Authors: Nina Boyarchenko, Richard K. Crump, Anna Kovner, and Deborah Leonard
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Economic Policy Review
The Commercial Paper Funding Facility
Volume 28, Number 1
June 2022
June 2022
JEL classification: G12, G18, G19
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 article 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, the authors compare the market conditions and facility design in CPFF 2020 to that of the original CPFF facility.
Author Disclosure Statement(s)
Nina Boyarchenko
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Richard Crump, Anna Kovner, and Deborah Leonard.
Richard K. Crump
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Anna Kovner, and Deborah Leonard.
Anna Kovner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Richard Crump, and Deborah Leonard.
Deborah Leonard
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Richard Crump, and Anna Kovner.
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Richard Crump, Anna Kovner, and Deborah Leonard.
Richard K. Crump
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Anna Kovner, and Deborah Leonard.
Anna Kovner
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Richard Crump, and Deborah Leonard.
Deborah Leonard
I declare that I have no relevant or material financial interests that relate to the research described in my paper entitled “The Commercial Paper Funding Facility,” joint with Nina Boyarchenko, Richard Crump, and Anna Kovner.
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