Details about James Joseph McAndrews

Homepage:	https://sites.google.com/site/jamesjmcandrews/home
Postal address:	Philadelphia, PA
Workplace:	Financial Institutions Center, Wharton School of Business, University of Pennsylvania, (more information at EDIRC)

Access statistics for papers by James Joseph McAndrews.

Last updated 2023-06-07. Update your information in the RePEc Author Service.

Short-id: pmc59

---

Jump to Journal Articles

Working Papers

2022

1. Financial Innovation and Statistical Methodological Guidance—Key Considerations
   IMF Working Papers, International Monetary Fund

2020

2. Explaining the Puzzling Behavior of Short-Term Money Market Rates
   Liberty Street Economics, Federal Reserve Bank of New York
3. Shadow Digital Money
   MPRA Paper, University Library of Munich, Germany

2019

4. Two-Sided Market, R&D and Payments System Evolution
   IMF Working Papers, International Monetary Fund View citations (3)
   Also in Working Paper, Federal Reserve Bank of Richmond (2019) View citations (3)
   See also Journal Article Two-sided market, R&D, and payments system evolution, Journal of Monetary Economics, Elsevier (2020) View citations (3) (2020)

2016

5. The payment system benefits of high reserve balances
   Staff Reports, Federal Reserve Bank of New York View citations (5)
   See also Journal Article The payment system benefits of high reserve balances, Journal of Payments Strategy & Systems, Henry Stewart Publications (2016) View citations (1) (2016)

2015

6. Credit growth and economic activity after the Great Recession
   Speech, Federal Reserve Bank of New York
7. Economic research and stress testing
   Speech, Federal Reserve Bank of New York
8. Federal Reserve Tools for Managing Rates and Reserves
   IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan View citations (21)
   Also in Staff Reports, Federal Reserve Bank of New York (2013) View citations (13)
9. Floor systems and the Friedman rule: the fiscal arithmetic of open market operations
   Staff Reports, Federal Reserve Bank of New York View citations (2)
10. Interest-Bearing Securities When Interest Rates are Below Zero
    Liberty Street Economics, Federal Reserve Bank of New York View citations (1)
11. Modern recipes for financial crises
    Speech, Federal Reserve Bank of New York
12. Negative nominal central bank policy rates: where is the lower bound?
    Speech, Federal Reserve Bank of New York View citations (24)
13. Opening remarks at the Mortgage Contract Design: Implications for Households, Monetary Policy, and Financial Stability Conference
    Speech, Federal Reserve Bank of New York View citations (1)
14. Segregated balance accounts
    Staff Reports, Federal Reserve Bank of New York View citations (8)
15. Student debt and higher education financing: a public finance perspective
    Speech, Federal Reserve Bank of New York

2014

16. A review of the experience of fielding the Survey of Consumer Expectations
    Speech, Federal Reserve Bank of New York
17. Evolution in Bank Complexity
    Liberty Street Economics, Federal Reserve Bank of New York View citations (18)
    See also Journal Article Evolution in bank complexity, Economic Policy Review, Federal Reserve Bank of New York (2014) View citations (34) (2014)
18. Parting Reflections on the Series on Large and Complex Banks
    Liberty Street Economics, Federal Reserve Bank of New York
19. Remarks at the Fifth Data Management Strategies and Technologies Workshop
    Speech, Federal Reserve Bank of New York
    Also in Speech, Federal Reserve Bank of New York (2014)
20. Turnover in Fedwire Funds Has Dropped Considerably since the Crisis, but It's Okay
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
21. Why Large Bank Failures Are So Messy and What to Do about It?
    Liberty Street Economics, Federal Reserve Bank of New York

2013

22. Are Higher Haircuts Better? A Paradox
    Liberty Street Economics, Federal Reserve Bank of New York
23. More Than Meets the Eye: Some Fiscal Implications of Monetary Policy
    Liberty Street Economics, Federal Reserve Bank of New York
24. The economy and the Household Debt and Credit Report
    Speech, Federal Reserve Bank of New York
25. The risk of fire sales in the tri-party repo market
    Staff Reports, Federal Reserve Bank of New York View citations (7)
    See also Journal Article THE RISK OF FIRE SALES IN THE TRI-PARTY REPO MARKET, Contemporary Economic Policy, Western Economic Association International (2016) (2016)

