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

Ryan Decker, Robert Kurtzman, Byron F. Lutz and Christopher Nekarda
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Byron F. Lutz: https://www.federalreserve.gov/econres/byron-lutz.htm

No 2020-099r1, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: Using data from 14 government sources, we develop comprehensive estimates of U.S. economic activity by sector, legal form of organization, and firm size to characterize how four government direct lending programs—the Paycheck Protection Program, the Main Street Lending Program, the Corporate Credit Facilities, and the Municipal Lending Facilities—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 U.S. employment—though entityspecific 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. We relate our estimates to those from timely alternative data sources, which do not typically cover the majority of the economic universe.

Keywords: Employment; Activity estimates; Direct lending programs; Paycheck Protection Program; PPP; Main Street; Corporate Credit Facilities; Alternative data (search for similar items in EconPapers)
JEL-codes: C83 E20 E58 (search for similar items in EconPapers)
Pages: 56 p.
Date: 2020-12-04, Revised 2021-06-23
New Economics Papers: this item is included in nep-lab and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Journal Article: Across the Universe: Policy Support for Employment and Revenue in the Pandemic Recession (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2020-99

DOI: 10.17016/FEDS.2020.099r1

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