Discussion Paper
Dealer Intermediation in the Primary Market of Commercial Paper
Gross, Max; Li, Yi; Wang, Ashley W. (2022-10-07)
The commercial paper (CP) market is an important source of short-term funding for highly-rated financial and nonfinancial firms, with over $1 trillion in outstanding assets. The Global Financial Crisis in 2008 and the COVID-19 crisis in March 2020 both demonstrated the fragility of the CP market, which seized up in both crises and only recovered following interventions from the Federal Reserve in the form of several liquidity facilities.
FEDS Notes , Paper 2022-10-07

Discussion Paper
How Did Banks Fund C&I Drawdowns at the Onset of the COVID-19 Crisis?
Glancy, David P.; Gross, Max; Ionescu, Felicia (2020-07-31)
Banks experienced significant balance sheet expansions in March 2020 due to unprecedented increases in commercial and industrial (C&I) loans and deposit funding. According to the Federal Reserve's H.8 data, "Assets and Liabilities of Commercial Banks in the U.S.", C&I loans increased by nearly $480 billion in March—the largest monthly increase in the history of this series, surpassing the nearly $90 billion increase in C&I loans in the six weeks following Lehman Brothers' collapse in 2008.
FEDS Notes , Paper 2020-07-31-1