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The commercial paper market, the Fed, and the 2007-2009 financial crisis

  • Richard G. Anderson
  • Charles S. Gascon

Since its inception in the early nineteenth century, the U.S. commercial paper market has grown to become a key source of short-term funding for major businesses, with issuance averaging over $100 billion per day. In the fall of 2008, the commercial paper market achieved national prominence when increasing market stress caused some to fear that, given its size and importance, the market's failure would sharply worsen the recession. The Department of the Treasury and Federal Reserve enacted programs targeted at providing credit and liquidity to restore investor confidence. The authors review the history of the commercial paper market, describe its structure and key relationships to money market mutual funds, and present a detailed discussion of the crisis in the market, including the resulting Federal Reserve programs.

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Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (2009)
Issue (Month): Nov ()
Pages: 589-612

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Handle: RePEc:fip:fedlrv:y:2009:i:nov:p:589-612:n:v.91no.6
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  1. Richard Cantor & Anthony P. Rodrigues, 1994. "Nonbank lenders and the credit slowdown," Monograph, Federal Reserve Bank of New York, number 1994nlatc.
  2. Viral V. Acharya & Douglas Gale & Tanju Yorulmazer, 2010. "Rollover Risk and Market Freezes," NBER Working Papers 15674, National Bureau of Economic Research, Inc.
  3. Richard G. Anderson, 2009. "Bankers' acceptances: yesterday's instrument to restart today's credit markets?," Economic Synopses, Federal Reserve Bank of St. Louis.
  4. William T. Gavin, 2009. "More money: understanding recent changes in the monetary base," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 49-60.
  5. Charles S. Gascon, 2009. "Federal Reserve assets: understanding the pieces of the pie," Economic Synopses, Federal Reserve Bank of St. Louis.
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