In the United States, COVID-19 triggered a sharp economic downturn. Yet, the ensuing economic recovery was faster and stronger than nearly any forecaster anticipated due in part to the swift, aggressive, sustained, and creative fiscal and monetary policy response in the U.S. While the next recession most likely won’t 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 evaluates the breadth of the economic policy response to COVID-19. Chapters address unemployment insurance, Economic Impact Payments, loans and grants to businesses, assistance to renters and mortgage holders, aid to state and local governments, policies that targeted 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 feature a keynote address by U.S. 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 chapters in the new book. The webcast included a framing discussion with Wendy Edelberg, The Hamilton Project, and Jason Furman, Harvard University, and three roundtable discussions with the book’s authors, moderated by Wendy Edelberg, The Hamilton Project; David Wessel, The Hutchins Center; and Austan Goolsbee, The University of Chicago Booth School of Business.
On Thursday, April 28, 2022, The Hamilton Project and Hutchins Center hosted an in-person event, which was also livestreamed online, featuring an introductory welcome from former U.S. Treasury Secretary Robert E. Rubin, the keynote address from Secretary Yellen, and closing remarks from Glenn Hutchins, North Island. The event also included two roundtable discussions focusing on how well the federal economic policy responses were designed and administered and what we should keep in mind when the next recession hits. Participants include Sandy K. Baruah, Detroit Regional Chamber; Wendy Edelberg, The Hamilton Project; Jason Furman, Harvard University; Ylan Q. Mui, CNBC; Chairman Hakeem Jeffries, Eighth Congressional District of New York; 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 for the panelists, or email [email protected].
Agenda
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April 27
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DAY 1 - Virtual only
1:30 pm - 4:00 pm
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Welcome and framing
1:30 am - 1:45 am
Jason Furman Aetna Professor of the Practice of Economic Policy - Harvard University, Nonresident Senior Fellow - Peterson Institute for International Economics, Former Brookings Expert @jasonfurman -
Roundtable discussion: Lessons learned about unemployment insurance and direct checks
1:45 pm - 2:25 pm
Panelist
Mel Stephens Professor and Chair of Economics - University of Michigan -
Roundtable discussion: Lessons learned about state and local governments, housing, and children
2:25 pm - 3:15 pm
Moderator
David Wessel Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies @davidmwesselPanelist
Anna Aizer Maurice R. Greenberg Professor of Economics - Brown UniversityLouise Sheiner The Robert S. Kerr Senior Fellow - Economic Studies, Policy Director - The Hutchins Center on Fiscal and Monetary Policy @lsheinerPaul Willen Senior Economist and Policy Advisor - Federal Reserve Bank of Boston -
Roundtable discussion: Lessons learned about monetary policy, business, and data
3:15 pm - 4:00 pm
Moderator
Austan Goolsbee Robert P. Gwinn Professor of Economics - University of Chicago Booth School of Business @Austan_GoolsbeePanelist
Christopher J. Kurz Chief, Industrial Output Section, Division of Research and Statistics - Board of Governors of the Federal Reserve SystemJonathan Pingle Managing Director and Chief U.S. Economist - UBS -
DAY 2 - Virtual or in-person
9:30 pm - 12:00 pm
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Welcome
9:30 am - 9:35 am
Robert E. Rubin Former U.S. Treasury Secretary, Co-Chair Emeritus - Council on Foreign Relations -
Keynote address
9:35 am - 9:55 am
Janet L. Yellen United States Secretary of the Treasury - United States Department of the Treasury, Former Distinguished Fellow in Residence - Economic Studies -
Roundtable discussion: Policy lessons learned
9:55 am - 10:45 am
Moderator
Jason Furman Aetna Professor of the Practice of Economic Policy - Harvard University, Nonresident Senior Fellow - Peterson Institute for International Economics, Former Brookings Expert @jasonfurmanPanelist
Louise Sheiner The Robert S. Kerr Senior Fellow - Economic Studies, Policy Director - The Hutchins Center on Fiscal and Monetary Policy @lsheinerValerie Wilson Director, Program on Race, Ethnicity, and the Economy - Economic Policy Institute @ValerieRWilson -
Break
10:45 am - 11:00 am
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Roundtable discussion: Program implementation and administration
11:00 am - 11:55 am
Panelist
Gene Sperling American Rescue Plan Coordinator and Senior Advisor to the President - The White House, Founder - Center for Universal Education @genebsperling -
Closing
11:55 am - 12:00 pm
Glenn Hutchins Co-Chair of the Board - The Brookings Institution, Co-Founder - North Island -
Event adjourns
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