| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28211 |
| 来源ID | Working Paper 28211 |
| Efficient Programs to Support Businesses During and After Lockdowns | |
| Thomas Philippon | |
| 发表日期 | 2020-12-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | I analyze efficient government interventions to mitigate financial distress during a severe macroeconomic downturn. At the macroeconomic level, the key variable is the gap between the real wage and the shadow cost of labor. This gap is large when unemployment is high. At the micro level, laissez-faire leads to excessive liquidation of businesses but an indiscriminate bailout prevents efficient reallocations and implies a large transfer from taxpayers to existing private creditors. I show that a cost-efficient intervention can be achieved with a continuation premium, whereby the government agrees to reduce its claims by the same haircut as private creditors plus a fixed premium. |
| 主题 | Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance ; Public Economics ; COVID-19 |
| URL | https://www.nber.org/papers/w28211 |
| 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/585885 |
| 推荐引用方式 GB/T 7714 | Thomas Philippon. Efficient Programs to Support Businesses During and After Lockdowns. 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 | ||
| w28211.pdf（188KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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