Since their inception in the early 1970s, money market mutual funds have been relatively safe investments. Indeed, the money fund industry itself has noted that no investor has ever lost a dollar in a money market fund. Nevertheless, money funds have been buffeted by a series of defaults on...

This paper evaluates the scale and scope of bank proprietary mutual funds. We find that most bank proprietary funds could realize efficiency gains by boosting assets under management and some by offering more diversified product lines. The data indicate that the appropriate size for a...

Previous trial has shown that starting ART therapy earlier (‘Early’) rather than waiting for onset of symptoms (‘Standard’) in HIV patients significantly decreases mortality. As a follow-up, researchers are interested in determining if ‘Early’ therapy significantly decreases time to...

This paper measures credit risk in prime money market funds (MMFs), studies how such credit risk evolved in 2011-2012, and tests the efficacy of the Securities and Exchange Commission’s (SEC) January 2010 reforms. To accomplish this, we estimate the credit default swap premium (CDS) needed to...

This article takes a detailed look at the factors influencing New Zealand's current account deficit, and its potential ramifications.

Money demand models overpredicted M2 growth in the United States from 1990 to 1993. We examine this overprediction using a model of household demand for liquid wealth. The model is a dynamic generalization of the almost-ideal demand model of Deaton and Muellbauer (1980). We find that the...

Money demand models overpredicted M2 growth in the United States from 1990 to 1993. The authors examine this overprediction using a model of households' demands for liquid wealth. The model is a dynamic generalization of the AIDS model of Angus Deaton and John Muellbauer (1980). The authors find...