The money markets are at the heart of the recent financial crisis and are the subject of substantial news coverage. However, much of what was reported showed a lack of understanding of money markets in general and, specifically, a lack of understanding as to why the financial crisis unfolded as...

The money market rates in the United States exhibit various calendar patterns that are grounded in institutional and regulatory factors. In this paper, we document a new regularity in the overnight fed funds market. Specifically, we identify patterns of decreased volatility along with consistent...

We examine the markets for one-month LIBOR futures contracts and options on those futures for a year-end price effect consistent with the previously identified year-end rate increase in one-month LIBOR. The cash market rate increase appears in forward rates and derivative prices, which allows...

We extend previous research on higher sales for end-of-the-week lottery drawings to a longer time series and to different lotteries. We find higher sales for end-of-the-week lotteries drawings with Wednesday/Saturday drawings and Tuesday/Friday drawings. Additionally, higher Friday sales from...