Marco Macchiavelli

Isenberg School of Management

Assistant Professor of Finance

Amherst, MA 01003

United States

SCHOLARLY PAPERS

30

DOWNLOADS
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Top 12,408

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7,403

SSRN CITATIONS
Rank 7,687

SSRN RANKINGS

Top 7,687

in Total Papers Citations

193

CROSSREF CITATIONS

35

Scholarly Papers (30)

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, Isenberg School of Management and Southern Methodist University (SMU) - Finance Department
Downloads 1,128 (36,608)
Citation 5

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

2.

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of New York Staff Report No. 1073, Rev. April 2024, https://doi.org/10.59576/sr.1073
Number of pages: 54 Posted: 25 Sep 2023 Last Revised: 11 Apr 2024
Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 766 (62,747)

Abstract:

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

3.

Funding Liquidity and Market Liquidity: The Broker-Dealer Perspective

Number of pages: 47 Posted: 10 Jan 2019 Last Revised: 26 Oct 2023
Marco Macchiavelli and Xing (Alex) Zhou
Isenberg School of Management and Southern Methodist University (SMU) - Finance Department
Downloads 707 (69,618)
Citation 4

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

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 Isenberg School of Management
Downloads 535 (97,841)
Citation 10

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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 Isenberg School of Management
Downloads 99 (500,523)
Citation 9

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

5.

Bank Lending Networks and the Propagation of Natural Disasters

Financial Management 51(3), 903-927, 2022.
Number of pages: 44 Posted: 14 Mar 2020 Last Revised: 19 Sep 2023
Ivan Ivanov, Marco Macchiavelli and João A. C. Santos
Federal Reserve Bank of Chicago, Isenberg School of Management and Federal Reserve Bank of New York
Downloads 615 (82,977)
Citation 21

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Natural disasters, Syndicated loans, Bank networks, Shadow banks

6.

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, Isenberg School of Management and Board of Governors of the Federal Reserve System
Downloads 479 (113,120)
Citation 37

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cyberattacks, supply chains, bank credit

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, Isenberg School of Management and Boston College
Downloads 330 (171,165)

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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, Isenberg School of Management and Boston College
Downloads 102 (490,247)
Citation 10

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International Investment, Portfolio Choice, Expectations, Information Choice

8.
Downloads 344 (165,984)
Citation 5

Liquidity Regulation and Financial Intermediaries

Number of pages: 51 Posted: 29 May 2018 Last Revised: 26 Oct 2023
Marco Macchiavelli and Luke Pettit
Isenberg School of Management and US Senate
Downloads 277 (205,853)
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
Isenberg School of Management and US Senate
Downloads 67 (646,338)

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

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 Isenberg School of Management
Downloads 242 (235,781)
Citation 9

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Financial Crisis, CDS Spreads, Information Sensitivity

Geopolitical Risk and Decoupling: Evidence from U.S. Export Controls

Number of pages: 58 Posted: 18 Sep 2023 Last Revised: 01 Apr 2024
Matteo Crosignani, Lina Han, Marco Macchiavelli and André F. Silva
Federal Reserve Banks - Federal Reserve Bank of New York, University of Massachusetts Amherst, Isenberg School of Management, Isenberg School of Management and Board of Governors of the Federal Reserve System
Downloads 188 (298,814)

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geopolitical risk, export controls, decoupling, supply chains

Geopolitical Risk and Decoupling: Evidence from U.S. Export Controls

FRB of New York Staff Report No. 1096, https://doi.org/10.59576/sr.1096
Number of pages: 59 Posted: 19 Apr 2024
Matteo Crosignani, Lina Han, Marco Macchiavelli and André F. Silva
Federal Reserve Banks - Federal Reserve Bank of New York, University of Massachusetts Amherst, Isenberg School of Management, Isenberg School of Management and Board of Governors of the Federal Reserve System
Downloads 96 (521,895)
Citation 1

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geopolitical risk, export controls, decoupling, supply chains

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of Boston Supervisory Research & Analysis Unit Working Paper No. SRA 23-02
Number of pages: 55 Posted: 06 Oct 2023 Last Revised: 09 Apr 2024
Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Sloan School of Management, Students, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 117 (442,680)

Abstract:

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

Runs and Flights to Safety: Are Stablecoins the New Money Market Funds?

