Search Results
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
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 26 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
Banks and banking - Service charges 4 items
Monetary policy 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
payment systems 2 items
reserves 2 items
ARMs 1 items
Bank failures 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
Crisis 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 crises 1 items
Financial intermediation 1 items
Financial markets 1 items
Financial services industry 1 items
Financial stability 1 items
Fiscal policy 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
Interest rates 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
Negative interest rates 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 failures 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
crisis 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 crises 1 items
financial crisis 1 items
financing 1 items
fire sale 1 items
firesales 1 items
fiscal policy 1 items
fixed-rate mortgages (FRMs) 1 items
haircuts 1 items
interest on reserves 1 items
interest rates 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
monetary policy 1 items
money illusion 1 items
money-like assets 1 items
negative interest rates 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