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  1. Pushing bonds over the edge
    monetary policy and municipal bond liquidity
    Autor*in: Bagley, John; Gissler, Stefan; Hiteshew, Kent; Ivanov, Ivan T.
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    We examine the role of institutional investors in monetary policy transmission to asset markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As bonds approach the threshold, mutual funds, the primary institutional... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 244
    Fernleihe:
    keine Fernleihe

     

    We examine the role of institutional investors in monetary policy transmission to asset markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As bonds approach the threshold, mutual funds, the primary institutional traders in the market, dispose of the bonds at significant risk of falling below the threshold. This is driven by mutual funds anticipating future illiquidity. Once bonds cross the threshold, their liquidity declines and illiquidity-induced yield spreads increase substantially as retail investors become more important in price formation. Unexpected monetary policy tightening sharply reduces trading activity, amplifying the path to illiquidity in the market.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/284046
    Schriftenreihe: [Working paper] / Federal Reserve Bank of Chicago ; WP 2023, 05 (January 19, 2023)
    Schlagworte: Monetary Policy; Municipal Bonds; Institutional Investors; Asset Liquidity
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  2. Municipal markets and the municipal liquidity facility
    Autor*in: Fritsch, Nicholas; Bagley, John; Nee, Shawn
    Erschienen: 2021
    Verlag:  Federal Reserve Bank of Cleveland, [Cleveland, OH]

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 36
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: Working paper / Federal Reserve Bank of Cleveland ; 21, 07 (March 2021)
    Schlagworte: Monetary Policy; Policy Effects; Stabilization; Bond Market; Security Markets; Government Bonds; Local Government Bonds
    Umfang: 1 Online-Ressource (circa 32 Seiten), Illustrationen