COVID Response: The Commercial Paper Funding Facility

Nina Boyarchenko, Richard Crump, Anna Kovner and Deborah Leonard

No 982, Staff Reports from Federal Reserve Bank of New York

Abstract: The Federal Reserve reestablished the Commercial Paper Funding Facility (CPFF 2020) in response to the disruptions in the commercial paper market triggered by the COVID-19 pandemic and subsequent economic shutdowns. The CPFF 2020 was designed to support market functioning and provide a liquidity backstop for the commercial paper market. This paper provides an overview of the CPFF 2020, including detailing the facility’s design, documenting its usage, and describing its impact on commercial paper markets. In addition, we compare the market conditions and facility design in CPFF 2020 to that of the original CPFF facility.

Keywords: Federal Reserve; commercial paper market; CPFF; Federal Reserve lending facilities (search for similar items in EconPapers)
JEL-codes: G12 G18 G19 (search for similar items in EconPapers)
Pages: 13
Date: 2021-09-01
New Economics Papers: this item is included in nep-cba and nep-mac
Note: This paper was prepared for an upcoming issue of the Economic Policy Review and a related New York Fed conference, “Implications of Federal Reserve Actions in Response to the COVID-19 Pandemic.”
References: Add references at CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr982.pdf Full text (application/pdf)
https://www.newyorkfed.org/research/staff_reports/sr982.html Summary (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednsr:93073

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Staff Reports from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().