Marco Macchiavelli

Board of Governors of the Federal Reserve System

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

21

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23

Scholarly Papers (21)

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1.

Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds

Number of pages: 54 Posted: 26 May 2020 Last Revised: 18 Jun 2021
Lei Li, Yi Li, Marco Macchiavelli and Xing (Alex) Zhou
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 952 (34,500)
Citation 5

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runs, money market funds, redemption gates and liquidity fees, strategic complementarities, COVID-19, MMLF

2.

Funding Liquidity and Market Liquidity: The Broker-Dealer Perspective

Number of pages: 47 Posted: 10 Jan 2019 Last Revised: 07 Nov 2019
Marco Macchiavelli and Xing (Alex) Zhou
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 513 (77,712)
Citation 4

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funding liquidity, market liquidity, repos, broker-dealers, corporate bonds

3.

The Political Origin of Home Bias: The Case of Europe

Downloads 504 ( 79,422)
Citation 12

The Political Origin of Home Bias: The Case of Europe

Number of pages: 44 Posted: 11 Jul 2014 Last Revised: 22 Mar 2016
Filippo De Marco and Marco Macchiavelli
Bocconi University - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 448 (90,588)
Citation 5

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Banks-sovereign nexus, Home Bias, Political Connections, Bail-outs and government-owned banks, Board of Directors

The Political Origin of Home Bias: The Case of Europe

FEDS Working Paper No. 2016-60
Number of pages: 48 Posted: 08 Aug 2016 Last Revised: 21 Sep 2016
Filippo De Marco and Marco Macchiavelli
Bocconi University - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 56 (507,097)
Citation 7

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Banks-sovereign nexus, Home bias, Government-owned banks, Banks', recapitalization, boards of directors

4.

Bank Lending Networks and the Propagation of Natural Disasters

Number of pages: 44 Posted: 14 Mar 2020 Last Revised: 20 Nov 2020
Ivan Ivanov, Marco Macchiavelli and João A. C. Santos
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York
Downloads 458 (89,102)
Citation 1

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Natural disasters, Syndicated loans, Bank networks, Shadow banks

5.

Pirates without Borders: the Propagation of Cyberattacks through Firms’ Supply Chains

FRB of New York Staff Report No. 937, Rev. July 2021
Number of pages: 44 Posted: 31 Jul 2020 Last Revised: 29 Jul 2021
Matteo Crosignani, Marco Macchiavelli and André F. Silva
Federal Reserve Banks - Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 328 (129,913)
Citation 5

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cyberattacks, supply chains, bank credit

6.

Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity

Downloads 289 (148,331)

Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity

Review of Financial Studies (forthcoming)
Number of pages: 81 Posted: 06 Oct 2017 Last Revised: 27 Aug 2021
Filippo De Marco, Marco Macchiavelli and Rosen Valchev
Bocconi University - Department of Finance, Board of Governors of the Federal Reserve System and Boston College
Downloads 228 (186,799)

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International investment, Portfolio Choice, Expectations, Information choice

Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity

Review of Financial Studies (forthcoming)
Number of pages: 81 Posted: 18 Dec 2017 Last Revised: 27 Aug 2021
Filippo De Marco, Marco Macchiavelli and Rosen Valchev
Bocconi University - Department of Finance, Board of Governors of the Federal Reserve System and Boston College
Downloads 61 (486,580)

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International Investment, Portfolio Choice, Expectations, Information Choice

7.

Liquidity Regulation and Financial Intermediaries

Downloads 277 (154,742)
Citation 2

Liquidity Regulation and Financial Intermediaries

Number of pages: 51 Posted: 29 May 2018 Last Revised: 20 Dec 2019
Marco Macchiavelli and Luke Pettit
Board of Governors of the Federal Reserve System and US Senate
Downloads 244 (174,925)
Citation 1

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Broker-Dealers, Repos, Liquidity Coverage Ratio, Basel III

Liquidity Regulation and Financial Intermediaries

FEDS Working Paper No. 2018-084
Number of pages: 47 Posted: 10 Dec 2018 Last Revised: 21 Feb 2019
Marco Macchiavelli and Luke Pettit
Board of Governors of the Federal Reserve System and US Senate
Downloads 33 (626,660)

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Basel III, Broker-dealers, Liquidity coverage ratio, Repurchase agreements

8.

The Information Sensitivity of Debt in Good and Bad Times

Downloads 192 (183,370)
Citation 10

The Information Sensitivity of Debt in Good and Bad Times

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 32 Posted: 26 May 2014 Last Revised: 21 Aug 2018
Emanuele Brancati and Marco Macchiavelli
Sapienza University of Rome and Board of Governors of the Federal Reserve System
Downloads 192 (219,361)
Citation 9

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Financial Crisis, CDS Spreads, Information Sensitivity

9.