2012

26. How the High Level of Reserves Benefits the Payment System
    Liberty Street Economics, Federal Reserve Bank of New York View citations (2)
27. If Interest Rates Go Negative... Or, Be Careful What You Wish For
    Liberty Street Economics, Federal Reserve Bank of New York View citations (6)
28. Summary of the Report on the Competitiveness of Puerto Rico's Economy
    Speech, Federal Reserve Bank of New York
29. The economics of two-sided payment card markets: pricing, adoption and usage
    Working Paper, Federal Reserve Bank of Richmond View citations (5)
    Also in Research Working Paper, Federal Reserve Bank of Kansas City (2008) View citations (16)
30. What’s Driving Up Money Growth?
    Liberty Street Economics, Federal Reserve Bank of New York

2011

31. A note on bank lending in times of large bank reserves
    Staff Reports, Federal Reserve Bank of New York View citations (7)
32. Did the Fed’s Term Auction Facility Work?
    Liberty Street Economics, Federal Reserve Bank of New York

2010

33. Quantifying the benefits of a liquidity-saving mechanism
    Staff Reports, Federal Reserve Bank of New York View citations (2)

2009

34. Precautionary reserves and the interbank market
    Staff Reports, Federal Reserve Bank of New York View citations (22)
    See also Journal Article Precautionary Reserves and the Interbank Market, Journal of Money, Credit and Banking, Blackwell Publishing (2011) View citations (21) (2011)
35. Why are banks holding so many excess reserves?
    Staff Reports, Federal Reserve Bank of New York View citations (63)
    See also Journal Article Why are banks holding so many excess reserves?, Current Issues in Economics and Finance, Federal Reserve Bank of New York (2009) View citations (85) (2009)

2008

36. A study of competing designs for a liquidity-saving mechanism
    Staff Reports, Federal Reserve Bank of New York View citations (24)
    See also Journal Article A study of competing designs for a liquidity-saving mechanism, Journal of Banking & Finance, Elsevier (2010) View citations (7) (2010)
37. Settlement delays in the money market
    Staff Reports, Federal Reserve Bank of New York View citations (4)
    See also Journal Article Settlement delays in the money market, Journal of Banking & Finance, Elsevier (2010) View citations (15) (2010)
38. Should there be intraday money markets?
    Staff Reports, Federal Reserve Bank of New York View citations (3)
    See also Journal Article SHOULD THERE BE INTRADAY MONEY MARKETS?, Contemporary Economic Policy, Western Economic Association International (2010) View citations (5) (2010)
39. The effect of the Term Auction Facility on the London inter-bank offered rate
    Staff Reports, Federal Reserve Bank of New York View citations (66)
    See also Journal Article The effect of the term auction facility on the London interbank offered rate, Journal of Banking & Finance, Elsevier (2017) View citations (22) (2017)
40. The welfare effects of a liquidity-saving mechanism
    Staff Reports, Federal Reserve Bank of New York View citations (29)

2007

41. Liquidity saving mechanisms
    2007 Meeting Papers, Society for Economic Dynamics View citations (5)
    Also in Staff Reports, Federal Reserve Bank of New York (2007) View citations (10)
    See also Journal Article Liquidity-saving mechanisms, Journal of Monetary Economics, Elsevier (2008) View citations (43) (2008)

2006

42. Funding Levels for the New Accounts in the BOJ-NET
    Bank of Japan Working Paper Series, Bank of Japan View citations (2)
43. Microfoundations of two-sided markets: the payment card example
    Payments System Research Working Paper, Federal Reserve Bank of Kansas City View citations (8)

2004

44. Money is privacy
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (3)
    See also Journal Article MONEY IS PRIVACY, International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association (2005) View citations (30) (2005)

2001

45. A Theory of Transactions Privacy
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (1)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (2000) View citations (9)
46. Can small banks survive deregulation? the role of the Fed in the correspondent banking market
    Proceedings, Federal Reserve Bank of Chicago
47. E-Finance: An Introduction
    Center for Financial Institutions Working Papers, Wharton School Center for Financial Institutions, University of Pennsylvania View citations (3)
    See also Journal Article E-Finance: An Introduction, Journal of Financial Services Research, Springer (2002) View citations (20) (2002)
48. To surcharge or not to surcharge: an empirical investigation of ATM pricing
    Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) View citations (3)
    See also Journal Article To Surcharge or Not to Surcharge: An Empirical Investigation of ATM Pricing, The Review of Economics and Statistics, MIT Press (2003) View citations (46) (2003)

