Authors: Nina Boyarchenko, Richard K. Crump, Anna Kovner, and Deborah Leonard
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Staff Reports
COVID Response: The Commercial Paper Funding Facility
Number 982
September 2021
September 2021
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 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.
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.”
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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. Prior to circulation, this paper was reviewed in accordance with the Federal Reserve Bank of New York review policy, available at https://www.newyorkfed.org/research/staff_reports/index.html.
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