薪资保护计划是否帮助了小企业？来自商业抵押贷款支持证券的证据
Did the Paycheck Protection Program Help Small Businesses? Evidence from Commercial Mortgage-Backed Securities
American Economic Journal: Economic Policy · 2024 · [{"name": "Sumit Agarwal", "affiliation": ["National University of Singapore"]}, {"name": "Brent W. Ambrose", "affiliation": ["Pennsylvania State University"]}, {"name": "Luis A. Lopez", "affiliation": ["University of Illinois Chicago"]}, {"name": "Xue Xiao", "affiliation": ["Virginia Tech"]}]
中文摘要
本研究聚焦证券化商业抵押贷款的表现，考察美国联邦政府薪资保护计划（PPP）更广泛的经济效应。我们为经济危机下政府干预的溢出效应提供了新证据。我们发现，PPP在2020年使抵押贷款拖欠减少了约360亿美元。当PPP资金投向受COVID-19影响最严重地区的企业、银行在发放PPP贷款方面表现优于预期，以及抵押贷款对应物业属于零售和住宿行业时，效应最强。因此，面向小企业的PPP救助缓解了劳动力市场之外的经济困境。（JEL G21, G28, I12, I18, L25, R33）
Abstract
In this study, we examine the broader economic effects of the US federal government’s Paycheck Protection Program by focusing on the performance of securitized commercial mortgages. We provide novel evidence for spillover effects of government interventions in the face of economic crises. We find that the PPP reduced mortgage delinquencies by approximately $36 billion in 2020. The strongest effects occur when PPP funds targeted businesses in areas most affected by COVID-19, where banks overperformed in providing PPP loans, and among mortgages on properties in retail and lodging. Thus, PPP relief to small businesses eased economic distress beyond the labor market. (JEL G21, G28, I12, I18, L25, R33)