Publications

Settlement Liquidity and Monetary Policy Implementation-Lessons from the Financial Crisis
With Morten L. Bech and Antoine Martin
Federal Reserve Bank of New York Economic Policy Review, Forthcoming

The Economics of the Primary Dealer Credit Facility
With Tobias Adrian
Federal Reserve Bank of New York Current Issues in Economics and Finance, Forthcoming

CHIPS Supplemental Funding and its Effects on CHIPS, Overdrafts, and Fedwire  
With Dennis Kuo and Clara Sheets
August 2009
18 pages / 507 kb

The Federal Reserve's Term Auction Facility
With Olivier Armantier and Sandy Krieger
Federal Reserve Bank of New York Current Issues in Economics and Finance,(2008) July, Volume 14, Number 5

Liquidity Savings Mechanisms
With Antoine Martin
Journal of Monetary Economics,55, (2008)
554-567
Read the full text from ScienceDirect  ››

Settlement Delays in the Money Market
With Leo Bartolini and Spence Hilton
Journal of Banking and Finance,Forthcoming, 2008

An Economic Analysis of Liquidity-Saving Mechanisms
With Antoine Martin
Federal Reserve Bank of New York Economic Policy Review,September 2008, Volume 14, Number 2

Changes in the Timing Distribution of Fedwire Funds Transfers
With Olivier Armantier and Jeffrey Arnold
Federal Reserve Bank of New York Economic Policy Review,September 2008, Volume 14, Number 2

Understanding Risk Management in Emerging Retail Payments
With Michele Braun, William Roberds, and Richard Sullivan
Federal Reserve Bank of New York Economic Policy Review,September 2008, Volume 14, Number 2

Divorcing Money from Monetary Policy
With Todd Keister and Antoine Martin
Federal Reserve Bank of New York Economic Policy Review,September 2008, Volume 14, Number 2

The Microstructure of Money
in Andrew Haldane, Stephen Millard, and Victoria Saporta (eds.) The Future of Payment Systems, London, Routledge,(2008)

Funding Levels for the New Accounts in BOJ-Net  
With Kei Imakubo
Bank of Japan Working Paper Series No. 06-E21 reprinted in Harry Leinonen, (ed.) Simulation studies of liquidity needs, risks and efficiency in payment networks, Bank of Finland, 2007,(2006) December

Alternative Arrangements for the Distribution of Intraday Liquidity
Federal Reserve Bank of New York Current Issues in Economics and Finance,12, no. 3 (2006)

Money is Privacy
With Charles Kahn and William Roberds
International Economic Review,Vol. 46, No. 2, May 2005

Simulations of Failure in a Payment System    
With George Wasilyew
Liquidity, Risks and Speed in Payment and Settlement Systems A Simulation Approach, Harry Leinonen, ed., Bank of Finland,2005

Economizing on Liquidity with Deferred Settlement Mechanisms
With Kurt Johnson and Kimmo Soramaki
Federal Reserve Bank of New York Economic Policy Review,Vol. 10, No. 2, December 2004
See also ››
reprinted in Harry Leinonen, (ed.) Liquidity, Risks and Speed in Payment and Settlement Systems A Simulation Approach, Bank of Finland, 2005.

To Surcharge or Not To Surcharge: An Empirical Analysis of ATM Pricing  
With Tim Hannan, Elizabeth Kiser, and Robin Prager
Review of Economics and Statistics,Vol. 85, Issue 4, November 2003
pp. 990 - 1002

ATM Network Pricing: A Review of the Literature    
Review of Network Economics,Volume 2, Issue 2, 2003
pp. 146-158

Settlement Risk under Gross and Net Settlement
With Charles Kahn and William Roberds
Journal of Money, Credit and Banking,Vol 35 No. 4, August, 2003
pp.591-608

Liquidity Effects of the Events of September 11, 2001
With Simon Potter
Federal Reserve Bank of New York Economic Policy Review,Volume 8, Number 2, November 2002

E-Finance: An Introduction
With Franklin Allen and Philip Strahan
Journal of Financial Services Research,22:1/2 September 2002
pp. 5-27
Read the full text in Springer Link  ››

Deregulation, Correspondent Banking and the Role of the Federal Reserve
With Philip Strahan
Journal of Financial Intermediation,Vol. 11, No. 3, July 2002
pp. 320-343
Read the full text from ScienceDirect  ››