1999

49. A general equilibrium analysis of check float
    Staff Reports, Federal Reserve Bank of New York View citations (9)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (1997) View citations (1)
    See also Journal Article A General Equilibrium Analysis of Check Float, Journal of Financial Intermediation, Elsevier (1999) View citations (9) (1999)
50. Payment intermediation and the origins of banking
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (18)
    Also in Staff Reports, Federal Reserve Bank of New York (1999) View citations (30)
51. Settlement risk under gross and net settlement
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (9)
    Also in Staff Reports, Federal Reserve Bank of New York (1999) View citations (9)
    See also Journal Article Settlement Risk under Gross and Net Settlement, Journal of Money, Credit and Banking, Blackwell Publishing (2003) View citations (43) (2003)

1998

52. Direct presentment regulation in payments
    Proceedings, Federal Reserve Bank of Chicago View citations (2)
    See also Journal Article Direct presentment regulation in payments, Research in Economics, Elsevier (1998) View citations (2) (1998)
53. Financial services for the urban poor: South Africa's E Plan
    Policy Research Working Paper Series, The World Bank View citations (5)
54. Joint venture payment networks and public policy
    Proceedings, Federal Reserve Bank of Chicago

1997

55. A model of check exchange
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
56. Banking and payment system stability in an electronic money world
    Working Papers, Federal Reserve Bank of Philadelphia View citations (9)

1996

57. Pricing in vertically integrated network switches
    Working Papers, Federal Reserve Bank of Philadelphia View citations (6)
58. Retail pricing of ATM network services
    Working Papers, Federal Reserve Bank of Philadelphia View citations (5)

1995

59. Simulations of failure in a payment system
    Working Papers, Federal Reserve Bank of Philadelphia View citations (8)

1994

60. Banks, payments, and coordination
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
    Also in FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta (1994)
    See also Journal Article Banks, Payments, and Coordination, Journal of Financial Intermediation, Elsevier (1995) View citations (33) (1995)
61. Shared ownership and pricing in a network switch
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)
    See also Journal Article Shared ownership and pricing in a network switch, International Journal of Industrial Organization, Elsevier (1996) View citations (21) (1996)

1993

62. Network externalities and shared electronic banking network adoption
    Working Papers, Federal Reserve Bank of Philadelphia View citations (2)

1992

63. Results of a survey of ATM network pricing
    Working Papers, Federal Reserve Bank of Philadelphia View citations (3)

1991

64. Worker debt with bankruptcy
    Working Papers, Federal Reserve Bank of Philadelphia View citations (1)

1990

65. Regional authorities, public services, and the location of economic activity
    Working Papers, Federal Reserve Bank of Philadelphia

1989

66. Entry-deterring debt
    Working Papers, Federal Reserve Bank of Philadelphia View citations (4)
    See also Journal Article Entry-Deterring Debt, Journal of Money, Credit and Banking, Blackwell Publishing (1992) View citations (5) (1992)
67. Strategic role complementarity
    Working Papers, Federal Reserve Bank of Philadelphia

Journal Articles

2020

1. The case for cash
   Latin American Journal of Central Banking (previously Monetaria), 2020, 1, (1) View citations (6)
2. Two-sided market, R&D, and payments system evolution
   Journal of Monetary Economics, 2020, 115, (C), 180-199 View citations (3)
   See also Working Paper Two-Sided Market, R&D and Payments System Evolution, IMF Working Papers (2019) View citations (3) (2019)

2017

3. Net Settlement and Counterparty Risk: Evidence from the Formation of the New York Stock Exchange Clearing House in 1892
   Journal of Money, Credit and Banking, 2017, 49, (6), 1273-1298 View citations (3)
4. The effect of the term auction facility on the London interbank offered rate
   Journal of Banking & Finance, 2017, 83, (C), 135-152 View citations (22)
   See also Working Paper The effect of the Term Auction Facility on the London inter-bank offered rate, Staff Reports (2008) View citations (66) (2008)

2016

5. Bank Lending in Times of Large Bank Reserves
   International Journal of Central Banking, 2016, 12, (4), 193-222 View citations (46)
6. THE RISK OF FIRE SALES IN THE TRI-PARTY REPO MARKET
   Contemporary Economic Policy, 2016, 34, (3), 513-530
   See also Working Paper The risk of fire sales in the tri-party repo market, Staff Reports (2013) View citations (7) (2013)
7. The payment system benefits of high reserve balances
   Journal of Payments Strategy & Systems, 2016, 10, (1), 72-83 View citations (1)
   See also Working Paper The payment system benefits of high reserve balances, Staff Reports (2016) View citations (5) (2016)

