Did Saving Wall Street Really Save Main Street? The Real Effects of TARP on Local Economic Conditions
研究金融危机期间TARP救助银行是否真的改善了地方经济，发现它显著增加了净就业和净新增企业，减少了企业和个人破产，主要通过增加商业地产贷款和表外地产担保实现。
We investigate whether saving Wall Street through TARP really saved Main Street during the recent financial crisis. Our difference-in-difference analysis suggests that TARP statistically and economically significantly increased net job creation and net hiring establishments and decreased business and personal bankruptcies. The results are robust, including accounting for endogeneity. The main mechanisms driving the results appear to be increases in commercial real estate lending and off-balance-sheet real estate guarantees. These results suggest that saving Wall Street via TARP may have helped save Main Street, complementing the TARP literature and contributing to the cost–benefit debate.