With the help of the United States Government and committed funding from bank credit lines, the United States corporate sector responded to the Covid‐19 cash flow shock by issuing long‐term debt to increase cash holdings. I use a case study, evidence from recent research, and a theoretical model to explain the logic behind the changes in corporate financial policy that happened during 2020, and to discuss the importance of United States Government policies to support the market for long‐term debt. I also point to open research questions about liquidity management, in particular questions that were highlighted by how companies reacted to the Covid‐19 pandemic.

中文翻译：

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Covid‐19大流行期间的流动性管理*

在美国政府的帮助下，并通过银行信贷额度承诺提供资金，美国公司部门通过发行长期债务以增加现金持有量来应对Covid-19现金流量冲击。我使用案例研究，最新研究的证据和理论模型来解释2020年发生的公司财务政策变化背后的逻辑，并讨论美国政府政策对支持长期债务市场的重要性。 。我还指出了有关流动性管理的公开研究问题，特别是公司对Covid-19大流行的反应如何突显的问题。