Gabriele La Spada

Federal Reserve Banks - Federal Reserve Bank of New York

Economist

33 Liberty Street

New York, NY 10045

United States

http://https://www.newyorkfed.org/research/economists/laspada

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SCHOLARLY PAPERS

23

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3,039

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Top 12,674

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99

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20

Scholarly Papers (23)

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1.

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
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 744 (63,671)

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

2.

The Non-Random Walk of Stock Prices: The Long-Term Correlation between Signs and Sizes

Number of pages: 9 Posted: 29 Nov 2007 Last Revised: 16 Jun 2008
Gabriele La Spada, J. Doyne Farmer and Fabrizio Lillo
Federal Reserve Banks - Federal Reserve Bank of New York, University of Oxford - Institute for New Economic Thinking at the Oxford Martin School and Università di Bologna
Downloads 313 (178,292)
Citation 3

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Econophysics, Brownian motion, Stochastic processes

3.

The Market Events of Mid-September 2019

Downloads 261 (214,978)
Citation 11

The Market Events of Mid-September 2019

FRB of New York Staff Report No. 918 (2020)
Number of pages: 30 Posted: 06 Mar 2020 Last Revised: 24 May 2023
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York - Research and Statistics
Downloads 174 (313,538)
Citation 5

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federal funds market, repo market, central bank reserves, regulation, monetary policy

The Market Events of Mid-September 2019

Economic Policy Review, Vol. 27, No. 2
Number of pages: 26 Posted: 02 Sep 2021
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York - Research and Statistics
Downloads 87 (533,352)
Citation 5

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federal funds market, repo market, central bank reserves, regulation, monetary policy implementation

The Market Events of Mid-September 2019

CEPR Discussion Paper No. DP14467
Number of pages: 33 Posted: 25 Mar 2020
Gara Afonso, Marco Cipriani, Adam M. Copeland, Anna Kovner, Gabriele La Spada and Antoine Martin
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York - Research and Statistics
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Citation 2
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central bank reserves, Federal funds market, Monetary policy implementation, regulation, repo market

4.

Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform

FRB of NY Staff Report No. 816
Number of pages: 68 Posted: 20 Jun 2017
Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 232 (241,266)
Citation 2

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money-like assets, information sensitivity, money market funds, money market funds reform

5.

COVID Response: The Money Market Mutual Fund Facility

FRB of New York Staff Report No. 980
Number of pages: 20 Posted: 29 Sep 2021
Kenechukwu Anadu, Marco Cipriani, Ryan Craver and Gabriele La Spada
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Bank of New York, affiliation not provided to SSRN and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 224 (249,490)

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COVID-19, money market funds, runs, Federal Reserve lending facilities

6.

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

Downloads 193 (286,092)

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
Kenechukwu Anadu, Pablo Azar, Catherine Huang, Marco Cipriani, Thomas M. Eisenbach, Gabriele La Spada, Mattia Landoni, Marco Macchiavelli, Antoine Malfroy-Camine and J. Christina Wang
Federal Reserve Banks - Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Sloan School of Management, Students, Independent, 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, Isenberg School of Management, Federal Reserve Banks - Federal Reserve Bank of Boston and Federal Reserve Bank of Boston
Downloads 103 (476,607)

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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 Supervisory Research & Analysis Unit Working Paper No. SRA 23-02
Number of pages: 55 Posted: 06 Oct 2023 Last Revised: 09 Apr 2024
Kenechukwu Anadu, Pablo 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, Massachusetts Institute of Technology, Sloan School of Management, Students, Federal Reserve Bank of New York, Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, 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 90 (521,862)

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

7.

Monetary Policy, Investor Flows, and Loan Fund Fragility

FRB of New York Staff Report No. 1008, Rev. October 2023. Previous title: “Monetary Policy and the Run Risk of Loan Funds”
Number of pages: 79 Posted: 07 Mar 2022 Last Revised: 25 Oct 2023
Nicola Cetorelli, Gabriele La Spada and João A. C. Santos
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 151 (353,993)
Citation 2

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mutual funds, monetary policy, leverage lending

8.

Sophisticated and Unsophisticated Runs

FRB of New York Staff Report No. 956, Rev. April 2024
Number of pages: 50 Posted: 05 Jan 2021 Last Revised: 09 Apr 2024
Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 148 (359,686)
Citation 14

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runs, COVID-19, money market funds, sophisticated investors, regulation

9.

Scarce, Abundant, or Ample? A Time-Varying Model of the Reserve Demand Curve

FRB of New York Staff Report No. 1019, 2022. Rev. April 2024
Number of pages: 74 Posted: 31 May 2022 Last Revised: 09 Apr 2024
Gara Afonso, Domenico Giannone, Gabriele La Spada and John C. Williams
Federal Reserve Bank of New York, International Monetary Fund (IMF), Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Bank of New York
Downloads 146 (365,750)
Citation 2

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demand for reserves, federal funds market, monetary policy

10.

Financial Sanctions, SWIFT, and the Architecture of the International Payments System

FRB of New York Staff Report No. 1047
Number of pages: 34 Posted: 25 Jan 2023
Marco Cipriani, Linda S. Goldberg and Gabriele La Spada
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 140 (375,952)

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sanctions, financial sanctions, cross-border payments, SWIFT, Russia-Ukraine war

11.