The Consolidation of European Stock Exchanges
With Chris Stefanadis
Federal Reserve Bank of New York Current Issues in Economics and Finance,Volume 8, Number 6, June 2002

Personal Online Payments
With Kenneth Kuttner
Federal Reserve Bank of New York Economic Policy Review,Volume 7, Number 3, December 2001

New Payment System Design: Causes and Consequences    
With John Trundle
Financial Stability Review, Bank of England, December 2001

The Economics of Check Float  
With William Roberds
Federal Reserve Bank of Atlanta Economic Review,85, Fourth Quarter 2000
1-11

Electronic Communications Networks in U.S. Equity Markets
With Chris Stefanadis
Federal Reserve Bank of New York Current Issues in Economics and Finance,Vol. 6, No. 12, October 2000

The Timing and Funding of Fedwire Funds Transfers
With Samira Rajan
Federal Reserve Bank of New York Economic Policy Review,Vol. 6, No. 2, July 2000

Opening the RBlack BoxS of Network Externalities in Network Adoption
With Robert Kauffman and Yu-Ming Wang
Information Systems Research,Volume 11, No. 1, March 2000

General Equilibrium Analysis of Check Float
With William Roberds
Journal of Financial Intermediation,Vol. 8 No. 4, December 1999
See also ››
Federal Reserve Bank of New York Staff Reports 84

Comment on Demandable Debt as a Means of Payment: Checks v. Banknotes
Journal of Money, Credit and Banking,31(3) pt. 2, August 1999
526-528

Arrangements for Access to Payment Credit
Journal of Money, Credit and Banking,31(3) pt. 2, August 1999
671-673
Read the full text in JSTOR  ››

E-Money and Payment System Risk
Contemporary Economic Policy,July 1999

ATM Surcharges
Federal Reserve Bank of New York Current Issues in Economics and Finance,Volume 4 Number 4, April 1998

Direct Presentment Regulations in Payments
Research in Economics,1998, 52, 326-331
Read the full text from ScienceDirect  ››

Joint Venture Payment Networks and Public Policy
With David Balto
Electronic Banking Law and Commerce ReportJuly 1998

Network Issues and Payment Systems  
Federal Reserve Bank of Philadelphia Business Review,December
11 pages / 47 kb

Making Payments on the Internet  
Federal Reserve Bank of Philadelphia Business Review,January 1997
12 pages / 200 kb

Shared Ownership and Pricing in a Network Switch
With Rafael Rob
International Journal of Industrial Organization,14, 1996, 727-745
Read the full text from ScienceDirect  ››

The Automated Clearinghouse System: Moving Toward Electronic Payment
Federal Reserve Bank of Philadelphia Business Review,July 1994,
See also ››
reprinted in UKin-YuV the Journal of the Federation of Bankers Association of Japan, 1994-10,in The Financial Institutions and Markets Reader, Third Edition, Blackwell Publ. 1996.

Banks, Payments, and Coordination
With Will Roberds
Journal of Financial Intermediation,Volume 4, Number 4, 1995
Read the full text from ScienceDirect  ››

Antitrust Issues in Payment Systems: Bottlenecks, Access, and Essential Facilities
Federal Reserve Bank of Philadelphia Business Review,November 1995

Can Regionalization of Local Public Services Increase a Region's Wealth?
With Richard Voith
Journal of Regional Science,August 1993

Where Has All the Paper Gone? Book-Entry Delivery-Against-Payment Systems
Federal Reserve Bank of Philadelphia Business Review,November 1992
See also ››
reprinted in the EFTA newsletter, 1993

Entry Deterring Debt
With Leonard Nakamura
Journal of Money, Credit, and BankingFebruary 1992
Read the full text in JSTOR  ››

Network Business Value Externalities
Perspectives on the Strategic and Economic Value of Information Technology Investment, Rajiv Banker, M. Mahmood, and R. Kauffman, eds., Idea Group Publishers1992

The Evolution of Automatic Teller Machine Networks
Federal Reserve Bank of Philadelphia Business Review,May 1991

How Will Third District Banks Fare in the 1990s?
Federal Reserve Bank of Philadelphia Business Review,January 1990

James McAndrews's CV

The views expressed in the papers listed on this page are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.