Marco Macchiavelli

Isenberg School of Management

Assistant Professor of Finance

Amherst, MA 01003

United States

  • Isenberg School of Management

SCHOLARLY PAPERS

26

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SSRN CITATIONS
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Top 9,113

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126

CROSSREF CITATIONS

38

Scholarly Papers (26)

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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, Isenberg School of Management and Southern Methodist University (SMU) - Finance Department
Downloads 1,084 (34,246)
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
Isenberg School of Management and Southern Methodist University (SMU) - Finance Department
Downloads 627 (71,938)
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 586 (78,337)
Citation 17

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 502 (93,888)
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 84 (493,372)
Citation 8

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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

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 566 (81,914)
Citation 11

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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, Isenberg School of Management and Board of Governors of the Federal Reserve System
Downloads 449 (108,361)
Citation 22

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cyberattacks, supply chains, bank credit

6.

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

FRB of New York Staff Report No. 1073, https://doi.org/10.59576/sr.1073
Number of pages: 49 Posted: 25 Sep 2023 Last Revised: 26 Sep 2023
Kenechukwu Anadu, Pablo D Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine and J. Christina Wang
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, 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 Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 397 (127,620)

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

7.

Beyond Home Bias: International Portfolio Holdings and Information Heterogeneity

Downloads 380 (131,470)
Citation 8

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 289 (175,355)

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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 91 (468,929)
Citation 8

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International Investment, Portfolio Choice, Expectations, Information Choice

8.

Liquidity Regulation and Financial Intermediaries

Downloads 315 (161,118)
Citation 4

Liquidity Regulation and Financial Intermediaries

Number of pages: 51 Posted: 29 May 2018 Last Revised: 20 Dec 2019
Marco Macchiavelli and Luke Pettit
Isenberg School of Management and US Senate
Downloads 261 (194,651)
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 54 (628,734)

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

9.

The Information Sensitivity of Debt in Good and Bad Times

Downloads 225 (181,561)
Citation 16

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 225 (225,304)
Citation 9

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Financial Crisis, CDS Spreads, Information Sensitivity

10.

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 173 (286,715)
Citation 1

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

11.

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

Number of pages: 46 Posted: 02 Jun 2023 Last Revised: 31 Aug 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 143 (335,890)
Citation 1

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Cyberattacks, financing costs, municipal debt, cybersecurity regulation.

12.

Safe Assets and Financial Fragility

Downloads 141 (339,645)
Citation 1

Safe Assets and Financial Fragility

Number of pages: 45 Posted: 09 Oct 2019 Last Revised: 09 Jan 2023
Toni Ahnert and Marco Macchiavelli
European Central Bank, Financial Research Division and Isenberg School of Management
Downloads 136 (350,328)
Citation 1

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

Safe Assets and Financial Fragility

Number of pages: 45 Posted: 28 Apr 2023
Marco Macchiavelli and Toni Ahnert
Isenberg School of Management and European Central Bank, Financial Research Division
Downloads 5 (1,031,990)

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Money market funds, Safe assets, Global games, Financial fragility.

13.

Endogenous Debt Maturity and Rollover Risk

Downloads 134 (353,423)
Citation 2

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 69 (553,985)
Citation 1

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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 Isenberg School of Management
Downloads 65 (572,594)
Citation 1

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

14.

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 111 (406,175)
Citation 9

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

15.

Interest on Reserves and Arbitrage in Post-Crisis Money Markets

Downloads 100 (437,344)
Citation 1

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 100 (440,350)
Citation 1

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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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16.

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 90 (468,107)

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Financial Intermediation, Primary Dealers, Financial Crisis, Repos

17.

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 49 (644,145)
Citation 1

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

18.

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 46 (661,382)

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

19.

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

Number of pages: 35 Posted: 18 Sep 2023
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 34 (739,564)

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geopolitical risk, export controls, decoupling, supply chains

20.

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

Number of pages: 50
Kenechukwu Anadu, Pablo D Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine and J. Christina Wang
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, 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 Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
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Stablecoins, Money Market Mutual Funds, Financial Stability, Crypto Assets, Runs, Liquidity Transformation.

21.

Runs on Stablecoins

Liberty Street Economics
Posted: 12 Jul 2023
Kenechukwu Anadu, Pablo D Azar, Marco Cipriani, Thomas M. Eisenbach, Catherine Huang, Mattia Landoni, Gabriele La Spada, Marco Macchiavelli, Antoine Malfroy-Camine and J. Christina Wang
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Banks - Federal Reserve Bank of New York, 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 Boston, Federal Reserve Banks - Federal Reserve Bank of New York, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston

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E42

22.

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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23.

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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24.

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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25.

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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26.

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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