Business Credit Programs in the Pandemic Era
建立两个模型，分析政府为应对新冠疫情推出的商业贷款和公司债券购买计划的目标与设计，强调政府需接受对私营企业信贷可能产生的重大损失。
We develop a pair of models that speak to the goals and design of the sort of business-lending and corporate-bond purchase programs that have been introduced by governments in response to the ongoing COVID-19 pandemic. An overarching theme is that, in contrast to the classic lender-of-last-resort thinking that underpinned much of the response to the 2007–2009 global financial crisis, an effective policy response to the pandemic will require the government to accept the prospect of significant losses on credit extended to private sector firms.