The Commercial Paper Funding Facility

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.

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Year of publication:	2021
Authors:	Boyarchenko, Nina ; Crump, Richard K. ; Kovner, Anna ; Leonard, Deborah
Publisher:	New York, NY : Federal Reserve Bank of New York
Subject:	Federal Reserve \| commercial paper market \| CPFF \| Federal Reserve lending facilities

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Series:	Staff Reports ; 982
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	177215153X [GVK] hdl:10419/247905 [Handle]
Classification:	G12 - Asset Pricing ; G18 - Government Policy and Regulation ; G19 - General Financial Markets. Other
Source:	EconStor

Persistent link: https://www.econbiz.de/10012703475