Abstract

The 2020 COVID-19 crisis can spur research on firms’ corporate finance decisions and their macroeconomic implications, similar to the wave of important research on banking and household finance triggered by the 2008 financial crisis. What are the relevant corporate finance mechanisms in this crisis? Modeling dynamics and timing considerations are likely important, as is integrating corporate financing considerations into modern quantifiable macroeconomics models. Recent empirical work, including articles in this special issue, on the drag from debt in the COVID-19 crisis provides a first glimpse into the new research agenda. (JEL E22, E44, G32, G33)Received July 23, 2020; editorial decision: July 23, 2020 by Editor Andrew Ellul

中文翻译：

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公司债务的宏观经济学

摘要

2020年COVID-19危机可能会刺激企业对公司财务决策及其宏观经济影响的研究，类似于2008年金融危机引发的有关银行和家庭金融的重要研究浪潮。在这场危机中有哪些相关的公司融资机制？对动力学和时间因素的建模可能很重要，将公司融资因素纳入现代可量化宏观经济学模型中也很重要。最近关于COVID-19危机中债务拖累的实证研究，包括本期专刊的文章，首次使我们得以窥见新的研究议程。（JEL E22，E44，G32，G33）2020年7月23日收到; 编辑决定：编辑安德鲁·埃卢尔（Andrew Ellul）于2020年7月23日