The three rounds of Economic Impact Payments during COVID-19 were by far the largest direct stimulus payments made to American households. They were one of the main policy successes of the pandemic response in providing immediate support directly to households. What effect did these checks have on households and the economy? Should the program be replicated in future recessions—or better targeted? Melvin Stephens Jr., professor and chair of economics at the University of Michigan, and Michael Gelman, assistant professor of economics at Claremont McKenna College, join host David Wessel to discuss lessons learned about stimulus checks.