James McAndrews
University of Pennsylvania
152 Papers
1.8K Citations
James McAndrews is an academic researcher from University of Pennsylvania. The author has contributed to research in topics: Market liquidity & Payment. The author has an hindex of 35, co-authored 150 publications. Previous affiliations of James McAndrews include Federal Reserve Bank of New York & Federal Reserve System.
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Papers
Rating the raters: Are reputation concerns powerful enough to discipline rating agencies?☆☆☆
TL;DR: In this paper, the authors examine the validity of reputation concerns within a formal model: are reputation concerns sufficient to discipline rating agencies? They show that reputation concerns only works when a sufficiency large fraction of the CRA income comes from other sources than rating complex products.
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Precautionary Reserves and the Interbank Market
TL;DR: The authors showed that the friction faced by small banks to participate in the fed funds market leads to all banks holding precautionary reserves, which can explain why small banks hold relatively large amounts of excess reserves overnight, while at the same time lending large amounts to large banks.
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The effect of the Term Auction Facility on the London inter-bank offered rate
TL;DR: The authors show that the disagreement arises from misspecifications of econometric models and show that regressions using the daily level of the Libor-OIS spread as the dependent variable miss either the permanent or temporary TAF effect depending on whether the dummy variable indicates the events of the TAF or the regimes before and after a TAF event.
228
The Effect of the Term Auction Facility on the London Interbank Offered Rate
TL;DR: This article showed that the disagreement arises from mis-specifications of econometric models and that the evidence indicates the efficacy of the TAF in helping the interbank market to relieve liquidity strains.
224
E-Finance: An Introduction
TL;DR: In this paper, the authors outline research issues related to e-finance that set the stage for further work in this field, focusing on the use of electronic payments systems, the operations of financial services firms and the operation of financial markets.
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