These programs included the Economic Stimulus Act of 2008 and the American Recovery and Reinvestment Act of 2009.The Federal Reserve’s response to the crisis evolved over time and took a number of nontraditional avenues.

The fourth phase increased funding for areas covered in prior phases, especially the Paycheck Protection Program (PPP), which funds small business loans that convert to grants if used primarily to maintain payrolls.Taken together, the discretionary fiscal responses to COVID-19 are likely to add about $2.4 trillion, approximately 11.2% of 2019 GDP, to the federal deficit, occurring mainly over the next year.

Store closing signs at a furniture store in 2009 (Photo: Associated Press; Photographer: Paul Sakuma)
In general, the more severe and prolonged the economic downturn, the higher the share of households that will be liquidity constrained and the more households will need to use transfer income for basic needs, pushing up overall MPC.Regarding individual transfers from enhanced unemployment insurance (UI) benefits in the CARES Act, the evidence above suggests a particularly high MPC given that unemployed individuals are likely to be liquidity constrained, or would be if not for the benefits. But economically, perhaps a recovery will come quickly with an economic restart. This included emergency loans to banks, credit card companies, and general businesses, temporary swaps of treasury bills for mortgage-backed securities, the sale of In May 2013, as the stock market was hitting record highs and the housing and employment markets were improving slightly,Market volatility within US 401(k) and retirement plansMarket volatility within US 401(k) and retirement plans All of my panelists emphasized that there is still much we don’t know about both the health and economic outcomes of the virus.

(Photo by Edward "Doc" Rogers/MediaNews Group/Oakland Tribune via Getty Images) The results point to a large potential impact on GDP.Since early March, the United States has enacted a series of fiscal policy actions in response to the outbreak and economic repercussions of coronavirus disease 2019 (COVID-19). I am also an adjunct professor of Cardiac Surgery at Vanderbilt University, a senior fellow at the Bipartisan Policy Center and co-chair the Health Affairs Council on Health Care Spending and Value, and chair the Executive Council of the health service investment firm Cressey & Company.Opinions expressed by Forbes Contributors are their own.I cover global and domestic health care and health care reform. With the recovery from the Great Recession slow and tenuous, the forward guidance was strengthened by providing more explicit conditionality on specific economic conditions such as “low rates of resource utilization, subdued inflation trends, and stable inflation expectations” (Board of Governors 2009b). This was followed by the explicit calendar guidance in August 2011 of “exceptionally low levels for the federal funds rate at least through mid-2013” and eventually by economic-threshold-based guidance for raising the funds rate from its zero lower bound, with the thresholds based on the unemployment rate and inflationary conditions (Board of Governors 2012).

Even if none of us working today has ever seen a global coronavirus pandemic, we are not without context, Blinder, Dudley and Metcalf argued. The fiscal multiplier is a common metric used in macroeconomics to summarize the impact of fiscal spending or tax changes on GDP over a particular period. This course will examine the hypotheses underlying the origins and propagation of the Great Recession of 2007, and the policy responses that have occurred along a variety of dimensions. (Photo: Bettmann/Bettmann/Getty Images)

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