NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Banks as Lenders of First Resort: Evidence from the COVID-19 Crisis

Lei Li, Philip E. Strahan, Song Zhang

NBER Working Paper No. 27256
Issued in May 2020

---- Acknowledgments ----

The results and conclusions of this paper represent those of the authors and do not represent the views of the Federal Reserve Board of Governors or any other institutions or persons affiliated with the Federal Reserve. Some data in this article were obtained through a confidential survey of depository institutions that requires confidential treatment of institution-level data and any information that identifies the individual institutions that reported the data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Philip E. Strahan ----

Strahan has visited the Federal Reserve Bank of New York on many occasions over the past 10 years as a research consultant. In addition, he served for three years on the Federal Reserve's Model Validation Council, which provides input into the U.S. stress testing regime.

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