Articles by Markus Brunnermeier and Arvind Krishnamurthy:

Stick, Carrot, and Evergreen Loans: A Policy Proposal to Save Small and Medium-Sized Firms

Restaurant owners, retailers, and the like employ more than 50 percent of the US workforce, yet neither have cash buffers nor access to Federal Reserve support. In the present situation, we do not need to stimulate new business and spending. Instead, policy nowadays should be aimed at stabilizing impaired balance sheets and avoiding business closures via evergreening.

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