The Covid-19 Pandemic has increased the attention paid to money market funds. Using Covid-19 cases and a measure of lockdowns, shutdowns, etc., we analyze if money market fund investors and managers responded to the intensity of the pandemic. We ask whether or not the Federal Reserve implementation of the Money Market Mutual Fund Liquidity Facility (MMLF) had an effect on market participant behavior. We find that institutional prime investors responded significantly to the MMLF. Fund managers responded to the intensity of the pandemic but largely ignored the reduction in uncertainty created by the implementation of the MMLF.

中文翻译：

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货币市场基金对 COVID-19 大流行的反应

Covid-19 大流行增加了对货币市场基金的关注。我们使用 Covid-19 案例和封锁、停工等措施，分析货币市场基金投资者和经理是否对大流行的强度做出反应。我们询问美联储实施货币市场共同基金流动性便利 (MMLF) 是否对市场参与者行为产生影响。我们发现机构主要投资者对 MMLF 反应显着。基金经理对大流行的强度做出了反应，但在很大程度上忽视了 MMLF 的实施所带来的不确定性的减少。