Non-bank financial intermediaries and financial stability 149 the activities of banks and their
affiliated broker-dealers, demographic changes and greater importance of capital markets in …

This article reviews research and policy work on nonbank financial intermediation (NBFI),
taking a financial stability perspective. It first documents the growth in NBFI, reviews its …

New technology promises to expand the supply of financial services to small businesses
poorly served by banks. Does it succeed? We study the response of FinTech to financial …

We examine the microstructure of liquidity provision in the COVID-19 corporate bond
liquidity crisis. During the two weeks leading up to Federal Reserve System interventions …

We present a comprehensive analysis of the performance and flows of US actively managed
equity mutual funds during the 2020 COVID-19 crisis. We find that most active funds …

In sharp contrast to most previous crisis episodes, the Treasury market experienced severe
stress and illiquidity during the COVID-19 crisis, raising concerns that the safe-haven status …

We document extreme disruption in debt markets during the COVID-19 crisis: a severe price
crash accompanied by significant dislocations at the safer end of the credit spectrum …

We identify fixed-income mutual funds as an important contributor to the unusually high
selling pressure in liquid asset markets during the COVID-19 crisis. We show that mutual …

We study liquidity conditions in the corporate bond market during the COVID-19 pandemic.
We document that the cost of trading immediately via risky-principal trades dramatically …

We evaluate the impact of the Federal Reserve corporate credit facilities (PMCCF and
SMCCF) on corporate bond markets. Conditions in primary markets improve once the …