| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27207 |
| 来源ID | Working Paper 27207 |
| Can the Covid Bailouts Save the Economy? | |
| Vadim Elenev; Tim Landvoigt; Stijn Van Nieuwerburgh | |
| 发表日期 | 2020-05-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | The covid-19 crisis has led to a sharp deterioration in firm and bank balance sheets. The government has responded with a massive intervention in corporate credit markets. We study equilibrium dynamics of macroeconomic quantities and prices, and how they are affected by government policy. The interventions prevent a much deeper crisis by reducing corporate bankruptcies by about half and short-circuiting the doom loop between corporate and financial sector fragility. The additional fiscal cost is zero since program spending replaces what would otherwise have been spent on intermediary bailouts. The model predicts rising interest rates on government debt and slow debt pay-down. We analyze an alternative intervention that targets aid to firms at risk of bankruptcy. While this policy prevents more bankruptcies and has lower fiscal cost, it only enjoys marginally higher welfare. Finally, we study longer-run consequences for firm leverage and intermediary health when pandemics become the new normal. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Fiscal Policy ; Financial Economics ; Financial Markets ; COVID-19 |
| URL | https://www.nber.org/papers/w27207 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584880 |
| 推荐引用方式 GB/T 7714 | Vadim Elenev,Tim Landvoigt,Stijn Van Nieuwerburgh. Can the Covid Bailouts Save the Economy?. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27207.pdf（627KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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