摘要：The global financial crisis and the resulting policy response
led to substantial changes in U.S. dollar funding markets,
which are crucial for the functioning of the financial system
and the transmission of monetary policy in the United States.
We develop and test hypotheses on the effects of changing monetary
and regulatory policy on key funding rates. We show
that the federal funds rate continued to provide an anchor for
unsecured rates, albeit weaker, while its transmission to the
secured repo rate is hampered in the post-crisis period. The
Federal Reserve’s reverse repurchase facility led to stronger
co-movement and reduced volatility of money market rates.
The new regulations and the superabundant reserves environment
affected rate dynamics on calendar days primarily
through increased balance sheet costs.
