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When Joe Biden takes office, he will confront unusually challenging economic circumstances: a persistent pandemic, an economy far short of full employment, and federal debt at historic highs. How much, how soon, and in what form should Congress enact additional fiscal support for the economy? How worried should we be about the high and rising federal debt at a time of low interest rates? What should the new president’s fiscal priorities be?
The Hutchins Center on Fiscal & Monetary Policy at Brookings and the Peterson Institute for International Economics offered answers to these and other fiscal questions from a distinguished set of fiscal policy veterans. Wendy Edelberg of Brookings, Douglas Elmendorf of Harvard, and Michael Strain of American Enterprise Institute discussed near-term fiscal policy. Then former Treasury Secretary Lawrence Summers and Jason Furman of Harvard will present a paper arguing that persistently low interest rates require a rethinking of the framework for fiscal policy. Their presentation was followed by discussion with former Federal Reserve Chair Ben Bernanke, Olivier Blanchard of the Peterson Institute, and Kenneth Rogoff of Harvard.
Viewers submitted questions to [email protected] or on Twitter using #FiscalPolicy.
Agenda
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December 1
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Welcome
David Wessel Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies @davidmwessel -
COVID-19 and the near term
Moderator
Panelist
Douglas Elmendorf Nonresident Senior Fellow - Economic Studies, The Hutchins Center on Fiscal and Monetary Policy
Michael R. Strain Arthur F. Burns Scholar in Political Economy and Director of Economic Policy Studies - American Enterprise Institute @MichaelRStrain -
‘What about the federal debt?’ presentation
Jason Furman Aetna Professor of the Practice of Economic Policy - Harvard University, Nonresident Senior Fellow - Peterson Institute for International Economics, Former Brookings Expert @jasonfurman
Lawrence H. Summers Charles W. Eliot University Professor and President Emeritus - Harvard University @LHSummers -
Discussion
Moderator
Louise Sheiner The Robert S. Kerr Senior Fellow - Economic Studies, Policy Director - The Hutchins Center on Fiscal and Monetary Policy @lsheinerPanelist
Ben S. Bernanke Distinguished Fellow - The Brookings Institution, Economic Studies, The Hutchins Center on Fiscal and Monetary Policy @BenBernanke
Olivier Blanchard C. Fred Bergsten Senior Fellow - Peterson Institute for International Economics @ojblanchard1
Jason Furman Aetna Professor of the Practice of Economic Policy - Harvard University, Nonresident Senior Fellow - Peterson Institute for International Economics, Former Brookings Expert @jasonfurman
Kenneth Rogoff Thomas D. Cabot Professor of Public Policy and Professor of Economics - Harvard University, Former Brookings Expert
Lawrence H. Summers Charles W. Eliot University Professor and President Emeritus - Harvard University @LHSummers
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