2014

8. Evolution in bank complexity
   Economic Policy Review, 2014, (Dec), 85-106 View citations (34)
   See also Working Paper Evolution in Bank Complexity, Liberty Street Economics (2014) View citations (18) (2014)
9. Matching collateral supply and financing demands in dealer banks
   Economic Policy Review, 2014, (Dec), 127-151 View citations (14)
10. Stability of funding models: an analytical framework
    Economic Policy Review, 2014, (Feb), 29-47 View citations (23)
11. What makes large bank failures so messy and what should be done about it?
    Economic Policy Review, 2014, (Dec), 229-244 View citations (4)

2013

12. Wall Street and Main Street: the macroeconomic consequences of New York bank suspensions, 1866–1914
    Cliometrica, Journal of Historical Economics and Econometric History, 2013, 7, (2), 99-130 View citations (15)

2012

13. Settlement liquidity and monetary policy implementation—lessons from the financial crisis
    Economic Policy Review, 2012, 18, (Mar), 3-20 View citations (10)

2011

14. Payment Systems
    Annual Review of Financial Economics, 2011, 3, (1), 259-287 View citations (2)
15. Precautionary Reserves and the Interbank Market
    Journal of Money, Credit and Banking, 2011, 43, (s2), 311-348 View citations (21)
    Also in Journal of Money, Credit and Banking, 2011, 43, 311-348 (2011) View citations (131)
    See also Working Paper Precautionary reserves and the interbank market, Staff Reports (2009) View citations (22) (2009)

2010

16. A study of competing designs for a liquidity-saving mechanism
    Journal of Banking & Finance, 2010, 34, (8), 1818-1826 View citations (7)
    See also Working Paper A study of competing designs for a liquidity-saving mechanism, Staff Reports (2008) View citations (24) (2008)
17. SHOULD THERE BE INTRADAY MONEY MARKETS?
    Contemporary Economic Policy, 2010, 28, (1), 110-122 View citations (5)
    See also Working Paper Should there be intraday money markets?, Staff Reports (2008) View citations (3) (2008)
18. Settlement delays in the money market
    Journal of Banking & Finance, 2010, 34, (5), 934-945 View citations (15)
    See also Working Paper Settlement delays in the money market, Staff Reports (2008) View citations (4) (2008)

2009

19. Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?
    Journal of Monetary Economics, 2009, 56, (5), 657-674 View citations (266)
20. The Federal Reserve's Primary Dealer Credit Facility
    Current Issues in Economics and Finance, 2009, 15, (Aug) View citations (44)
21. Why are banks holding so many excess reserves?
    Current Issues in Economics and Finance, 2009, 15, (Dec) View citations (85)
    See also Working Paper Why are banks holding so many excess reserves?, Staff Reports (2009) View citations (63) (2009)

2008

22. An economic analysis of liquidity-saving mechanisms
    Economic Policy Review, 2008, 14, (Sep), 25-39 View citations (31)
23. Changes in the timing distribution of Fedwire funds transfers
    Economic Policy Review, 2008, 14, (Sep), 83-112 View citations (29)
24. Comprendiendo la administración de riesgos en los pagos minoristas emergentes
    Boletín, 2008, LIV, (1), 29-52
25. Divorcing money from monetary policy
    Economic Policy Review, 2008, 14, (Sep), 41-56 View citations (114)
26. Liquidity-saving mechanisms
    Journal of Monetary Economics, 2008, 55, (3), 554-567 View citations (43)
    See also Working Paper Liquidity saving mechanisms, 2007 Meeting Papers (2007) View citations (5) (2007)
27. The Federal Reserve's Term Auction Facility
    Current Issues in Economics and Finance, 2008, 14, (Jul) View citations (62)
28. Understanding risk management in emerging retail payments
    Economic Policy Review, 2008, 14, (Sep), 137-159 View citations (4)

2006

29. Alternative arrangements for the distribution of intraday liquidity
    Current Issues in Economics and Finance, 2006, 12, (Apr) View citations (6)

2005

30. MONEY IS PRIVACY
    International Economic Review, 2005, 46, (2), 377-399 View citations (30)
    See also Working Paper Money is privacy, FRB Atlanta Working Paper (2004) View citations (3) (2004)

2004

31. Economizing on liquidity with deferred settlement mechanisms
    Economic Policy Review, 2004, (Dec), 51-72 View citations (10)

2003

32. Automated Teller Machine Network Pricing - A Review of the Literature
    Review of Network Economics, 2003, 2, (2), 13 View citations (45)
33. Settlement Risk under Gross and Net Settlement
    Journal of Money, Credit and Banking, 2003, 35, (4), 591-608 View citations (43)
    See also Working Paper Settlement risk under gross and net settlement, FRB Atlanta Working Paper (1999) View citations (9) (1999)
34. To Surcharge or Not to Surcharge: An Empirical Investigation of ATM Pricing
    The Review of Economics and Statistics, 2003, 85, (4), 990-1002 View citations (46)
    See also Working Paper To surcharge or not to surcharge: an empirical investigation of ATM pricing, Finance and Economics Discussion Series (2001) View citations (3) (2001)

