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Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession

Author

Listed:
  • Ryan A. Decker
  • Robert J. Kurtzman
  • Byron F. Lutz
  • Christopher J. Nekarda

Abstract

Using data from 14 government sources, we develop comprehensive estimates of US economic activity by sector, legal form of organization, and firm size to characterize how four government direct-lending programs—the Paycheck Protection Program, Main Street Lending Program, Corporate Credit Facilities, and Municipal Liquidity Facility—relate to these classes of economic activity in the United States. The classes targeted by these programs are vast—accounting for 97 percent of total US employment—though entity-specific financial criteria limit coverage within specific programs. These programs notionally cover a far larger universe than what was targeted by analogous Great Recession-era lending policies.

Suggested Citation

  • Ryan A. Decker & Robert J. Kurtzman & Byron F. Lutz & Christopher J. Nekarda, 2021. "Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 267-271, May.
    • Handle: RePEc:aea:apandp:v:111:y:2021:p:267-71
    DOI: 10.1257/pandp.20211058
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    Cited by:

    1. Crane, Leland D. & Decker, Ryan A. & Flaaen, Aaron & Hamins-Puertolas, Adrian & Kurz, Christopher, 2022. "Business exit during the COVID-19 pandemic: Non-traditional measures in historical context," Journal of Macroeconomics, Elsevier, vol. 72(C).
    2. David Autor & David Cho & Leland D. Crane & Mita Goldar & Byron Lutz & Joshua Montes & William B. Peterman & David Ratner & Daniel Villar & Ahu Yildirmaz, 2022. "The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?," Journal of Economic Perspectives, American Economic Association, vol. 36(2), pages 55-80, Spring.
    3. Autor, David & Cho, David & Crane, Leland D. & Goldar, Mita & Lutz, Byron & Montes, Joshua & Peterman, William B. & Ratner, David & Villar, Daniel & Yildirmaz, Ahu, 2022. "An evaluation of the Paycheck Protection Program using administrative payroll microdata," Journal of Public Economics, Elsevier, vol. 211(C).

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    More about this item

    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts

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