{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,4]],"date-time":"2026-10-04T14:24:02Z","timestamp":1791123842311,"version":"4.1.0"},"reference-count":23,"publisher":"Wiley","issue":"2","license":[{"start":{"date-parts":[[2013,3,7]],"date-time":"2013-03-07T00:00:00Z","timestamp":1362614400000},"content-version":"vor","delay-in-days":0,"URL":"http:\/\/onlinelibrary.wiley.com\/termsAndConditions#vor"}],"content-domain":{"domain":["onlinelibrary.wiley.com"],"crossmark-restriction":true},"short-container-title":["The Journal of Finance"],"published-print":{"date-parts":[[2013,4]]},"abstract":"<jats:title>ABSTRACT<\/jats:title><jats:p>The events following Lehman's failure in 2008 and the current turmoil emanating from Europe highlight the structural vulnerabilities of short\u2010term credit markets and the role of central banks as back\u2010stop liquidity providers. The Federal Reserve's response to financial disruptions in the United States importantly included the creation of liquidity facilities. Using a differences\u2010in\u2010differences approach, we evaluate one of the most unusual of these interventions\u2014the Asset\u2010Backed Commercial Paper Money Market Mutual Fund Liquidity Facility. We find that this facility helped stabilize asset outflows from money market funds and reduced asset\u2010backed commercial paper yields significantly.<\/jats:p>","DOI":"10.1111\/jofi.12011","type":"journal-article","created":{"date-parts":[[2012,11,26]],"date-time":"2012-11-26T19:08:30Z","timestamp":1353956910000},"page":"715-737","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":148,"title":["How Effective Were the Federal Reserve Emergency Liquidity Facilities? Evidence from the Asset\u2010Backed Commercial Paper Money Market Mutual Fund Liquidity Facility"],"prefix":"10.1111","volume":"68","author":[{"given":"BURCU","family":"DUYGAN\u2010BUMP","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"PATRICK","family":"PARKINSON","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"ERIC","family":"ROSENGREN","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"GUSTAVO A.","family":"SUAREZ","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"PAUL","family":"WILLEN","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2013,3,7]]},"reference":[{"key":"e_1_2_10_2_1","doi-asserted-by":"crossref","unstructured":"Acharya Viral V. PhilippSchnabl andGustavoSuarez 2013 Securitization without risk transfer Journal of Financial Economics forthcoming.","DOI":"10.1016\/j.jfineco.2012.09.004"},{"key":"e_1_2_10_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2006.00668.x"},{"key":"e_1_2_10_4_1","first-page":"65","article-title":"U.S. dollar money market funds and non\u2010U.S. banks","author":"Baba Naohiko","year":"2009","journal-title":"BIS Quarterly Review"},{"key":"e_1_2_10_5_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839588"},{"key":"e_1_2_10_6_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00578"},{"key":"e_1_2_10_7_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.23.1.77"},{"key":"e_1_2_10_8_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.05.003"},{"key":"e_1_2_10_9_1","unstructured":"Chernenko Sergey andAdiSunderam 2012 Fricitions in shadow banking: Evidence from the lending behavior of money market funds Working paper Harvard University."},{"key":"e_1_2_10_10_1","doi-asserted-by":"crossref","unstructured":"Christensen Jens JoseLopez andGlennRudebusch 2009 Do central bank liquidity facilities affect interbank lending rates? Working paper Federal Reserve Bank of San Francisco.","DOI":"10.2139\/ssrn.1361908"},{"key":"e_1_2_10_11_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01276.x"},{"key":"e_1_2_10_12_1","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12023"},{"key":"e_1_2_10_13_1","doi-asserted-by":"publisher","DOI":"10.7208\/chicago\/9780226092980.003.0013"},{"key":"e_1_2_10_14_1","volume-title":"Remarks prepared for the Federal Reserve Bank of Boston Annual Conference","author":"Hamilton James D.","year":"2009"},{"key":"e_1_2_10_15_1","doi-asserted-by":"publisher","DOI":"10.1198\/jasa.2011.tm09599"},{"key":"e_1_2_10_16_1","first-page":"1","article-title":"Causal inference without balance checking: Coarsened exact matching","volume":"19","author":"Iacus Stefano M.","year":"2011","journal-title":"Political Analysis"},{"key":"e_1_2_10_17_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.24.1.29"},{"key":"e_1_2_10_18_1","doi-asserted-by":"crossref","unstructured":"Kacperczyk Marcin andPhilippSchnabl 2011 Implicit guarantees and risk\u2010taking: Evidence from money market funds Working paper NYU.","DOI":"10.3386\/w17321"},{"key":"e_1_2_10_19_1","volume-title":"Prepared for the Federal Reserve Bank of Kansas City's Annual Economic Symposium","author":"Madigan Brian","year":"2009"},{"key":"e_1_2_10_20_1","volume-title":"Finance and Economics Discussion Series 2010\u201351","author":"McCabe Patrick","year":"2010"},{"key":"e_1_2_10_21_1","unstructured":"Moody's Investors Service 2003 The fundamentals of asset\u2010backed commercial paper February."},{"key":"e_1_2_10_22_1","doi-asserted-by":"crossref","unstructured":"Stroebel Johannes C. andJohn B.Taylor 2009 Estimated impact of the Fed's mortgage\u2010backed securities purchase program NBER Working paper15626.","DOI":"10.3386\/w15626"},{"key":"e_1_2_10_23_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.58"},{"key":"e_1_2_10_24_1","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00083"}],"container-title":["The Journal of Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1111%2Fjofi.12011","content-type":"unspecified","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.wiley.com\/onlinelibrary\/tdm\/v1\/articles\/10.1111%2Fjofi.12011","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/pdf\/10.1111\/jofi.12011","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,10,2]],"date-time":"2023-10-02T06:12:41Z","timestamp":1696227161000},"score":1,"resource":{"primary":{"URL":"https:\/\/onlinelibrary.wiley.com\/doi\/10.1111\/jofi.12011"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2013,3,7]]},"references-count":23,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2013,4]]}},"alternative-id":["10.1111\/jofi.12011"],"URL":"https:\/\/doi.org\/10.1111\/jofi.12011","archive":["Portico"],"relation":{},"ISSN":["0022-1082","1540-6261"],"issn-type":[{"value":"0022-1082","type":"print"},{"value":"1540-6261","type":"electronic"}],"subject":[],"published":{"date-parts":[[2013,3,7]]},"assertion":[{"value":"2013-03-07","order":2,"name":"published","label":"Published","group":{"name":"publication_history","label":"Publication History"}}]}}