E66 1 items
G10 1 items
G19 1 items
G1;G2 1 items
G33 1 items
H0 1 items
I22 1 items
L21 1 items
L22 1 items
O3 1 items
show more (31)
show less
FILTER BY Keywords
Payment systems 28 items
Bank reserves 9 items
Automated tellers 8 items
Bank liquidity 7 items
Fedwire 7 items
Liquidity (Economics) 7 items
Banks and banking, Central 6 items
Electronic funds transfers 6 items
Banks and banking 5 items
Federal Reserve System 5 items
Monetary policy 5 items
Banks and banking - Service charges 4 items
liquidity 4 items
Checks 3 items
Clearinghouses (Banking) 3 items
Electronic commerce 3 items
Federal Reserve 3 items
Risk 3 items
bank runs 3 items
fire sales 3 items
Antitrust law 2 items
Bank loans 2 items
Bank supervision 2 items
Check float 2 items
Comprehensive Capital Analysis and Review (CCAR) 2 items
Comprehensive Liquidity Analysis and Review (CLAR) 2 items
Consolidation and merger of corporations 2 items
Consumer Credit Panel (CCP) 2 items
Credit 2 items
Debt 2 items
Federal Reserve Bank of New York 2 items
Game theory 2 items
Inflation (Finance) 2 items
Internet 2 items
Labor market 2 items
Libor 2 items
Money market 2 items
Monopolies 2 items
Securities 2 items
Term Auction Facility 2 items
Trade 2 items
bail-inable debt 2 items
data innovation 2 items
data stewardship 2 items
large banks 2 items
monetary policy implementation 2 items
money markets 2 items
reserves 2 items
Bank failures 2 items
Crisis 2 items
Financial crises 2 items
Fiscal policy 2 items
Interest rates 2 items
Negative interest rates 2 items
ARMs 1 items
Banking market 1 items
Banks and banking - Customer services 1 items
Branch banks 1 items
Brokers 1 items
Check collection systems 1 items
Clearing of securities 1 items
Competition 1 items
Consumer credit 1 items
Consumer protection 1 items
Corporations 1 items
DFAST stress tests 1 items
Danmarks Nationalbank (DNB) 1 items
Demography 1 items
Earned income tax credit 1 items
Econometric models 1 items
Economic conditions 1 items
Economic conditions - Puerto Rico 1 items
Economic history 1 items
Education - Economic aspects 1 items
Employment 1 items
Energy industries 1 items
Equation 1 items
Fed Funds 1 items
Federal Reserve District, 2nd 1 items
Federal Reserve District, 3rd 1 items
Federal Reserve banks 1 items
Federal funds 1 items
Federal funds rate 1 items
Fedwire Funds 1 items
Finance, Personal 1 items
Financial intermediation 1 items
Financial markets 1 items
Financial services industry 1 items
Financial stability 1 items
Fisher equation 1 items
Franklin D. Roosevelt 1 items
Government-sponsored enterprises 1 items
Great Depression 1 items
Gross domestic product 1 items
Home Affordable Refinance Program (HARP) 1 items
Households - Economic aspects 1 items
Housing - Finance 1 items
Industrial location 1 items
Infrastructure (Economics) 1 items
Interbank market 1 items
Interest 1 items
International finance 1 items
Large balance sheet 1 items
Leveraged buyouts 1 items
Liquidity Provision 1 items
Loans 1 items
Lucas Critique 1 items
Math 1 items
Minimum wage 1 items
Monetary theory 1 items
Money growth 1 items
Money supply 1 items
Office of Federal Housing Enterprise Oversight (OFHEO) 1 items
Organizational complexity 1 items
Overdrafts 1 items
Privacy 1 items
Productivity 1 items
Public policy 1 items
QE1 1 items
QE2 1 items
Quarterly Report on Household Debt and Credit 1 items
Rand Corporation 1 items
Recessions 1 items
Regional economics 1 items
Repo 1 items
Research 1 items
Retail trade 1 items
Risk management 1 items
Shipping 1 items
Stock exchanges 1 items
Student loans 1 items
Survey of Consumer Expectations 1 items
Survey of Consumer Expectations (SCE) 1 items
Treasury 1 items
Unemployment 1 items
Wages 1 items
War - Economic aspects 1 items
bail in 1 items
balance sheet costs 1 items
bank capital 1 items
bank run 1 items
bank-dependent 1 items
banks 1 items
central bank operations 1 items
central banks 1 items
complex banks 1 items
credit boom 1 items
credit growth 1 items
credit markets 1 items
credit supply 1 items
currency 1 items
dealer banks 1 items
debt securities 1 items
default rate 1 items
delinquency 1 items
density forecasts 1 items
deregulation 1 items
economic cycles 1 items
excessive leverage 1 items
feedback effects 1 items
financial crisis 1 items
financing 1 items
fire sale 1 items
firesales 1 items
fixed-rate mortgages (FRMs) 1 items
haircuts 1 items
interest on reserves 1 items
large-scale asset purchases 1 items
large-value payment systems 1 items
liquidity premium 1 items
liquidity-saving mechanisms 1 items
loss of output 1 items
market run 1 items
maturity 1 items
messy failures 1 items
money illusion 1 items
money-like assets 1 items
negative policy rates 1 items
negative rates 1 items
negative yields 1 items
nominal interest rates 1 items
overnight reverse repurchases 1 items
probabilistic questions 1 items
procyclicality of financial intermediary leverage 1 items
quantitative easing 1 items
real interest rates 1 items
real-time gross settlement 1 items
repo market 1 items
resolution 1 items
runnable financial liabilities 1 items
settlement liquidity 1 items
spillover 1 items
stress scenarios 1 items
stress testing 1 items
student debt 1 items
survey question format 1 items
technology adoption 1 items
term funding 1 items
tuition 1 items
two-sided markets 1 items
undermined confidence 1 items
uninsured financial liabilities 1 items
wholesale funding 1 items
show more (206)
show less