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Photo of Patrick E. McCabe

Patrick E. McCabe

Deputy Associate Director Program Direction Section Research and Statistics
[email protected]

Education

  • Ph.D., Economics, University of California - Berkeley, 2000
Current Research Topics
  • mutual funds, money market funds, repo markets,
  • short-term funding markets, monetary policy
  • Economist

    Board of Governors of the Federal Reserve System

    2000 - present
  • Monitoring Reserve Scarcity Through Nonbank Cash Lenders
    Stefan Gissler, Sam Hempel, Jay Kahn, Patrick McCabe, and Borghan Narajabad
    FEDS Notes (2025)
    https://doi.org/10.17016/2380-7172.3699
  • Money Market Fund Repo and the ON RRP Facility
    Samuel J. Hempel, Calvin Isley, R. Jay Kahn, and Patrick E. McCabe
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3412
  • Money Market Fund Vulnerabilities: A Global Perspective
    Antoine Bouveret, Antoine Martin, and Patrick E. McCabe
    Finance and Economics Discussion Series (2022)
    https://doi.org/10.17016/FEDS.2022.012
  • The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
    Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, and Emilio Osambela
    Finance and Economics Discussion Series (2020)
    https://doi.org/10.17016/FEDS.2018.060r1
  • The Shift from Active to Passive Investing: Potential Risks to Financial Stability?
    Kenechukwu Anadu, Mathias Kruttli, Patrick McCabe, and Emilio Osambela
    Financial Analysts Journal (2020)
    https://doi.org/10.1080/0015198X.2020.1779498
    See also » FRB Working Paper (2018)
  • Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations
    Joshua Frost, Lorie Logan, Antoine Martin, Patrick E. McCabe, Fabio M. Natalucci, and Julie Remache
    Staff reports (Federal Reserve Bank of New York) (2015)
    https://doi.org/10.2139/ssrn.2646035
    See also » FRB Working Paper (2015)
  • Money Market Funds: Reconsidering the Mutual Fund Model
    Patrick E. McCabe
    Shadow Banking Within and Across National Borders (2015)
  • Gates, fees, and preemptive runs
    Marco Cipriani, Antoine Martin, Patrick McCabe, and Bruno M. Parigi
    Finance and Economics Discussion Series (2014)
    https://doi.org/10.17016/FEDS.2014.030
  • The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds
    Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin
    Brookings Papers on Economic Activity (2013)
    https://doi.org/10.2139/ssrn.2191778
    See also » FRB Working Paper (2012)
  • The Minimum Balance at Risk: A Proposal to Mitigate the Systemic Risks Posed by Money Market Funds
    Patrick E. McCabe, Marco Cipriani, Michael Holscher, and Antoine Martin
    Staff reports (Federal Reserve Bank of New York) (2012)
    https://doi.org/10.2139/ssrn.2126235
    See also » FRB Working Paper (2012)
  • The Cross Section of Money Market Fund Risks and Financial Crises
    Patrick E. McCabe
    Finance and Economics Discussion Series (2010)
    https://doi.org/10.17016/FEDS.2010.51
  • The Economics of the Mutual Fund Trading Scandal
    Patrick E. McCabe
    Finance and Economics Discussion Series (2009)
    https://doi.org/10.17016/FEDS.2009.06
  • Equity Returns and the Credit Channel of Monetary Transmission
    Patrick E. McCabe
    University of California, Berkeley (2000)
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Last Update: November 21, 2025