Comment and Discussion
建立模型分析政府应对疫情推出的商业贷款和公司债券购买计划，指出有效政策需接受对私营企业信贷的潜在重大损失，区别于传统最后贷款人思维。
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.