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Report
The welfare effects of a liquidity-saving mechanism
McAndrews, James J.; Martin, Antoine; Atalay, Enghin (2008)
This paper considers the welfare effect of introducing a liquidity-saving mechanism (LSM) in a real-time gross settlement (RTGS) payment system. We study the planner's problem to get a better understanding of the economic role of an LSM and find that an LSM can achieve the planner's allocation for some parameter values. The planner's allocation cannot happen without an LSM, as long as some payments can be delayed without cost. We show that, in equilibrium with an LSM, there can be either too few or too many payments settled early compared with the planner's allocation, depending on the ...
Staff Reports , Paper 331

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

Journal Article
What makes large bank failures so messy and what should be done about it?
Morgan, Donald P.; Yorulmazer, Tanju; Santos, Joao A. C.; McAndrews, James J. (2014-12)
This study argues that the defining feature of large and complex banks that makes their failures messy is their reliance on runnable financial liabilities. These liabilities confer liquidity or money-like services that may be impaired or destroyed in bankruptcy. To make large bank failures more orderly, the authors recommend that systemically important bank holding companies be required to issue ?bail-in-able? long-term debt that converts to equity in resolution. This reassures holders of uninsured liabilities that their claims will be honored in resolution, making them less likely to run. In ...
Economic Policy Review , Issue Dec , Pages 229-244

Speech
Modern recipes for financial crises
McAndrews, James J. (2015-12-04)
Remarks at the University of Iowa, December 4, 2015.
Speech , Paper 190

Working Paper
Entry-deterring debt
McAndrews, James J.; Nakamura, Leonard I. (1989)
Working Papers , Paper 89-15

Report
Federal Reserve tools for managing rates and reserves
Palida, Ali; McAndrews, James J.; Martin, Antoine; Skeie, David R. (2013-09-01)
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

Working Paper
To surcharge or not to surcharge: an empirical investigation of ATM pricing
Hannan, Timothy H.; McAndrews, James J.; Prager, Robin A.; Kiser, Elizabeth K. (2001)
This paper investigates depository institutions' decisions whether or not to impose surcharges (direct usage fees) on non-depositors who use their ATMs. In addition to documenting patterns of surcharging, we examine motives for surcharging, including both direct generation of fee revenue and the potential to attract deposit customers who wish to avoid incurring surcharges at an institution's ATMs. Consistent with expectations, we find that the probability of surcharging increases with both the institution's share of market ATMs and the time since surcharging was first allowed in the state, ...
Finance and Economics Discussion Series , Paper 2001-38

Working Paper
Banks, payments, and coordination
McAndrews, James J.; Roberds, William (1994)
FRB Atlanta Working Paper , Paper 94-14

Discussion Paper
What’s Driving Up Money Growth?
McAndrews, James J.; Morgan, Donald P.; Vickery, James (2012-05-23)
Two key monetary aggregates, M1 and M2, have grown quickly recently—especially M1, the narrow aggregate. In this post, we show that we can attribute most, but not all, of the recent high money growth rate of M1 to low current interest rates as well as the growth in bank reserves that has resulted from the Fed’s asset purchase programs. It’s unlikely that the current high growth rate will continue in the long term, however, as both low interest rates and the Fed’s expansion of bank reserves will likely be reversed as economic growth accelerates.
Liberty Street Economics , Paper 20120523

Journal Article
Antitrust and payment technologies: commentary
McAndrews, James J. (1995-11)
Review , Issue Nov , Pages 55-59

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