| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14714 |
| DP14714 Can the Covid Bailouts Save the Economy? | |
| Stijn Van Nieuwerburgh; Tim Landvoigt; Vadim Elenev | |
| 发表日期 | 2020-05-05 |
| 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 intervention in the corporate debt markets. We find that the policies should be highly effective at preventing a much deeper crisis by reducing corporate bankruptcies by about half, and short-circuiting the doom loop between corporate and financial sector fragility. The fiscal costs are high and will lead to rising interest rates on government debt. We propose a more effective intervention with lower fiscal cost. Finally, we study longer-run consequences for firm leverage and intermediary health when pandemics become the new normal. |
| 主题 | Financial Economics ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Covid-19 Bailout Credit crisis Financial intermediation |
| URL | https://cepr.org/publications/dp14714 |
| 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/543632 |
| 推荐引用方式 GB/T 7714 | Stijn Van Nieuwerburgh,Tim Landvoigt,Vadim Elenev. DP14714 Can the Covid Bailouts Save the Economy?. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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