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Briefing
A Small Contribution to Measuring the Lags in Monetary Policy Transmission
Wolman, Alexander L. (2023-09)
From May 2022 to July 2023, holdings of small CDs have risen from virtually nothing to more than $900 billion. While this is a dramatic increase, it has come on the heels of a sharp increase in interest rates, and the increase in CDs did not begin until well after interest rates started rising. In this article, I provide some historical perspective for the recent increase in CDs and retail money market mutual fund (MMMF) balances. What is the typical lag between market interest rate increases and increases in CD and MMMF balances? Is the recent increase unusually large, or does history ...
Richmond Fed Economic Brief , Volume 23 , Issue 30

Discussion Paper
The Premium for Money-Like Assets
Cipriani, Marco; La Spada, Gabriele (2018-07-18)
Several academic papers have documented investors? willingness to pay a premium to hold money-like assets and focused on its implications for financial stability. In a New York Fed staff report, we estimate such premium using a quasi-natural experiment, the recent reform of the money market fund (MMF) industry by the Securities and Exchange Commission (SEC).
Liberty Street Economics , Paper 20180718

Journal Article
The market for federal funds
Maerowitz, Seth P. (1981-07)
An abstract for this article is not available.
Economic Review , Volume 67 , Issue Jul , Pages 3-7

Journal Article
Interest sensitivity of MMDAs
Zimmerman, Gary C.; Keeley, Michael C. (1985)
FRBSF Economic Letter

Working Paper
Modelling Overnight RRP Participation
Huther, Jeff W.; Anderson, Alyssa G. (2016-02)
We examine how market participants have used the Federal Reserve?s overnight reverse repurchase (ON RRP) exercise and how short-term interest rates have evolved between December 2013 and November 2014. We show that money market fund (MMF) participation is sensitive to the spread between market repo rates and the ON RRP offering rate as well as Treasury bill issuance, government sponsored enterprise (GSE) participation is more heavily driven by calendar effects, dealers tend to only participate when rate spreads are negative, and banks generally do not participate. We also find that the effect ...
Finance and Economics Discussion Series , Paper 2016-023

Report
Competition, reach for yield, and money market funds
La Spada, Gabriele (2015-12-08)
Do asset managers reach for yield because of competitive pressures in a low-rate environment? I propose a tournament model of money market funds (MMFs) to study this issue. When funds care about relative performance, an increase in the risk premium leads funds with lower default costs to increase risk-taking, while funds with higher default costs decrease risk-taking. Without changes in the premium, lower risk-free rates reduce the risk-taking of all funds. I show that these predictions are consistent with MMF risk-taking during the 2002-08 period and that rank-based performance is indeed a ...
Staff Reports , Paper 753

Speech
Money market mutual funds and financial stability
Rosengren, Eric S. (2012)
Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Federal Reserve Bank of Atlanta's 2012 Financial Markets Conference, "Financial Reform: the Devil's in the Details", Stone Mountain, Georgia, April 11, 2012.
Speech , Paper 56

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

Journal Article
Interest rate competition
Neuberger, Jonathan A.; Zimmerman, Gary C. (1990)
FRBSF Economic Letter

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

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