Dörr, Sebastian; Eren, Egemen; Malamud, Semyon - 2023
US money market funds (MMFs) play an important role in short-term markets as large investors of Treasury bills (T-bills … between repos and T-bills have an economically significant impact on T-bill rates and market liquidity, and the liquidity … premium on T-bills. Guided by our model, we devise instrumental variables to establish a causal effect. Using a granular …