Economic policy

Lessons from the U.S. economic policy response to COVID-19

In the United States, COVID-19 has triggered a severe economic recession. Yet the ensuing economic recovery has been faster and stronger than almost any forecaster had expected, thanks in part to the swift, aggressive, sustained and creative response of US fiscal and monetary policy. While the next recession will probably not be triggered by a pandemic. , the response can be informed by lessons learned from the COVID-19 recession.

The two-day event will coincide with the release of a Hamilton Project and Hutchins Center book of the same name that examines and assesses the scale of the economic policy response to COVID-19. Chapters cover unemployment insurance, economic impact payments, business loans and grants, assistance to tenants and mortgage holders, assistance to state and local governments, policies targeting children, Federal Reserve policy and the use of non-traditional data to monitor the economy. and guide policy. These chapters provide evidence and lessons to apply to the next recession.

The two-day event will include a keynote address from US Treasury Secretary Janet Yellen.

On Wednesday, April 27, 2022, The Hamilton Project and the Hutchins Center hosted a webcast that will feature some of the authors of the new book’s chapters. The webcast included a scoping discussion with Wendy Edelberg, The Hamilton Project, and Jason Furman, Harvard University, and three panel discussions with the book’s authors, moderated by Wendy Edelberg, The Hamilton Project; David Wessel, The Hutchins Center; and Austan Goolsbee of the University of Chicago Booth School of Business.

On Thursday, April 28, 2022, the Hamilton Project and the Hutchins Center hosted an in-person event, which was also streamed live online, featuring a welcome address from former U.S. Treasury Secretary Robert E. Rubin, the speech Secretary Yellen’s opening remarks and Glenn Hutchins’ closing remarks, North Island. The event also included two panel discussions focusing on the quality of the design and administration of federal economic policy responses and what we should keep in mind in the next recession. Participants include Sandy K. Baruah, Detroit Regional Chamber; Wendy Edelberg, The Hamilton Project; Jason Furman, Harvard University; Ylan Q. Mui, CNBC; President Hakeem Jeffries, New York’s Eighth Congressional District; Louise Sheiner, The Hutchins Center; Gene Sperling, The White House; Mayor Levar Stoney, City of Richmond, Commonwealth of Virginia; and Valerie Wilson, Economic Policy Institute.

For updates on the event, follow @HamiltonProj on Twitter and join the conversation using #RecessionRemedies to submit questions to the panelists, or email [email protected]