U.S. Economy
Who has to leave the Federal Reserve next?
The Brookings Papers on Economic Activity (BPEA) is a semi-annual academic conference and journal that pairs rigorous research with real-time policy analysis to address the most urgent economic challenges of the day.
On Thursday, September 24, Brookings held its semi-annual academic conference to discuss new research on COVID-19’s current and future impact on the economy. This year’s fall conference covered issues of epidemiology and economics, business effects and job losses in the COVID-19 crisis, state and local public finance, and monetary and international issues. While BPEA conferences are usually small, invitation-only gatherings, Brookings is opening its proceedings to anyone who wishes to observe the vanguard of economic thought around urgent public health and the global economic issues.
Agenda
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September 24
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Session One: Monetary Issues and Epidemiology
10:00 am - 11:30 am
“Business Credit Programs in the Pandemic Era”
Authors: Samuel G. Hanson, Harvard University; Jeremy C. Stein, Harvard University; Adi Sunderam, Harvard University; and Eric Zwick, University of Chicago
“Epidemiological and Economic Effects of Lockdown”
Authors: Alex Arnon, University of Pennsylvania; John Ricco, University of Pennsylvania; and Kent Smetters, University of Pennsylvania
Discussant
Nellie Liang Under Secretary for Domestic Finance - United States Department of the Treasury, Former Senior Fellow - Economic Studies
Alessandra Fogli Federal Reserve Bank of Minneapolis -
Session Two: Epidemiology Across Countries and Labor Markets
11:35 am - 1:05 pm
“Macroeconomic Outcomes and COVID-19: A Progress Report”
Authors: Jesús Fernández-Villaverde, University of Pennsylvania; and Charles I. Jones, Stanford University
“Temporary Unemployment and Labor Market Dynamics During the COVID-19 Recession”
Authors: Jessica Gallant, University of Toronto; Kory Kroft, University of Toronto; Fabian Lange, McGill University; and Matthew J. Notowidigdo, University of Chicago
Discussant
Andrew Atkeson Professor - University of California, Los Angeles
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Session Three: Fiscal Policy and International
1:55 pm - 3:25 pm
“Fiscal Effects of COVID-19”
Authors: Alan J. Auerbach, University of California, Berkeley; William Gale, Brookings Institution; Byron Lutz, Federal Reserve Board; and Louise Sheiner, Brookings Institution
“Will the Secular Decline in Exchange Rate and Inflation Volatility Survive COVID-19?”
Authors: Ethan Ilzetzki, London School of Economics; Carmen M. Reinhart, The World Bank; and Kenneth S. Rogoff, Harvard University
Discussant
Silvia Miranda-Agrippino Bank of England -
Session Four: Business Dynamics and Policy
3:30 pm - 5:00 pm
“Has the Paycheck Protection Program Succeeded?”
Authors: Glenn Hubbard, Columbia University; and Michael R. Strain, American Enterprise Institute
“Sizing Up Corporate Restructuring in the COVID Crisis”
Authors: Robin Greenwood, Harvard University; Ben Iverson, Brigham Young University; and David Thesmar, Massachusetts Institute of Technology
Discussant
Eric Zwick Professor of Economics and Finance - University of Chicago
Edith Hotchkiss Boston College
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