Discussion Paper
The Premium for Money-Like Assets
Abstract: 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).
Keywords: Money Market Funds; Money Market Funds Reform; Money-like Assets;
JEL Classification: G1;
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Bibliographic Information
Provider: Federal Reserve Bank of New York
Part of Series: Liberty Street Economics
Publication Date: 2018-07-18
Number: 20180718