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Discussion Paper
The Federal Reserve's Liquidity Backstops to the Municipal Bond Market during the COVID-19 Pandemic
Wei, Bin; Yue, Vivian Z. (2020-05-28)
The COVID-19 pandemic has caused tremendous hardship all over the world. In response, the Federal Reserve has moved quickly and aggressively to support the economy in the United States. In this article, we present some initial evidence for the effectiveness of some of the facilities in calming the municipal bond market, particularly the short-term variable-rate demand obligation (VRDO) market. We discuss the important role of liquidity backstops in mitigating runs and stabilizing financial markets in general based on insights from our study on the runs on VRDO and auction-rate securities ...
Policy Hub* , Paper 2020-5

Journal Article
The Federal Reserve's Liquidity Backstops to the Municipal Bond Market during the COVID-19 Pandemic
Wei, Bin; Yue, Vivian Z. (2020-05-28)
The COVID-19 pandemic has caused tremendous hardship all over the world. In response, the Federal Reserve has moved quickly and aggressively to support the economy in the United States. In this article, we present some initial evidence for the effectiveness of some of the facilities in calming the municipal bond market, particularly the short-term variable-rate demand obligation (VRDO) market. We discuss the important role of liquidity backstops in mitigating runs and stabilizing financial markets in general based on insights from our study on the runs on VRDO and auction-rate securities ...
Policy Hub , Volume 2020 , Issue 5 , Pages 10

Discussion Paper
The financing experiences of nonemployer firms: evidence from the 2014 joint small business credit survey
Rosoff, Stephanie; Terry, Ellie (2015-07-01)
Businesses without employees?or nonemployer firms?make up the majority of small businesses in the United States, but little is known about their financial lives, including their business financing needs and experiences. In this paper, we discuss findings from data on nonemployer firms in the 2014 Joint Small Business Credit Survey, a new annual survey by the Federal Reserve Banks of Atlanta, Cleveland, New York, and Philadelphia. Our results indicate that nonemployers use financing less than employers do. They hold less debt and apply for financing at lower rates, even when controlling for ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2015-3

Discussion Paper
The Financing Experiences of Nonemployer Firms: Evidence from the 2014 Joint Small Business Credit Survey
Rosoff, Stephanie; Terry, Ellie (2015-07-01)
Businesses without employees—or nonemployer firms—make up the majority of small businesses in the United States, but little is known about their financial lives, including their business financing needs and experiences. In this paper, we discuss findings from data on non-employer firms in the 2014 Joint Small Business Credit Survey, a new annual survey by the Federal Reserve Banks of Atlanta, Cleveland, New York, and Philadelphia. Our results indicate that non-employers use financing less than employers do. They hold less debt and apply for financing at lower rates, even when controlling ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2015-03

Working Paper
Liquidity backstops and dynamic debt runs
Wei, Bin; Yue, Vivian Z. (2015-12-01)
Liquidity backstops have important implications for financial stability. In this paper, we provide a microfoundation for the important role of liquidity backstops in mitigating runs (or, conversely, the role of the lack of liquidity backstops in exacerbating runs) based on a dynamic model of debt runs. We focus on the municipal bond markets for variable rate demand obligations (VRDOs) and auction rate securities (ARS). The different experiences in these markets during the recent financial crisis of 2007?09 provide a natural experiment to identify the value of a liquidity backstop in ...
FRB Atlanta Working Paper , Paper 2015-13

Working Paper
The Good, the Bad, and the Ordinary: Estimating Agent Value-Added Using Real Estate Transactions
Cunningham, Chris; Gerardi, Kristopher; Shen, Lily (2022-09-29)
Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents’ value-added when either selling or buying homes using data from three large multiple listing services (MLS). We find that homeowners who forgo a conventional real estate agent, but who list their homes on the MLS via a flat fee broker, sell for between 1 and 4 percent more before commission but take longer to sell and are less likely to complete a sale. However, these average effects mask a significant ...
FRB Atlanta Working Paper , Paper 2022-11

Report
Could the Growth of Private Credit Pose a Risk to Financial System Stability?
Wang, J. Christina; Fillat, José; Levin, John; Landoni, Mattia (2025-05-21)
The private credit market has grown rapidly in recent years, approaching the lending volume of some traditional sources of business credit, including commercial and industrial loans from banks, broadly syndicated loans, and high-yield bonds. This brief looks at the role US banks have played in that growth and the implications for stability in the US financial system.
Current Policy Perspectives , Paper 25-8

Working Paper
Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?
La Spada, Gabriele; Anadu, Kenechukwu E.; Wang, J. Christina; Landoni, Mattia; Macchiavelli, Marco; Cipriani, Marco; Azar, Pablo D.; Huang, Catherine; Eisenbach, Thomas M.; Malfroy-Camine, Antoine (2025-06-01)
Similar to the more traditional money market funds (MMFs), stablecoins aim to provide investors with safe, money-like assets. We investigate similarities and differences between these two investment products. Our key finding is that, like MMFs, stablecoins also suffer from “flight-to-safety” dynamics. This is manifested in net flows from riskier to safer stablecoins on days of crypto-market stress. The same flight-to-safety dynamics also characterized flows during stablecoin runs, as exemplified by the two most severe episodes in 2022 and 2023. Furthermore, as flight-to-safety flows occur ...
Supervisory Research and Analysis Working Papers , Paper SRA 23-02

Working Paper
The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
Osambela, Emilio; Anadu, Kenechukwu E.; Kruttli, Mathias S.; Shin, Chaehee; McCabe, Patrick E. (2018-08-27)
The past couple of decades have seen a significant shift in assets from active to passive investment strategies. We examine the potential effects of this shift on financial stability through four different channels: (1) effects on investment funds? liquidity transformation and redemption risks; (2) passive strategies that amplify market volatility; (3) increases in asset-management industry concentration; and (4) the effects on valuations, volatility, and comovement of assets that are included in indexes. Overall, the shift from active to passive investment strategies appears to be increasing ...
Supervisory Research and Analysis Working Papers , Paper RPA 18-4

Working Paper
Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?
La Spada, Gabriele; Anadu, Kenechukwu E.; Wang, J. Christina; Landoni, Mattia; Macchiavelli, Marco; Cipriani, Marco; Azar, Pablo D.; Huang, Catherine; Eisenbach, Thomas M.; Malfroy-Camine, Antoine (2024-03-26)
Similar to the more traditional money market funds (MMFs), stablecoins aim to provide investors with safe, money-like assets. We investigate similarities and differences between these two investment products. Like MMFs, stablecoins suffer from “flight-to-safety” dynamics: we document net flows from riskier to safer stablecoins on days of crypto-market stress and estimate a discrete “break-the-buck” threshold of $1, below which stablecoin redemptions accelerate. We then focus on two specific stablecoin runs, in 2022 and 2023, showing that the same flight-to-safety dynamics also ...
Supervisory Research and Analysis Working Papers , Paper SRA 23-02

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