We show that dealer market power impedes the pass-through of monetary policy in repo markets, which is an important … first stage of monetary policy transmission. In the European repo market, most participants do not have access to trade on … and unequal in repo markets. Our estimates imply that a secured funding facility like the Fed's RRP may alleviate dealer …

-to-reserve ratio is high, a small debt supply shock can generate a large spike in the equilibrium rate. Using data on repo transactions … collected from SEC filings, we find that the FICC's sponsored repo reform in Jan 2018 significantly increased the repo volume …, the increased repo volume and the Fed's balance sheet normalization jointly created an environment where window …