The heft of non-bank financial intermediaries (NBFIs) has grown significantly after the Great
Financial Crisis. This paper reviews structural shifts in intermediation and how NBFIs have …

Stablecoins are at the center of debate surrounding decentralized finance. We develop a
dynamic model to analyze the instability mechanism of stablecoins, the complex incentives …

Liquidity restrictions on investors, like the redemption gates and liquidity fees introduced in
the 2016 money market fund (MMF) reform, are meant to improve financial stability …

This paper uses a quasi-natural experiment to estimate the premium for money-likeness.
The 2014 Securities and Exchange Commission (SEC) reform of the money market fund …

What makes investors run? We show that during the March 2020 run on prime money
market funds, institutional and retail investors behaved in dramatically different ways …

Do investors reach for yield when interest rates are low and does this behavior affect the
housing market? Using the unique setting and data of 18th-century Amsterdam, I show that …

We document aggregate outflows from corporate bond mutual funds days before and after
the announcement of increases in the Federal Funds Target rate (FFTar). To rationalize this …

How does the structure of financial intermediaries' liabilities affect their asset holdings? We
investigate the consequences of the 2014 money market fund (MMF) reform, which imposed …

Post-crisis liquidity regulations have led to a new realignment among banks, government-
sponsored enterprises, and money market funds. Banks increasingly draw liquidity from …

Postcrisis regulations apply stricter liquidity rules to both money market funds (MMFs) and
banks, requiring MMFs to do more overnight lending and banks to borrow longer-term …