Discussion Paper

Short-Term Funding Stresses and Asset Prices: Lessons from U.S. History

Abstract: Recent stress episodes in U.S. short-term dollar funding markets have brought renewed attention to the functioning of these markets and how they interact with capital markets more generally. The history of U.S. money markets and stock and bond markets before the founding of the Federal Reserve offer a unique perspective on how the structure of money markets can contribute to broader asset price fluctuations.

https://doi.org/10.17016/2380-7172.2582

Bibliographic Information

Provider: Board of Governors of the Federal Reserve System (U.S.)

Part of Series: FEDS Notes

Publication Date: 2020-11-09

Number: 2020-11-09-4