research paper on money markets

A Black Swan in the Money Market

At the center of the financial market crisis of 2007-2008 was a highly unusual jump in spreads between the overnight inter-bank lending rate and term London inter-bank offer rates (Libor). Because many private loans are linked to Libor rates, the sharp increase in these spreads raised the cost of borrowing and interfered with monetary policy. The widening spreads became a major focus of the Federal Reserve, which took several actions -- including the introduction of a new term auction facility (TAF) --- to reduce them. This paper documents these developments and, using a no-arbitrage model of the term structure, tests various explanations, including increased risk and greater liquidity demands, while controlling for expectations of future interest rates. We show that increased counterparty risk between banks contributed to the rise in spreads and find no empirical evidence that the TAF has reduced spreads. The results have implications for monetary policy and financial economics.

We thank Lewis Alexander, John Cogan, Darrel Duffie, Frederick Furlong, Alan Greenspan, Craig Furfine, Jim Hamilton, Jamie Paterson, Steve Malekian, Tom Simpson, Josie Smith, and Dan Thornton for helpful comments and assistance. The views expressed in this paper are solely those of the authors and should not be interpreted as reflecting the views of the management of the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve System, or the National Bureau of Economic Research.

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Non-Technical Summaries

• A Black Swan In The Money Market Author(s): John B. Taylor John C. Williams The authors find no statistical relationship between the LIBOR-OIS interest rate spread and the utilization of the Term Auction Facility...

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Research department working papers, runs and flights to safety: are stablecoins the new money market funds.

The paper documents how stablecoins are similar to money market funds (MMFs) in that both are susceptible to runs and flights to safety. Stablecoins and MMFs both engage in liquidity transformation to provide investors with money-like assets that have a stable nominal rate, and issuing these liquid liabilities renders stablecoins and MMFs vulnerable to runs. Also, similar to MMFs, some stablecoins are riskier than others. Some are reportedly backed by cash, US Treasuries, or other safe assets that maintain or tend to increase in value during times of stress; others are said to be backed by riskier collateral, such as corporate debt or other crypto assets. If the collateral backing a stablecoin loses value, the stablecoin will likely lose its peg and potentially trigger a run.

Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. She has worked in multiple cities covering breaking news, politics, education, and more. Her expertise is in personal finance and investing, and real estate.

The money market refers to trading in very short-term debt investments. It involves continuous large-volume trades between institutions and traders at the wholesale level. It includes money market mutual funds bought by individual investors and money market accounts opened at banks at the retail level.

The money market is characterized by a high degree of safety and relatively low rates of return on investment.

Key Takeaways

• The money market involves the purchase and sale of large volumes of very short-term debt products such as overnight reserves or commercial paper.
• An individual can invest in the money market by purchasing a money market mutual fund, buying a Treasury bill, or by opening a money market account at a bank.
• Money market investments are characterized by safety and liquidity with money market fund shares targeted at $1.
• Money market accounts offer higher interest rates than normal savings accounts but they have higher account minimums and limits on withdrawals.

Understanding the Money Market

The money market is one of the pillars of the global financial system. It involves overnight swaps of vast amounts of money between banks and the U.S. government. The majority of money market transactions are wholesale transactions that take place between financial institutions and companies.

Institutions that participate in the money market include banks that lend to each other and to large companies in the euro currency and time deposit markets. They also include companies that raise money by selling commercial paper into the market and investors who purchase bank CDs as a safe place to park money in the short term.

Some of those wholesale transactions eventually make their way into the hands of consumers as components of money market mutual funds and other investments.

Who Can Invest in the Money Market?

Individuals can invest in the money market by buying money market funds, short-term certificates of deposit (CDs), municipal notes , or U.S. Treasury bills. The money market has retail locations for individual investors. They include local banks, the U.S. government's TreasuryDirect website, and brokerages.

Money market funds seek stability and security with the goal of never losing money and keeping  net asset value  (NAV) at $1. This one-buck NAV baseline gave rise to the phrase " break the buck ." Some of the original investment is gone and investors will lose money if the value falls below the $1 level.

This scenario happens very rarely, however. It last occurred in 2008 and involved a fund that held assets of the bankrupt Lehman Brothers investment company. Its investors eventually received 98 cents on the dollar.

Many money market funds aren't FDIC-insured so they can nonetheless lose money.

Types of Money Market Instruments

Money market funds.

The wholesale money market is limited to companies and financial institutions that lend and borrow in amounts ranging from $5 million to well over $1 billion per transaction. Mutual funds offer baskets of these products to individual investors. The net asset value (NAV) of such funds is intended to stay at $1.

Money Market Accounts 

Money market accounts are a type of savings account. They pay slightly higher interest rates than regular savings accounts but they often come with restrictions on withdrawing money or writing checks. Withdrawals are limited by federal regulations. The bank will promptly convert the money market account to a checking account if the limits are exceeded.

