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 …

Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …

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 …

This paper is the first to provide a comprehensive comparison of two financial instruments:
stablecoins and money market mutual funds (MMFs). We observe similar reserve asset …

We propose a method based on control charts to identify in real-time sudden deposits
outflows through the payment system. The performance of the methodology is assessed with …

Abstract The Covid-19 Pandemic has increased the attention paid to money market funds.
Using Covid-19 cases and a measure of lockdowns, shutdowns, etc., we analyze if money …

It is hard to imagine a more challenging time to be a central banker. It is also hard to think of
a more interesting and rewarding time to be a central banker. Advanced economy (AE) …

Non-bank financial intermediaries and financial stability 149 the activities of banks and their
affiliated broker-dealers, demographic changes and greater importance of capital markets in …

In this paper, I study the transmission of an aggregate funding supply shock in a lending
network and quantitatively assess the implications for the allocative efficiency of funding …

In this article, I study the effect of the Money Market Fund Liquidity Facility (MMLF) on
corporate short‐term borrowing costs. Although MMLF loans accept a broader range of …