| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17161 |
| DP17161 The Money Market Mutual Fund Liquidity Facility | |
| Kenechukwu Anadu; Marco Cipriani; Gabriele La Spada | |
| 发表日期 | 2022-03-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | In this article, we discuss the run on prime money market funds (MMFs) that occurred in March 2020, at the onset of the COVID-19 pandemic, and describe the Money Market Mutual Fund Liquidity Facility (MMLF), which the Federal Reserve established in response to it. We show that the MMLF, like a similarly structured Federal Reserve facility established during the 2008 financial crisis, was an important tool in stemming investor outflows from MMFs and restoring calm in short-term funding markets. The usage of the facility was higher by funds that suffered larger outflows. After the facility’s introduction, outflows from prime MMFs decreased more for those funds that had a larger share of illiquid securities. Importantly, following the introduction of the MMLF, interest rates on MMLF-ineligible securities decreased at a slower rate than those on MMLF-eligible securities, even after controlling for credit risk. |
| 主题 | Financial Economics |
| 关键词 | Covid-19 Money market funds Runs Federal reserve lending facilities |
| URL | https://cepr.org/publications/dp17161 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546151 |
| 推荐引用方式 GB/T 7714 | Kenechukwu Anadu,Marco Cipriani,Gabriele La Spada. DP17161 The Money Market Mutual Fund Liquidity Facility. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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