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Journal Article
On the pervasive effects of Federal Reserve settlement regulations
Winters, Drew B.; Cyree, Ken B.; Griffiths, Mark D. (2003-03)
To manage their reserve positions, depository institutions in the United States actively buy and sell deposits at the Federal Reserve Banks via the federal funds market. Beginning in 1991, the Eurodollar market also became an attractive venue for trading deposits at the Federal Reserve Banks. Prior to 1991, the Federal Reserve?s statutory reserve requirement on Eurocurrency liabilities of U.S. banking offices discouraged use of Eurocurrency liabilities as a vehicle for trading deposits at the Federal Reserve. This impediment was removed in December 1990. Beginning in January 1991, the ...
Review , Volume 85 , Issue Mar , Pages 27-46

Discussion Paper
Preemptive Runs and the Offshore U.S. Dollar Money Market Funds Industry
Cipriani, Marco; La Spada, Gabriele (2021-11-22)
In March 2020, U.S. dollar-denominated prime money market funds (MMFs) suffered heavy outflows as concerns about the COVID-19 pandemic increased in the United States and Europe. Investors redeemed their shares en masse not only from funds domiciled in the United States (“domestic”) but also from offshore funds. In this post, we use differences in the regulatory regimes of domestic and offshore funds to identify the impact of the redemption gates and liquidity fees recently introduced as part of MMF industry reforms in both the United States and Europe.
Liberty Street Economics , Paper 20211122

Report
Investors’ appetite for money-like assets: the money market fund industry after the 2014 regulatory reform
Cipriani, Marco; La Spada, Gabriele (2017-06-01)
This paper uses a quasi-natural experiment to estimate the premium investors are willing to pay to hold money-like assets. The 2014 SEC reform of the money market fund (MMF) industry reduced the money-likeness only of prime MMFs, by increasing the information sensitivity of their shares, and left government MMFs unaffected. As a result, investors fled from prime to government MMFs, with total outflows exceeding $1 trillion. By comparing investors’ response to the regulatory change with past episodes of industry dislocation (for example, the 2008 MMF run), we highlight the difference between ...
Staff Reports , Paper 816

Discussion Paper
Money Market Funds and the New SEC Regulation
Shah, Neha; Cipriani, Marco; Mulder, Philip; Chen, Catherine; La Spada, Gabriele (2017-03-20)
On October 14, 2016, amendments to Securities and Exchange Commission (SEC) rule 2a-7, which governs money market mutual funds (MMFs), went into effect. The changes are designed to reduce MMFs? susceptibility to destabilizing runs and contain two principal requirements. First, institutional prime and muni funds?but not retail or government funds?must now compute their net asset values (NAVs) using market-based factors, thereby abandoning the fixed NAV that had been a hallmark of the MMF industry. Second, all prime and muni funds must adopt a system of gates and fees on redemptions, which can ...
Liberty Street Economics , Paper 20170320

Working Paper
Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
Frost, Josh; Logan, Lorie; Martin, Antoine; McCabe, Patrick E.; Natalucci, Fabio M.; Remache, Julie (2015-02-19)
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including ...
Finance and Economics Discussion Series , Paper 2015-10

Journal Article
A new role for the Exchange Stabilization Fund
Humpage, Owen F. (2008-08)
Recently, the U.S. Treasury announced a new, temporary insurance program for U.S. money-market mutual funds. To guarantee payment of these funds? liabilities, the Treasury will use the assets of its Exchange Stabilization Fund. Created in the 1930s to stabilize the exchange value of the dollar, it has been tapped on occasion to supply loans to foreign countries in financial distress. This latest use of ESF assets is unlike anything the Fund has been used for before.
Economic Commentary , Issue Aug

Speech
Towards greater financial stability in short-term credit markets
Rosengren, Eric S. (2011)
Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Global Interdependence Center's Conference on Capital Markets in the Post Crisis Environment, Stockholm, Sweden, September 29, 2011
Speech , Paper 49

Monograph
Instruments of the money market
Cook, Timothy Q.; LaRoche, Robert K. (1993)
Monograph

Report
Overnight RRP operations as a monetary policy tool: some design considerations
Frost, Josh; Logan, Lorie; Martin, Antoine; McCabe, Patrick E.; Natalucci, Fabio M.; Remache, Julie (2015-02-01)
We review recent changes in monetary policy that have led to development and testing of an overnight reverse repurchase agreement (ON RRP) facility, an innovative tool for implementing monetary policy during the normalization process. Making ON RRPs available to a broad set of investors, including nonbank institutions that are significant lenders in money markets, could complement the use of the interest on excess reserves (IOER) and help control short-term interest rates. We examine some potentially important secondary effects of an ON RRP facility, both positive and negative, including ...
Staff Reports , Paper 712

Discussion Paper
Real Inventory Slowdowns
Lucca, David O.; McQuillan, Casey; Crump, Richard K. (2019-11-18)
Inventory investment plays a central role in business cycle fluctuations. This post examines whether inventory investment amplifies or dampens economic fluctuations following a tightening in financial conditions. We find evidence supporting an amplification mechanism. This analysis suggests that inventory accumulation will be a drag on economic activity this year but provide a boost in 2020.
Liberty Street Economics , Paper 20191118

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