“…Others have suggested shield packages aimed at supporting firms, especially those in financial distress (Bénassy-Quéré et al, 2020). Additional proposals include the provision of support to wage payments (Alstadsaeter et al, 2020), the need for "helicopter money" (Cukierman, 2020), restricting financial institution's voluntary pay-outs , equity-like cash flow injec- tions (Boot et al, 2020), a liquidity lifeline to cash-strapped firms , evergreening loans (Brunnermeier and Krishnamurthy, 2020), and preserving bank capital (Acharya and Steffen, 2020). As economic hardships caused by the pandemic have persisted over several months, economists have analyzed alternative lockdown strategies (Abel and Panageas, 2020), while emphasizing the need for liquidity to keep flowing to firms (Button et al, 2020).…”