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Summary

Financial markets seem to be anxious that a U.S. recession is on the horizon even though economic forecasters disagree. When the next recession arrives, will fiscal and monetary policy be able to respond? If so, how? The Federal Reserve is holding short-term interest rates near zero and faces resistance, internally and externally, to reviving large-scale purchases of assets. The federal debt is larger, as a share of the economy, than at any time since the end of World War II and is projected to climb further.

On March 21, the Hutchins Center on Fiscal and Monetary Policy considered which fiscal and monetary policy tools will be available in the event of a recession—and which won’t—and how effective additional fiscal and monetary stimulus is likely to be, along with new ideas to make fiscal policy more effective.

You can join the conversation and tweet questions for the panelists at #NextRecession.

Download Jared Bernstein and Ben Spielberg's "Preparing for the Next Recession: Lessons from the American Recovery and Reinvestment Act" »

Download David Wessel's slides »

Download Wendy Edelberg's slides »

Download Ben Spielberg's slides »

Download Phillip Swagel's slides »

Download Richard Clarida's slides »

Download Jon Faust's slides »

Event Agenda

  • Introduction

  • Fiscal policy: Congress and the president

    • Edelberg

      Wendy Edelberg

      Assistant Director for Economic Analysis

      Congressional Budget Office

    • Ben Spielberg

      Ben Spielberg

      Research Associate & Project Manager for Full Employment

      Center on Budget and Policy Priorities

    • Phillip Swagel

      Phillip Swagel

      Professor

      University of Maryland School of Public Policy

  • Monetary policy: The Federal Reserve

    • Richard Clarida

      Richard Clarida

      C. Lowell Harris Professor of Economics and International Affairs

      Columbia University

      Global Strategic Advisor

      PIMCO

    • Jon Faust

      Jon Faust

      Louis J. Maccini Professor of Economics

      Johns Hopkins University

  • Panel and Audience Q&A

    • Moderator

    • Jared Bernstein

      Jared Bernstein

      Senior Fellow

      Center on Budget and Policy Priorities

    • Richard Clarida

      Richard Clarida

      C. Lowell Harris Professor of Economics and International Affairs

      Columbia University

      Global Strategic Advisor

      PIMCO

    • Edelberg

      Wendy Edelberg

      Assistant Director for Economic Analysis

      Congressional Budget Office

    • Jon Faust

      Jon Faust

      Louis J. Maccini Professor of Economics

      Johns Hopkins University

    • Phillip Swagel

      Phillip Swagel

      Professor

      University of Maryland School of Public Policy

Details

March 21, 2016

2:00 PM - 4:00 PM EDT

Brookings Institution

Falk Auditorium

1775 Massachusetts Avenue, N.W.

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Brookings Office of Communications

202.797.6105