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Keywords:money-like assets 

Speech
Modern recipes for financial crises

Remarks at the University of Iowa, December 4, 2015.
Speech , Paper 190

Report
Investors’ appetite for money-like assets: the money market fund industry after the 2014 regulatory reform

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

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