What, if any, dividends do agencies reap from collaboration with a highly reputable agency, such as the FDA? Utilizing a dataset covering 30 U.S. federal agencies over a period of 34 years (1980 to 2013), we estimate the short and long-term reputational effects of interagency collaboration. Collaboration is measured by the number of memorandums of understanding (MOUs) in effect between each agency and the FDA, while agency reputation is assessed using an automated measure of media coverage valence (positive/negative tone) for each agency-year. To account for potential reverse and reciprocal causality, we utilize cross-lagged fixed effects models. We find evidence of moderate rises in reputation due to increased collaboration with the FDA. These effects persist significantly for two years, before decaying to null after four years. Employing similar analyses, we furthermore estimate reversed causality of reputation on the level of consequent collaboration, finding no evidence of such effects.