FRB of Boston Working Paper No. 23-11
Number of pages: 48 Posted: 09 Oct 2023
Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Sloan School of Management, Students, Independent, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Boston, Isenberg School of Management, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 114 (451,444)

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stablecoins, money market mutual funds, financial stability, crypto assets, runs, liquidity transformation

12.

City Hall Has Been Hacked! The Financial Costs of Lax Cybersecurity

Number of pages: 47 Posted: 02 Jun 2023 Last Revised: 13 Oct 2023
Filippo Curti, Ivan Ivanov, Marco Macchiavelli and Tom Zimmermann
Federal Reserve Bank of Richmond - Quantitative Supervision & Research, Federal Reserve Bank of Chicago, Isenberg School of Management and University of Cologne
Downloads 230 (248,701)
Citation 3

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Cyberattacks, financing costs, municipal debt, cybersecurity regulation.

13.

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

Number of pages: 55 Posted: 05 Jun 2020 Last Revised: 02 Aug 2023
Stefan Gissler, Marco Macchiavelli and Borghan Narajabad
Board of Governors of the Federal Reserve System, Isenberg School of Management and Board of Governors of the Federal Reserve System
Downloads 222 (257,212)
Citation 4

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

14.

Stolen Secrets: The Effect of Trade Secret Theft on Corporate Innovation

Number of pages: 49 Posted: 14 Nov 2023
Filippo Curti, Marco Macchiavelli, Atanas Mihov and Kevin Pisciotta
Federal Reserve Bank of Richmond - Quantitative Supervision & Research, Isenberg School of Management, University of Kansas and University of Kansas - School of Business
Downloads 199 (284,560)
Citation 1

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IP Theft, Trade Secret Theft, Economic Espionage, Innovation, Knowledge Creation.

15.

Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relations

SMU Cox School of Business Research Paper No. 23-24
Number of pages: 41 Posted: 20 Dec 2023 Last Revised: 04 Apr 2024
Kelley Business School - Indiana University, Isenberg School of Management, Board of Governors of the Federal Reserve System and Southern Methodist University (SMU) - Finance Department
Downloads 170 (327,189)

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broker-dealers, hedge funds, corporate bonds, market liquidity.

16.
Downloads 151 (361,653)
Citation 2

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 Isenberg School of Management
Downloads 77 (587,549)
Citation 1

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

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 Isenberg School of Management
Downloads 74 (601,386)
Citation 1

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

17.

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 Isenberg School of Management
Downloads 122 (426,950)
Citation 10

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

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 Isenberg School of Management
Downloads 116 (445,484)
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 Isenberg School of Management

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19.

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
Isenberg School of Management
Downloads 112 (455,247)

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Financial Intermediation, Primary Dealers, Financial Crisis, Repos

20.

Internal and External Capital Markets of Large Banks

Number of pages: 61 Posted: 20 Dec 2023
Lina Lu, Marco Macchiavelli and Jonathan Wallen
Federal Reserve Bank of Boston, Isenberg School of Management and Harvard Business School
Downloads 111 (458,293)

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Banks, Internal Capital Markets, Frictions, Arbitrage

21.

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 Isenberg School of Management
Downloads 54 (695,385)
Citation 1

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

22.

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 Isenberg School of Management
Downloads 54 (695,385)
Citation 1

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

23.

The Anatomy of Export Controls

Liberty Street Economics
Posted: 13 Apr 2024
Matteo Crosignani, Lina Han, Marco Macchiavelli and André F. Silva
Federal Reserve Banks - Federal Reserve Bank of New York, University of Massachusetts Amherst, Isenberg School of Management, Isenberg School of Management and Board of Governors of the Federal Reserve System

Abstract:

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geopolitical risk, export controls, decoupling, supply chains

24.

Stablecoins and Crypto Shocks

Liberty Street Economics
Posted: 11 Mar 2024
Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston

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stablecoins, runs, money market funds, MMFs, financial stability

25.

Runs on Stablecoins

Liberty Street Economics
Posted: 12 Jul 2023
Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Bank of Boston and Federal Reserve Bank of Boston

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E42

26.

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 Isenberg School of Management

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27.

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
Isenberg School of Management and US Senate

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28.

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 Isenberg School of Management

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29.

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 Isenberg School of Management

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30.

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 Isenberg School of Management

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