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Keywords:Money market funds 

Journal Article
A new role for the Exchange Stabilization Fund

Recently, the U.S. Treasury announced a new, temporary insurance program for U.S. money-market mutual funds. To guarantee payment of these funds? liabilities, the Treasury will use the assets of its Exchange Stabilization Fund. Created in the 1930s to stabilize the exchange value of the dollar, it has been tapped on occasion to supply loans to foreign countries in financial distress. This latest use of ESF assets is unlike anything the Fund has been used for before.
Economic Commentary , Issue Aug

Journal Article
Interest rate competition

FRBSF Economic Letter

Journal Article
In-depth: will money market mutual funds get an extreme makeover?

Money market mutual funds (MMMFs) were subject to some modest regulatory changes in 2010, but many observers argue that the industry is in need of a more substantial overhaul. The $2.9 trillion MMMF industry is objecting, pointing out that the effects of the 2010 reform should be thoroughly examined before further changes are adopted and that radical changes would threaten the industry?s survival.
Central Banker , Issue Winter

Working Paper
Money Market Fund Vulnerabilities: A Global Perspective

Money market funds (MMFs) are popular around the world, with over $9 trillion in assets under management globally. From their origins in the 1970s, MMFs have operated in a niche between the capital markets and the banking system, as investment funds that offer private money‐like assets with features similar to those of bank deposits. Hence, they are vulnerable to runs that arise from liquidity transformation and from sudden changes in investor perceptions of the funds’ ability to serve as money‐like assets. Since 2000, MMF runs have occurred in many countries and under many regulatory ...
Finance and Economics Discussion Series , Paper 2022-012

Money market mutual funds and stable funding

Remarks by Eric S. Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston, at the Conference on Stable Funding, New York, New York, September 27, 2013.
Speech , Paper 74

Journal Article
Pseudo intermediaries

FRBSF Economic Letter

Instruments of the money market


Journal Article
Money market deposit accounts versus money market mutual funds

Economic and Financial Policy Review , Issue Nov , Pages 29-38

Journal Article
Regulation’s role in bank changes

This is the first article in a series which explores the changing role of banks in the financial intermediation process. It accompanies a Liberty Street Blog series. Both discuss the complexity of the credit intermediation chain associated with securitization and note the growing participation of nonbank entities within it. These series also discuss implications for monitoring and rulemaking going forward. In the article, the author argues that government involvement has been a significant factor in financial innovation and describes a number of the regulatory, legal, and policy decisions ...
Economic Policy Review , Issue Jul , Pages 13-20

Working Paper
The stability of prime money market mutual funds: sponsor support from 2007 to 2011

It is commonly noted that in the history of the Money Market Mutual Fund (MMMF) industry only two MMMFs have ?broken the buck,? or had the net asset value per share (NAV) at which they transact fall below $1. While this statement is true, it is useful to consider the role that non-contractual support has played in the maintenance of this strong track record. Such support, which has served to obscure the credit risk taken by these funds, has been a common occurrence over the history of MMMFs. This paper presents a detailed view of the non-contractual support provided to MMMFs by their sponsors ...
Supervisory Research and Analysis Working Papers , Paper RPA 12-3


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