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Wall Street QE vs. Main Street Lending.

作者信息

Cardamone Dario, Sims Eric, Wu Jing Cynthia

机构信息

Notre Dame, United States of America.

NBER, United States of America.

出版信息

Eur Econ Rev. 2023 Jul;156:104475. doi: 10.1016/j.euroecorev.2023.104475. Epub 2023 May 18.

DOI:10.1016/j.euroecorev.2023.104475
PMID:37265688
原文链接:https://pmc.ncbi.nlm.nih.gov/articles/PMC10193827/
Abstract

Monetary and fiscal authorities reacted swiftly to the COVID-19 pandemic by purchasing assets (or "Wall Street QE") and lending directly to non-financial firms (or "Main Street Lending"). Our paper develops a new framework to compare and contrast these different policies. For the Great Recession, characterized by impaired balance sheets of financial intermediaries, Main Street Lending and Wall Street QE are perfect substitutes and both stimulate aggregate demand. In contrast, for the COVID-19 recession, where non-financial firms faced significant cash flow shortages, Wall Street QE is almost completely ineffective, whereas Main Street Lending can be highly stimulative.

摘要
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/f699b26f2864/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/a6e32c42be0d/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/cdb8916c964a/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/dbf20c229ed9/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/56306e47b149/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/8ee022f0124b/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/c2bde342989b/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/111bacc0205e/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/ff480f2e9029/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/f699b26f2864/gr9_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/a6e32c42be0d/gr1_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/cdb8916c964a/gr2_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/dbf20c229ed9/gr3_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/56306e47b149/gr4_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/8ee022f0124b/gr5_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/c2bde342989b/gr6_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/111bacc0205e/gr7_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/ff480f2e9029/gr8_lrg.jpg
https://cdn.ncbi.nlm.nih.gov/pmc/blobs/9bb7/10193827/f699b26f2864/gr9_lrg.jpg

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