In director Frank Capra’s 1946 holiday classic movie It’s a Wonderful Life, an initial bank panic sweeps the small town of Bedford Falls. Small passbook account holders rush to George Bailey’s family-owned Bailey Building and Loan to demand the right to cash out all of their deposits — a sudden run that would destroy the lending cooperative and its ability to issue mortgages or preserve the savings accounts of the small town.
Late last week, California governor Gavin Newsom issued a stay-at-home order for nearly all California residents, shuttering most of the world’s fifth largest economy. This shutdown remarkably increases the need for on-demand drivers for delivery of groceries, medications, and prepared food to California households, particularly the oldest and most vulnerable.
March 4, I was honored to give the Homer Jones lecture at the St. Louis Federal Reserve. I used the opportunity to put lots of thoughts together in condensed form, on how the Fed and other central banks should approach monetary policy, financial regulation, and ever-expanding mandates. It will appear in prettier form in the April St. Louis Fed Review.
The Fed just announced "extensive new measures to support the economy." What's this all about? The PMCCF will allow companies access to credit ... This facility is open to investment grade companies and will provide bridge financing of four years. ... The Federal Reserve will finance a special purpose vehicle (SPV) to make loans from the PMCCF to companies. The Treasury, using the ESF, will make an equity investment in the SPV.
America is again at war, but war of a different kind: war against an unknown virus attacking our health, our economy, our social lives. Sadly, there is no quick knockout punch we can deliver to the enemy, no cease-fire agreement halting hostilities.
by David Altig, Jose Maria Barrero, Nick Bloom, Steven J. Davis, Brent Meyer, Emil Mihaylov, Nick Parkervia Federal Reserve Bank of Atlanta
Monday, March 23, 2020
The rapid unfolding of the COVID-19 pandemic has created grave concerns for the health and welfare of the U.S. population and the economy. The economic worries are very apparent in financial markets. From the closing bell on February 21 through March 20, U.S. equities fell more than 30 percent, and stock market volatility skyrocketed.
This is an interview I did on KCBS San Francisco Sunday afternoon. The producer asked me if I could comment on what people who are short of cash should do to survive. So that’s what I prepared for. But then the interviewer, Susan Kennedy, led with a bigger-picture question and got, I think, a surprising response. The whole thing goes less than 4 minutes.
The Hoover Institution presents an online virtual briefing series on pressing policy issues, including health care, the economy, democratic governance, and national security. Briefings will include thoughtful and informed analysis from our top scholars.
Until recently, most casual conversations about current television would arrive at the same conclusion: “There’s just too much! You can’t watch it all!” That diagnosis is now being put to the test. But not only are the sequestered multitudes going to consume more television, they’re likely to digest it differently. And there are few better examples of that than “Niall Ferguson’s Networld.”
Former RBI governor Raghuram Rajan spoke exclusively to India Today News Director Rahul Kanwal about his understanding of the economic situation in a post-coronavirus world and how India can deal with the global pandemic.
President Trump is suggesting he might lift restrictions intended to prevent the spread of coronavirus if the economic pain from the measures becomes too great, tweeting that "we cannot let the cure be worse than the problem itself.
Schools may be shuttered and families hunkered down, but teacher Tim Rodman is keeping his Maryland classroom going during the coronavirus pandemic — ever the energetic voice of AP Macroeconomics as he hosts a video call with students who live 40 miles away.
President Trump on Monday said he is considering scaling back steps to constrain the spread of the coronavirus in the next week or two because of concerns that the impact on the economy has become too severe.