2002

35. Deregulation, Correspondent Banking, and the Role of the Federal Reserve
    Journal of Financial Intermediation, 2002, 11, (3), 320-343
36. E-Finance: An Introduction
    Journal of Financial Services Research, 2002, 22, (1), 5-27 View citations (20)
    See also Working Paper E-Finance: An Introduction, Center for Financial Institutions Working Papers (2001) View citations (3) (2001)
37. Liquidity effects of the events of September 11, 2001
    Economic Policy Review, 2002, 8, (Nov), 59-79 View citations (44)
38. The consolidation of European stock exchanges
    Current Issues in Economics and Finance, 2002, 8, (Jun) View citations (21)

2001

39. Personal on-line payments
    Economic Policy Review, 2001, (Dec), 35-50 View citations (8)

2000

40. Opening the “Black Box” of Network Externalities in Network Adoption
    Information Systems Research, 2000, 11, (1), 61-82 View citations (6)
41. The economics of check float
    Economic Review, 2000, 85, (Q4), 17-27 View citations (5)
42. The emergence of electronic communications networks in the U.S. equity markets
    Current Issues in Economics and Finance, 2000, 6, (Oct) View citations (12)
43. The timing and funding of Fedwire funds transfers
    Economic Policy Review, 2000, (Jul), 17-32 View citations (56)

1999

44. A General Equilibrium Analysis of Check Float
    Journal of Financial Intermediation, 1999, 8, (4), 353-377 View citations (9)
    See also Working Paper A general equilibrium analysis of check float, Staff Reports (1999) View citations (9) (1999)
45. Comment on Demandable Debt as a Means of Payment: Banknotes versus Checks
    Journal of Money, Credit and Banking, 1999, 31, (3), 526-28 View citations (1)
46. E‐MONEY AND PAYMENT SYSTEM RISKS
    Contemporary Economic Policy, 1999, 17, (3), 348-357 View citations (5)
47. Panel discussion: thoughts on the future of payments and central banking
    Proceedings, 1999, 668-681 View citations (1)
48. Panel: Thoughts on the Future of Payments and Central Banking: Arrangements for Access to Payment Credit
    Journal of Money, Credit and Banking, 1999, 31, (3), 671-73

1998

49. ATM surcharges
    Current Issues in Economics and Finance, 1998, 4, (Apr) View citations (5)
50. Direct presentment regulation in payments
    Research in Economics, 1998, 52, (3), 311-326 View citations (2)
    See also Working Paper Direct presentment regulation in payments, Proceedings (1998) View citations (2) (1998)

1997

51. Making payments on the Internet
    Business Review, 1997, (Jan), 1-12 View citations (1)
52. Network issues and payment systems
    Business Review, 1997, (Nov), 15-25 View citations (23)

1996

53. Shared ownership and pricing in a network switch
    International Journal of Industrial Organization, 1996, 14, (6), 727-745 View citations (21)
    See also Working Paper Shared ownership and pricing in a network switch, Working Papers (1994) View citations (2) (1994)

1995

54. Antitrust and payment technologies: commentary
    Review, 1995, (Nov), 55-59
55. Antitrust issues in payment systems: bottlenecks, access, and essential facilities
    Business Review, 1995, (Sep), 3-12 View citations (5)
56. Banks, Payments, and Coordination
    Journal of Financial Intermediation, 1995, 4, (4), 305-327 View citations (33)
    See also Working Paper Banks, payments, and coordination, Working Papers (1994) View citations (2) (1994)

1994

57. The automated clearinghouse system: moving toward electronic payment
    Business Review, 1994, (Jul), 15-23 View citations (4)

1992

58. Entry-Deterring Debt
    Journal of Money, Credit and Banking, 1992, 24, (1), 98-110 View citations (5)
    See also Working Paper Entry-deterring debt, Working Papers (1989) View citations (4) (1989)
59. Where has all the paper gone? Book-entry delivery-against-payment systems
    Business Review, 1992, (Nov), 19-30 View citations (2)

1991

60. The evolution of shared ATM networks
    Business Review, 1991, (May), 3-16 View citations (12)

1990

61. How will third district banks fare in the 1990's?
    Business Review, 1990, (Jan), 13-25