Replication Data for: Bounded support: Success and limitations of liquidity support during times of crisis

Our paper sheds light on the complexity of liquidity injection programs by showing unintended consequences that arise when firm heterogeneity is overlooked. Utilizing firm-level data from the Paycheck Protection Program, we find government lending effectively reduced closures, particularly if received during the first two weeks. However, we find significant heterogeneity in the effectiveness of funds, resulting from broad-brush eligibility guidelines and differences in how firms process information. The implementation relied on the banking system, which exacerbated the distributional effects by favoring firms with stronger customer capital. Our findings highlight the importance of thoughtful liquidity distribution design to maximize its benefits.

本研究通过揭示忽视企业异质性（firm heterogeneity）时产生的非预期后果，阐明了流动性注入计划的复杂性。借助薪资保护计划（Paycheck Protection Program, PPP）的企业级微观数据，我们发现政府贷款可有效降低企业倒闭率，尤其对在计划实施首两周内获得贷款的企业而言，这一效果更为显著。但我们同时发现，由于资格认定标准一刀切，以及企业间信息处理能力存在差异，资金的政策实施效果存在显著异质性。此次救助计划依托银行体系推行，因倾向于拥有更雄厚客户资本的企业，进一步放大了政策的分配效应。本研究结果凸显了优化流动性分配方案设计以最大化政策收益的重要性。