Banks typically calculate interest on a money market account daily and make a monthly credit to the account.

Average interest rates for money market accounts can vary based on the amount deposited. The best-paying money market account advertised online as of July 2024 was offered by Brilliant Bank at 5.35% with a $1,000 minimum deposit.

Money market accounts have become more popular because of their perceived safety compared to more volatile investments given a high interest rate market.

Funds in money market accounts are insured by the Federal Deposit Insurance Corporation (FDIC) when they're held at banks and the National Credit Union Administration (NCUA) when they're held in credit unions.  

Certificates of Deposit (CDs)

Most certificates of deposit (CDs) aren't strictly money market funds because they're sold with terms of up to 10 years. CDs with terms as short as three months to six months are available, however.

Larger deposits and longer terms yield better interest rates just as they do with money market accounts. Rates in early July 2024 ranged from about 5.35% to 6.00%.

The rates offered on a CD remain constant for the deposit period, unlike with a money market account. There's usually a penalty associated with an early withdrawal of funds from a CD. They've gained in popularity due to their safety and the relatively high rates available, however.

U.S. Treasury Bills

The U.S. government issues Treasury bills in the money market with maturities ranging from a few days to one year. Cash management bills come with maturities of a few days to one year.

Primary dealers buy these bills in large amounts directly from the government to trade between themselves or to sell to individual investors. Individual investors can buy them directly from the government through the TreasuryDirect website or a bank or a broker. State, county, and municipal governments also issue short-term notes.

Commercial Paper

The commercial paper market is for buying and selling unsecured loans for corporations in need of a short-term cash infusion. Only highly creditworthy companies participate in this market so the risks remain low.

Commercial paper is a popular borrowing mechanism in the wholesale market because the interest rates are higher than for bank time deposits or Treasury bills. A greater range of maturities is available as well, averaging about 30 days and extending up to nine months. The risk of default is significantly higher for commercial paper than for bank or government instruments, however.

Banker's Acceptances

A banker's acceptance is a short-term loan that's guaranteed by a bank. Used extensively in foreign trade, a banker's acceptance is like a post-dated check. It serves as a guarantee that an importer who has ordered goods can pay for them.

There's a secondary market for buying and selling banker's acceptances at a discount .

Eurodollars

Eurodollars are dollar-denominated deposits held in foreign banks so they're not subject to Federal Reserve regulations. Very large deposits of eurodollars are held in banks in the Cayman Islands and the Bahamas.

Money market funds, foreign banks, and large corporations invest in them because they pay a slightly higher interest rate than U.S. government debt.

The repo or repurchase agreement is part of the overnight lending money market. Treasury bills or other government securities are sold to another party with an agreement to repurchase them at a set price on a set date.

The money market is defined as dealing in debt of less than one year. It's used primarily by governments and corporations to keep their cash flows steady and by investors to make a modest profit.

The capital market is dedicated to the sale and purchase of long-term debt and equity instruments.

The term "capital markets" refers to the entirety of the stock and bond markets. Stocks have no expiration date unless the company itself ceases to operate, unlike many money market products,

Advantages and Disadvantages of Money Markets

Most money market securities are considered extremely low-risk due to the protection of FDIC insurance, backing by a government or bank, or the high creditworthiness of the borrowers. They're also very liquid. They can readily be exchanged for cash at short notice.

The tradeoff is that these investments have low returns. Money markets generally underperform other asset classes and often don't even keep pace with inflation. Any fees associated with an account can easily eat into these slim returns. And these advantages don't extend to all money market securities. Some aren't FDIC insured and there's a chance that even the most trustworthy borrowers may default.

Some money market accounts have minimum balance requirements or restrictions on withdrawals.

Pros and Cons of Money Market Accounts

Extremely low risk

May be insured by FDIC

Highly liquid

Higher returns than most bank accounts

Low returns that may not keep pace with inflation

Not all money market securities are insured

May have high minimum investments or withdrawal restrictions

Why Is It Called the Money Market?

The money market deals in highly liquid, very safe, short-term debt securities and these attributes make them virtual cash equivalents. They can be exchanged for cash at short notice.

Why Is the Money Market Important?

The money market keeps the financial economy running smoothly. It allows savers to lend money to those in need of short-term loans and it allocates capital toward its most productive use.

These loans are often made overnight or for a matter of days or weeks. They're needed by governments, corporations, and banks to meet their near-term obligations or regulatory requirements. And they allow those with some excess cash on hand to earn a small amount of interest.

What Are Some Examples of Money Market Instruments?

