The Passthrough of Treasury Supply to Bank Deposit Funding

We thank Sebastian Infante Bilbao, Anna Cieslak, Olivier Darmouni, Douglas Diamond, Darrell Duffie, Mark Egan, Peter Koudijs, Arvind Krishnamurthy, Philipp Schnabl, Amit Seru, Jeremy Stein, Laura Veldkamp, Kairong Xiao, Anthony Zhang, Jinyuan Zhang, and seminar participants at the AFA Annual Meetings, Chicago Booth, Columbia Business School, Columbia Junior Structural Conference, FDIC seminar, Federal Reserve Bank of Cleveland, Federal Reserve Bank of San Francisco, OFR Rising Scholar Conference, SFS Calvacade North America, Stanford Graduate School of Business, Stanford SITE Summer Workshop, USC Marshall FBE, UCSC Macroeconomic Seminar, UNC Junior Roundtable, WAPFIN Conference at NYU Stern for helpful comments and suggestions. We thank Zhouzhou Gu for excellent research assistance. We are grateful to the Society for Financial Studies for recognizing the paper with the Arthur Warga Award for Best Paper in Fixed Income at SFS Calvacade North America. The authors declare that they have no relevant or material financial interests that relate to the research described in this paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.