The Premium for Money-Like Assets

Marco Cipriani and Gabriele La Spada

No 20180718, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Several academic papers have documented investors? willingness to pay a premium to hold money-like assets and focused on its implications for financial stability. In a New York Fed staff report, we estimate such premium using a quasi-natural experiment, the recent reform of the money market fund (MMF) industry by the Securities and Exchange Commission (SEC).

Keywords: Money Market Funds; Money Market Funds Reform; Money-like Assets (search for similar items in EconPapers)
JEL-codes: G1 (search for similar items in EconPapers)
Date: 2018-07-18
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