Endogenous Debt Maturity and Rollover Risk

Downloads 102 (357,890)
Citation 1

Endogenous Debt Maturity and Rollover Risk

FEDS Working Paper No. 2016-74
Number of pages: 55 Posted: 26 Sep 2016 Last Revised: 23 Jun 2022
Emanuele Brancati and Marco Macchiavelli
Sapienza University of Rome and Board of Governors of the Federal Reserve System
Downloads 54 (515,688)

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Banks, debt issuances, Financial crisis, Maturity structure, Rollover risk

Endogenous Debt Maturity and Rollover Risk

Financial Management, Forthcoming
Number of pages: 42 Posted: 15 Jun 2016 Last Revised: 22 Aug 2018
Emanuele Brancati and Marco Macchiavelli
Sapienza University of Rome and Board of Governors of the Federal Reserve System
Downloads 48 (543,526)
Citation 1

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Banks, Maturity Shortening, Rollover Risk, Debt Issuance, Financial Crisis

10.

Emergency Loans and Collateral Upgrades: How Broker-Dealers used Federal Reserve Credit during the 2008 Financial Crisis

Number of pages: 62 Posted: 28 Aug 2018 Last Revised: 13 Sep 2019
Mark A. Carlson and Marco Macchiavelli
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 90 (387,404)
Citation 3

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Financial Crisis, Lender of Last Resort, Repo, Collateral, Dealers

11.

Safe Assets and Financial Fragility

Number of pages: 45 Posted: 09 Oct 2019 Last Revised: 20 Apr 2022
Toni Ahnert and Marco Macchiavelli
European Central Bank, Financial Research Division and Board of Governors of the Federal Reserve System
Downloads 87 (395,448)
Citation 1

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Money Market Funds, Safe Assets, Global Games, Financial Fragility.

12.

Providing Safety in a Rush: How Did Shadow Banks Respond to a $1 Trillion Shock

Number of pages: 43 Posted: 05 Jun 2020 Last Revised: 28 Jun 2021
Stefan Gissler, Marco Macchiavelli and Borghan Narajabad
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 78 (421,588)

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money markets, safe assets, shadow banks, interest rate risk, covid-19

13.

Interest on Reserves and Arbitrage in Post-Crisis Money Markets

Downloads 78 (421,588)
Citation 2

Interest on Reserves and Arbitrage in Post-Crisis Money Markets

FEDS Working Paper No. 2017-124
Number of pages: 29 Posted: 08 Jan 2018
Thomas Keating and Marco Macchiavelli
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 78 (426,204)
Citation 2

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Arbitrage, Eurodollars, Fed funds, Interest on reserves, Monetary policy

Interest on Reserves and Arbitrage in Post-Crisis Money Markets

FEDS Notes No. 2018-03-01-1 https://doi.org/10.17016/2380-7172.2136
Posted: 06 Jun 2018
Thomas Keating and Marco Macchiavelli
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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14.

Primary Dealers During the 2007-08 Crisis: Assessing Risks and Vulnerabilities

Number of pages: 44 Posted: 28 Oct 2018 Last Revised: 21 Jul 2019
Marco Macchiavelli
Board of Governors of the Federal Reserve System
Downloads 67 (457,625)

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Financial Intermediation, Primary Dealers, Financial Crisis, Repos

15.

The Role of Dispersed Information in Pricing Default: Evidence from the Great Recession

FEDS Working Paper No. 2015-079, http://dx.doi.org/10.17016/FEDS.2015.079
Number of pages: 58 Posted: 27 Sep 2015 Last Revised: 24 Oct 2015
Emanuele Brancati and Marco Macchiavelli
Sapienza University of Rome and Board of Governors of the Federal Reserve System
Downloads 31 (623,639)

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CDS Spread, Coordination Risk, Dispersed Information, Financial Crisis, Global Games

16.

Emergency Collateral Upgrades

FEDS Working Paper No. 2018-078
Number of pages: 41 Posted: 27 Nov 2018 Last Revised: 21 Feb 2019
Mark A. Carlson and Marco Macchiavelli
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 25 (664,006)
Citation 1

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Financial crisis, Lender of last resort, Collateral, Dealers, Repo

17.

Primary Markets for Short-Term Debt and the Stabilizing Effects of the Pdcf

FEDS Notes No. 2021-06-21-1
Posted: 09 Jul 2021
Mark A. Carlson and Marco Macchiavelli
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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18.

Shining a Light on the Shadows: Dealer Funding and Internalization

FEDS Notes No. 2019-12-20 https://doi.org/10.17016/2380-7172.2419
Posted: 20 Dec 2019
Marco Macchiavelli and Luke Pettit
Board of Governors of the Federal Reserve System and US Senate

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19.

The Systemic Nature of Settlement Fails

FEDS Notes No. 2017-07-03 https://doi.org/10.17016/2380-7172.1997
Posted: 15 Oct 2017
Rajkamal Iyer and Marco Macchiavelli
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Board of Governors of the Federal Reserve System

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20.

Primary Dealers' Behavior during the 2007-08 Crisis: Part II, Intermediation and Deleveraging

FEDS Notes No. 2017-06-28 https://doi.org/10.17016/2380-7172.1998
Posted: 15 Oct 2017
Rajkamal Iyer and Marco Macchiavelli
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Board of Governors of the Federal Reserve System

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21.

Primary Dealers' Behavior during the 2007-08 Crisis: Part I, Repo Runs

FEDS Notes No. 2017-06-22-1 https://doi.org/10.17016/2380-7172.1996
Posted: 15 Oct 2017
Rajkamal Iyer and Marco Macchiavelli
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Board of Governors of the Federal Reserve System

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