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.

中文翻译：

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大流行时代的商业信贷计划

我们开发了一对模型来说明政府为应对持续的 COVID-19 大流行而引入的那种商业贷款和公司债券购买计划的目标和设计。一个总体主题是，与支撑 2007-2009 年全球金融危机大部分应对措施的经典最后贷款人思维相反，对大流行的有效政策应对将要求政府接受对私营部门公司的信贷造成重大损失。