Central Bank Access and Flight to Safety
研究了美联储隔夜逆回购协议（ON RRP）准入是否影响货币市场基金在避险时期的资金流动，发现准入使基金净日流入增加约1个百分点，解释了超过一半的流入。
We examine whether access to the Federal Reserve's Overnight Reverse Repo Facility (ON RRP) affects money market fund flows during flight-to-safety episodes. We find that funds with ON RRP access serving sophisticated investors experience about a 1 percentage point increase in net daily flows over total assets during the March 2020 flight-to-safety episode relative to similar funds without access. The effect aligns with theoretical predictions and explains more than half of the inflows in those funds. Our results show that access to central bank deposit facilities amplifies flight-to-safety behavior.