The money market is composed of several types of securities including short-term Treasuries (T-bills), certificates of deposit (CDs), commercial paper, repurchase agreements (repos), and money market mutual funds that invest in these instruments. The money market funds typically have shares priced at $1.

Can You Lose Money in the Money Market?

Most money market accounts are insured by the FDIC up to $250,000 per institution, just like bank deposits. There's virtually no chance you'll lose your money by owning a CD or T-bill because money market instruments are very low risk.

Some money market funds can " break the buck " and briefly incur losses during periods of extreme financial stress such as at the height of the 2008 financial crisis. This was quickly corrected, however.

What Are the Downsides of Money Markets?

Money market investments pay very low returns because they're virtually risk-free. They can't provide substantial capital gains or investment growth compared to riskier assets like stocks or even bonds.

Some types of money market accounts like CDs lock your money up until a future date that can be months or even years ahead.

Individual investors should also look carefully at the fees they'll be charged for money market accounts. They can eat into the already modest rates of return on these investments.

Money market accounts and money market funds are among the safest ways to invest money. They also have much lower returns than other investments and they may even fail to keep up with inflation.

Many individuals and businesses use money markets as a short-term investment for their cash reserves. These investments are virtually risk-free and offer at least a modest return on savings.

U.S. Securities and Exchange Commission. " Reserve Primary Fund Distributes Assets to Investors ."

Federal Deposit Insurance Corporation. " Financial Products That Are Not Insured by the FDIC ."

Brilliant Bank. " Surge Money Market Up to 5.35% APY ."

National Credit Union Administration. " Deposits Are Safe in Federally Insured Credit Unions ."

TreasuryDirect. " Cash Management Bills ."

TreasuryDirect. " Treasury Bills ."

Federal Reserve Board. " Commercial Paper Rates and Outstanding Summary ."

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Money Markets, Collateral and Monetary Policy

During the financial and sovereign debt crises, euro area interbank money markets underwent dramatic changes: the share of unsecured borrowing declined throughout the euro area, while private market haircuts on sovereign bonds and bank borrowing from the European Central Bank increased in the South. We construct a quantitative general equilibrium model to evaluate the macroeconomic impact of these developments and the associated policy response. Our model features heterogeneous banks and sovereign bonds, secured and unsecured money markets, and a central bank. We compare a benchmark policy – the central bank providing collateralized lending to banks at haircuts lower than the market – to an alternative policy that maintains a constant central bank balance sheet. We show that the fall in output, investment, and capital would have been twice as high under the alternative policy. More generally, the model allows the analysis of monetary policy tools beyond interest rate policies and quantitative easing.

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Instruments of the Money Market

The following chapters were originally published in the seventh edition of Instruments of the Money Market , edited by Timothy Q. Cook and Robert K. Laroche. The information in this publication, although last revised in 1993 and no longer in print, is still frequently requested by academics, business leaders, and market analysts.

Download Full Publication

Each chapter is available separately below in pdf format:

Chapter 1: The Money Market

Chapter 2: Federal Funds

Chapter 3: The Discount Window

Chapter 4: Large Negotiable Certificates of Deposit

Chapter 5: Eurodollars

Chapter 6: Repurchase and Reverse Repurchase Agreements

Chapter 7: Treasury Bills

Chapter 8: Short-Term Municipal Securities

Chapter 9: Commercial Paper

Chapter 10: Bankers Acceptances

Chapter 11: Government-Sponsored Enterprises

Chapter 12: Money Market Mutual Funds and Other Short-Term Investment Pools

Chapter 13: Behind the Money Market: Clearing and Settling Money Market Instruments

Chapter 14: Money Market Futures

Chapter 15: Options on Money Market Futures

Chapter 16: Over-the-Counter Interest Rate Derivatives

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US Money Market Instruments Statistics

SIFMA Research tracks outstanding data for U.S. money markets broken out into commercial paper (CP) and bankers’ acceptance. CP data is broken out further into non-financial, financial, asset-backed (ABCP) and other. Data is downloadable by monthly, quarterly and annual statistics and includes trend analysis.

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Money and Liquidity in Financial Markets

Swiss Finance Institute Research Paper No. 10-25

65 Pages Posted: 21 Jun 2010 Last revised: 15 Jul 2013

Kjell G. Nyborg

University of Zurich - Department of Banking and Finance; Centre for Economic Policy Research (CEPR); Swiss Finance Institute

Per Östberg

University of Zurich - Department of Banking and Finance; Swiss Finance Institute

Date Written: June 2013

We argue that there is a connection between the interbank market for liquidity and the broader financial markets, which has its basis in demand for liquidity by banks. Tightness in the interbank market for liquidity leads banks to engage in what we term “liquidity pull-back,” which involves selling financial assets either by banks directly or by levered investors. Empirical tests on the stock market are supportive. Tighter interbank markets are associated with relatively more volume in more liquid stocks; selling pressure, especially in more liquid stocks; and transitory negative returns. We control for market-wide uncertainty and in the process also contribute to the literature on portfolio rebalancing. Our general point is that money matters in financial markets.

