With fast growing combined assets exceeding $20 trillion, bank deposits and money market funds (MMFs) play increasingly important roles in monetary policy transmission and in providing funding to the broader economy. Although they differ in terms of their payment functionality, deposit insurance coverage, and roles in monetary policy transmission, bank deposits and MMF shares are often viewed as potential substitutes from investors' perspectives due to their shared role as safe, cash-like assets. This note presents a systematic analysis, based on 30 years of data, of whether and to what extent bank deposits and MMF ... (full story)