美联储-中央银行准入和安全飞行（英）

Finance and Economics Discussion SeriesFederal Reserve Board, Washington, D.C.ISSN 1936-2854 (Print)ISSN 2767-3898 (Online)Central Bank Access and Flight to SafetyLucia Gurrieri, Chase Ross, Ben Schmiedt, Alexandros P. Vardoulakis, andVladimir Yankov2025-100Please cite this paper as:Gurrieri, Lucia, Chase Ross, Ben Schmiedt, Alexandros P. Vardoulakis, and VladimirYankov (2025). “Central Bank Access and Flight to Safety,” Finance and Economics Dis-cussion Series 2025-100. Washington: Board of Governors of the Federal Reserve System,https://doi.org/10.17016/FEDS.2025.100.NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminarymaterials circulated to stimulate discussion and critical comment. The analysis and conclusions set forthare those of the authors and do not indicate concurrence by other members of the research staff or theBoard of Governors. References in publications to the Finance and Economics Discussion Series (other thanacknowledgement) should be cleared with the author(s) to protect the tentative character of these papers.Central Bank Access and Flight to Safety∗Lucia Gurrieri †1, Chase Ross ‡1, Ben Schmiedt§1, Alexandros P. Vardoulakis¶1, andVladimir Yankov‖11Federal Reserve BoardNovember 5, 2025AbstractWe examine whether access to the Federal Reserve’s Overnight Reverse Repo Facility (ONRRP) affects money market fund flows during flight-to-safety episodes. We find that fundswith ON RRP access serving sophisticated investors experience about a 1 percentage pointincrease in net daily flows over total assets during the March 2020 flight-to-safety episoderelative to similar funds without access. The effect aligns with theoretical predictions andexplains more than half of the inflows in those funds. Our results show that access to centralbank deposit facilities amplifies flight-to-safety behavior.JEL Classification: E58, G01, G21, G23Keywords: central bank account access, flight-to-safety, regulation D1INTRODUCTION“Flight to safety” refers to the reallocation of funds from riskier financial assets into safer,more liquid assets during episodes of stress (Vayanos, 2004; Caballero and Krishnamurthy,2008). There are several manifestations of flight-to-safety in recent history. In September 2008,prime money market funds (MMF) faced runs as investors fled to safer government MMF,after the Reserve Primary Fund “broke the buck,” ultimately forcing government intervention∗We would like to thank Beth Klee and Gabriele La Spada for useful comments and suggestions. The viewsexpressed in this paper are those of the authors and do not necessarily represent those of the Federal ReserveBoard or anyone in the Federal Reserve System.†lucia.s.gurrieri@frb.gov‡chase.p.ross@frb.gov§benjamin.j.schmiedt@frb.gov¶alexandros.vardoulakis@frb.gov. Corresponding author.‖vladimir.l.yankov@frb.gov1(Kacperczyk and Schnabl, 2013; Schmidt et al., 2016). In March 2020, at the onset of COVID-19, a dash for cash triggered a flight to saf