Keywords: money, liquidity, interbank and financial markets, liquidity pull-back, volume, order imbalance, returns, portfolio rebalancing, Libor-OIS spread, VIX

JEL Classification: G12, G21, G11, E41, E44, E51

Suggested Citation: Suggested Citation

Kjell G. Nyborg (Contact Author)

University of zurich - department of banking and finance ( email ).

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Quantitative easing and quantitative tightening: the money channel

Staff working paper no. 1,090.

By Michael Kumhof and Mauricio Salgado-Moreno

We develop a DSGE model in which commercial banks interact with the central bank through the reserves market, with each other through reserves and interbank markets, and with the real economy through retail loan and deposit markets. Because banks disburse loans through deposit creation, they never face financing risks (being unable to fund new loans), only refinancing risks (being unable to settle net deposit withdrawals in reserves). Permanent quantitative tightening, while reducing the equilibrium real interest rate, has significant negative effects on financial and real variables, by increasing the cost at which reserves-scarce parts of the banking sector create money. Temporary net deposit withdrawals, which affect the funding cost and loan extension of one part of the banking sector at the expense of another part, have highly asymmetric financial and real effects. The quantity and distribution of central bank reserves, and the extent of frictions in the interbank and reserves markets, critically affect the size of these effects, and can matter even in a regime of ample aggregate reserves. Countercyclical reserve injections can help to smooth the business cycle. We find that countercyclical reserve quantity rules can make sizeable contributions to welfare that can reach a similar size to the Taylor rule.

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Why Canada has become a critical supplier of crude oil to the U.S.

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In the car-centric United States, we have a bit of a love affair with oil. And that romance is really an international love story — one where our neighbors to the north play a starring role, accounting for a growing share of oil that the U.S. refines and imports.

If Canadian crude and U.S. refineries were in a rom-com, Canadian crude would be the boy next door, the one U.S. refiners overlooked when they were courting Latin American oil back in the late 1980s and early ’90s.  

“So, you can think of Venezuela, Mexico,” said Kevin Birn with S&P Global Commodity Insights, alluding to when the world thought we were running out of oil. “The Gulf Coast refineries were looking for security of supply. A lot of these refiners entered into long-term joint-venture agreements with the suppliers to get access to security of that heavy barrel supply.” 

Big money was put into refining capacity that catered to the heavy Latin American oil, which is more expensive to refine into diesel or gasoline, Birn said.

“You need the ability to reach higher temperatures, and you need to have specially designed facilities that can handle that as well,” Birn said. “And so those joint ventures led to an expansion in U.S. refining capacity to process heavy barrels, first in the Gulf Coast region in the early ’90s, and that continued through to the early 2000s.” 

Those refineries had really invested in their relationship with heavy Latin American oil.

“But as we entered this century, millennia, we saw that kind of slow down,” Birn said. “A lot of those deals were rolling off, and the Latin American supply began to slow.” 

And even though we saw fracking and horizontal drilling transform the Permian Basin in West Texas into one of the most significant oil producing regions in the world, the oil there was not as compatible with the expensive new U.S. refineries, said Ryan Kellogg with the University of Chicago. 

“All of that capacity was built before the shale boom started. And all of a sudden, we had all this really nice, light, sweet crude available in the U.S.,” Kellogg said. “So, we’re now in this position where we have these very high-tech refineries that can process the really heavy crude.” 

We needed to get that heavy crude from somewhere else.  

“Think about the oil sands or tar sands of Alberta. Basically, this is like really thick, heavy, goopy crude oil,” Kellogg said.

And Chuck Mason with the University of Wyoming said Alberta’s oil sands also had a geographical advantage.

“In the grand scheme of things, not super-duper far away from the refining sector,” Mason said.

And for Canada, exporting heavy crude by pipeline and rail to its oil-hungry southern neighbor made sense. 

“This source of production that we’re talking about is the very epitome of land a landlocked resource,” Mason said. “U.S. refiners were just better buyers, because they were there easier to connect. The transactions costs associated with connecting up with them are massively smaller.”

It was a sensible match. 

“The relationship was very symbiotic,” Birn said, and that has only strengthened over the years. “Canadian growth occurred at such a rate and scale that it overwhelmed that region, and additional infrastructure was designed to deliver that crude oil into the Gulf Coast region of the United States, and increasing volumes and then making it to the U.S. Gulf Coast.” 

Many miles of new pipeline later, 60% of   U.S. crude oil imports come from Canada, according to the U.S. Energy Information Administration.   A decade ago, it was just 33%.

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