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 …

We examine the microstructure of liquidity provision in the COVID-19 corporate bond
liquidity crisis. During the two weeks leading up to Federal Reserve System interventions …

Using transaction data from the first half of 2020, we examine the reaction of corporate credit
spreads to the Federal Reserve's monetary policy announcements. We find evidence that …

Stablecoins are one of the most widely capitalized type of cryptocurrency. However, their
risks vary significantly according to their design and are often poorly understood. We seek to …

Alongside other non-bank financial intermediaries, open-ended funds that invest in bonds ("
bond OEFs") have grown rapidly over the past two decades. Besides their size, their …

This paper examines whether ETFs are a unique source of corporate bond fragility. Relative
to mutual funds, ETFs cater to high-liquidity-demand investors, facilitate positive feedback …

Can ETFs trigger fire sales in illiquid assets? We develop and empirically examine a model
where an authorized participant (AP) holds bond inventory and connects the ETF to the …

The broad economic damage of the COVID-19 pandemic poses the first major test of the
bank regulatory reforms put in place after the Global Financial Crisis. Our study assesses the …

Exchange-traded funds (ETFs) allow a wide range of investors to gain exposure to a variety
of asset classes. They rely on authorised participants (APs) to perform arbitrage, ie align …

The broad economic damage of the COVID-19 pandemic poses the first major test of the
bank regulatory reforms put in place after the Global Financial Crisis. Our study assesses the …