Competition, Reach for Yield, and Money Market Funds

FRB of NY Staff Report No. 753
Number of pages: 121 Posted: 10 Dec 2015 Last Revised: 30 Aug 2017
Gabriele La Spada
Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 115 (436,852)
Citation 22

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reach for yield, money market funds

12.

Banks’ Balance-Sheet Costs, Monetary Policy, and the ON RRP

FRB of New York Staff Report No. 1041
Number of pages: 31 Posted: 27 Dec 2022
Gara Afonso, Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 114 (439,681)

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balance sheet constraints, banks, leverage ratio, monetary policy, money market funds, ONRRP

13.

The Optimal Supply of Central Bank Reserves under Uncertainty

FRB of New York Staff Report No. 1077, Rev. December 2023, https://doi.org/10.59576/sr.1077
Number of pages: 36 Posted: 14 Nov 2023 Last Revised: 22 Dec 2023
Gara Afonso, Gabriele La Spada, Thomas M. Mertens and John C. Williams
Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York, Federal Reserve Bank of San Francisco and Federal Reserve Bank of New York
Downloads 101 (479,929)

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monetary policy implementation, rate control, federal funds rate

14.

The Money Market Mutual Fund Liquidity Facility

Downloads 59 (653,618)
Citation 5

The Money Market Mutual Fund Liquidity Facility

Economic Policy Review, Vol. 28, No. 1, p. 139-160
Number of pages: 23 Posted: 07 Jul 2022
Kenechukwu Anadu, Marco Cipriani, Ryan Craver and Gabriele La Spada
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Bank of New York, affiliation not provided to SSRN and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 59 (665,933)
Citation 2

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Federal Reserve, COVID-19, money market funds, runs, Federal Reserve lending facilities, Money Market Mutual Fund Liquidity Facility,

The Money Market Mutual Fund Liquidity Facility

CEPR Discussion Paper No. DP17161
Number of pages: 22 Posted: 31 May 2022
Kenechukwu Anadu, Marco Cipriani and Gabriele La Spada
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
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Citation 3
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COVID-19, Federal Reserve lending facilities, Money market funds, Runs

15.

The Money Market Mutual Fund Liquidity Facility

Number of pages: 27 Posted: 18 Nov 2021
Kenechukwu Anadu, Marco Cipriani, Ryan Craver and Gabriele La Spada
Federal Reserve Banks - Federal Reserve Bank of Boston, Federal Reserve Bank of New York, affiliation not provided to SSRN and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 51 (699,035)
Citation 2

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COVID-19, money market funds, runs, Federal Reserve lending facilities

16.

The Effect of Round-off Error on Long Memory Processes

Number of pages: 44 Posted: 23 Jul 2011 Last Revised: 17 Mar 2013
Gabriele La Spada and Fabrizio Lillo
Federal Reserve Banks - Federal Reserve Bank of New York and Università di Bologna
Downloads 47 (724,251)

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long-memory processes, round-off error, measurement error, log-periodogram regression, detrended fluctuation analysis, hermite polynomials

17.

Monetary Policy and Money Market Funds in Europe

Liberty Street Economics
Posted: 13 Apr 2024
Marco Cipriani, Daniel Fricke, Stefan Greppmair, Gabriele La Spada and Karol Paludkiewicz
Federal Reserve Bank of New York, Deutsche Bundesbank, Deutsche Bundesbank, Federal Reserve Banks - Federal Reserve Bank of New York and Deutsche Bundesbank

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monetary policy, euro-denominated money market funds, pass-through

18.

Stablecoins and Crypto Shocks

Liberty Street Economics
Posted: 11 Mar 2024
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, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, 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, runs, money market funds, MMFs, financial stability

19.

Dropping Like a Stone: ON RRP Take-up in the Second Half of 2023

Liberty Street Economics
Posted: 20 Dec 2023
Gara Afonso, Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York, Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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Overnight Reverse Repo Facility (ON RRP), Federal Reserve balance sheet run-off, ample reserves

20.

Treasury Bill Supply and ON RRP Investment

Liberty Street Economics
Posted: 29 Nov 2023
Gara Afonso, Marco Cipriani, Catherine Huang, Gabriele La Spada and Sergio Olivas
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Harvard University, Harvard Faculty of Arts and Sciences, Department of Economics, Students, Federal Reserve Banks - Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York

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Overnight Reserve Repo (ON RRP), treasury supply, money market mutual funds (MMFs)

21.

The Federal Reserve’s Two Key Rates: Similar but Not the Same?

Liberty Street Economics
Posted: 15 Aug 2023
Gara Afonso, Marco Cipriani, Gabriele La Spada and Peter Prastakos
Federal Reserve Bank of New York, Federal Reserve Bank of New York, Federal Reserve Banks - Federal Reserve Bank of New York and Massachusetts Institute of Technology (MIT), Operations Research Center, Students

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pass-through, monetary policy implementation, Fed Funds, Federal Reserve

22.

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

23.

Investors' Appetite for Money-Like Assets: The MMF Industry after the 2014 Regulatory Reform

CEPR Discussion Paper No. DP14375
Number of pages: 59 Posted: 11 Feb 2020
Marco Cipriani and Gabriele La Spada
Federal Reserve Bank of New York and Federal Reserve Banks - Federal Reserve Bank of New York
Downloads 0 (1,120,022)
Citation 24
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information sensitivity, Money market funds, Money Market Funds Reform, Money-like Assets