| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14701 |
| DP14701 Liquidity provision during a pandemic | |
| Charles M. Kahn; Wolf Wagner | |
| 发表日期 | 2020-05-04 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We examine how public liquidity should be distributed to firms when immediate production entails externalities, such as by spreading a virus. Direct provision of liquidity can address externalities, but traditional distribution of liquidity (through banks) has informational advantages. We show that which mode is preferred is determined by the variance (but not the level) of firm characteristics in the economy. Traditional provision is always part of the optimal policy when liquidity modes can be combined, and involves promising low interest rates for when the pandemic is over in order to incentivize temporary production shutdowns at firms. |
| 主题 | Financial Economics |
| 关键词 | Public liquidity Banks Covid-10 Mothballing |
| URL | https://cepr.org/publications/dp14701 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543618 |
| 推荐引用方式 GB/T 7714 | Charles M. Kahn,Wolf Wagner. DP14701 Liquidity provision during a pandemic. 2020. |
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