De-Risking Shadow Banking. How infrastructural power of shadow finance shapes U.S. derisking policymaking: a genealogical study of the Fed’s ON RRP facility

Diplôme Master De-Risking Shadow Banking. How infrastructural power of shadow finance shapes U.S. derisking policymaking: a genealogical study of the Fed’s ON RRP facility eng 2023-01-19 author Hacher André 840279 director Durand Cédric 0000-0002-1279-4966 916198 Cédric Michel Durand 31 <p>Our research focuses on post-2013 U.S. monetary policy institutional change and its determinants. First, we show that the development of the Overnight Reverse Repurchase agreement facility (ON RRP) by the Federal Reserve since 2013 was influenced by the infrastructural power of a subset of shadow banks: Money Market Funds (MMFs). In a world where macroeconomic management rests on the shoulders of supposedly neutral central banks and where State agency is increasingly market-based, monetary authorities enact their power by transacting with private markets. The markets (infrastructures) via which monetary policy is conducted enjoy infrastructural power vis-à-vis central banks and contribute to shaping policymaking. Since 2013, in an effort to keep its economic steering power, the Federal Reserve (Fed) has deepened its entanglement with U.S. shadow banking; it turned into a permanent, direct, safe and overnight investment opportunity for a set of shadow banks.</p> De-risking shadow banking Infrastructural power Shadow finance U.S. derisking policy Genealogical study Fed’s ON RRP facility Post-2013 U.S. Overnight Reverse Repurchase agreement facility Money Market Funds (MMFs) Dewey 330 Dewey 330.9 Master in Political Economy of Capitalism 193 Institut d'histoire économique Paul Bairoch TE 123 Département d'histoire, économie et société T5 false 141fb8f3-2e54-4af1-800b-d6246906a30e Master thesis Public file.pdf 2969780 application/pdf openAccess Faculté des sciences de la société / Institut d'histoire économique Paul Bairoch Faculté des sciences de la société / Département d'histoire, économie et société

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De-Risking Shadow Banking. How infrastructural power of shadow finance shapes U.S. derisking policymaking: a genealogical study of the Fed’s ON RRP facility				2023	292	319

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Hacher, André