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Author:McAndrews, James J. 

Speech
Modern recipes for financial crises

Remarks at the University of Iowa, December 4, 2015.
Speech , Paper 190

Journal Article
The evolution of shared ATM networks

Business Review , Issue May , Pages 3-16

Report
A study of competing designs for a liquidity-saving mechanism

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

Journal Article
An economic analysis of liquidity-saving mechanisms

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

Speech
Remarks at the fifth Data Management Strategies and Technologies Workshop

Remarks at the Fifth Data Management Strategies and Technologies Workshop, Federal Reserve Bank of New York, New York City
Speech , Paper 129

Speech
The economy and the Household Debt and Credit Report

Remarks at the Household Debt and Credit Press Briefing, New York City.
Speech , Paper 97

Report
The payment system benefits of high reserve balances

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
Making payments on the Internet

To become an active market in goods and services, the Internet must overcome a fundamental hurdle: a way must be devised for buyers and sellers to securely and conveniently exchange payment over the Internet. Software companies and financial institutions are now developing methods that will allow people to pay over the Internet. James McAndrews reviews these efforts and looks at the importance of security, authenticity, and privacy--factors often taken for granted in other types of payment
Business Review , Issue Jan , Pages 1-12

Journal Article
The Federal Reserve's Primary Dealer Credit Facility

As liquidity conditions in the "repo market"--the market where broker-dealers obtain financing for their securities--deteriorated following the near-bankruptcy of Bear Stearns in March 2008, the Federal Reserve took the step of creating a special facility to provide overnight loans to dealers that have a trading relationship with the Federal Reserve Bank of New York. Six months later, in the wake of new strains in the repo market, the Fed expanded the facility by broadening the types of collateral accepted for loans. Both initiatives were designed to help restore the orderly functioning ...
Current Issues in Economics and Finance , Volume 15 , Issue Aug

Report
Federal Reserve tools for managing rates and reserves

The Federal Reserve announced in January 2019 that it would maintain an ample supply of reserves amid its balance sheet reduction. We model the impact of reserves on banks’ liquidity and balance sheet costs. In competitive general equilibrium, the optimal supply of reserves equates bank deposit rates to the interest rate paid on excess reserves (IOER), consistent with ample reserves. Raising the Fed’s overnight reverse repo rate up to IOER would increase liquidity, expediently reduce the overabundance of reserves, and stabilize the volatility of overnight market rates. Empirical analysis ...
Staff Reports , Paper 642

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