I analyze efficient government interventions to mitigate financial distress during a severe macroeconomic downturn. At the macroeconomic level, the key variable is the gap between the real wage and the shadow cost of labor. This gap is large when unemployment is high. At the micro level, laissez-faire leads to excessive liquidation of businesses but an indiscriminate bailout prevents efficient reallocations and implies a large transfer from taxpayers to existing private creditors. I show that a cost-efficient intervention can be achieved with a continuation premium, whereby the government agrees to reduce its claims by the same haircut as private creditors plus a fixed premium. (JEL D24, G33, G38, H12)

中文翻译：

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在锁定期间和锁定之后为企业提供支持的有效程序*

我分析了有效的政府干预措施，以缓解严重的宏观经济下滑期间的财务困境。在宏观经济层面，关键变量是实际工资与劳动力影子成本之间的差距。当失业率很高时，这个差距很大。从微观上讲，自由放任导致企业过度清算，但漫无目的的救助阻止了有效的重新分配，并意味着从纳税人向现有私人债权人的大量转移。我表明，可以通过延续保险费来实现具有成本效益的干预措施，其中政府同意以与私人债权人相同的减免额加上固定保险费来减少其债权。（JEL D24，G33，G38，H12）