NEW YORK – James J. McAndrews, executive vice president of the Research and Statistics Group and Director of Research of the Federal Reserve Bank of New York, today announced his intention to retire from the Bank in June. Mr. McAndrews is also a member of the Bank’s Management Committee.
The New York Fed will immediately begin the search for Mr. McAndrew’s successor.
“Jamie has been a distinguished researcher and a visionary leader for the Bank and the Federal Reserve System,” said William C. Dudley, president and chief executive officer of the New York Fed. “In addition to playing a prominent role in our financial stability efforts, he worked to make our research more accessible to the public through innovations such as the Liberty Street Economics blog and helped achieve alignment between our research and the mission of the Bank. Jamie has been a valued colleague, offering up his time, talents and insights as a mentor, advisor and collaborator to all who have sought them. We wish him well in his retirement.”
As head of Research and Statistics in New York, Mr. McAndrews has been responsible for the financial and economic policy analysis used to brief the Bank president in preparation for participating in Federal Open Market Committee (FOMC) meetings. During his tenure, Mr. McAndrews was instrumental in the design of several liquidity facilities during the financial crisis.
Mr. McAndrews is a member of the steering committee for the Federal Reserve System's Comprehensive Liquidity and Analysis Review (CLAR), and served as Associate Economist to the FOMC in 2012. He has represented the Bank on a number of international committees devoted to retail and large value payments, funding liquidity, and monetary policy implementation. Earlier, he led an effort to move Fedwire® pricing from a uniform price to a volume-based system.
Mr. McAndrews has written extensively on topics related to monetary policy implementation, the liquidity of banks and markets and monetary arrangements in U.S. history. He has also served as a consulting economist to the Bank of Japan, the Bank of England, the Reserve Bank of Australia, the Swedish Riksbank and the World Bank.
Mr. McAndrews will leave the Bank after 19 years of service at the Bank and 28 years of combined service to the System. He joined the Bank in 1997 as a senior economist transferring from the Federal Reserve Bank of Philadelphia where he served on the Rivlin Committee, which looked at payment systems and made recommendations for improvement. Mr. McAndrews was named executive vice president and co-head of research in 2010. He was named sole head of the group in 2012.Mr. McAndrews holds a bachelor’s degree and doctorate degree in economics from the University of Iowa.