Found 1834 article(s) in category 'Q1: Economic Growth'

Expect worst recession in 150 years, says former IMF chief economist

Expect worst recession in 150 years, says former IMF chief economist. Kenneth Rogoff, March 27, 2020, Video, “As the number of coronavirus cases crosses 465,000 with over 21,000 deaths, economists worldwide are talking about a serious downturn with more financial pain in the days ahead. On Thursday, G20 leaders pledged to infuse $5 trillion into the global economy and do whatever it takes to mitigate the economic and social impact of the COVID19 pandemic. The US has come up with a $2.1 trillion emergency aid bill and India too has announced a Rs 5.4 lakh crore stimulus.Link

 

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As the coronavirus marches on, can wartime measures save us from a depression?

As the coronavirus marches on, can wartime measures save us from a depression? Carmen Reinhart, March 26, 2020, Audio, “Pandemics are not new but the way the world has responded is unprecedented. As country after country calls time-out on their daily lives, the global economy is in free-fall. Carmen Reinhart says it’s wartime and we need to be better soldiers. Professor Gigi Foster agrees. She believes we must aggressively quarantine and protect vulnerable people by day. Then go for a beer afterwards so the publican can pay his workers.Link

 

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Cutting GDP to Counter the Coronavirus Pandemic

Cutting GDP to Counter the Coronavirus Pandemic. Robert Barro, March 26, 2020, Opinion, “One of the main policy responses to the coronavirus pandemic has been to curb economic activity as a way of reducing the contagion’s spread. I would characterize this policy as a decision to reduce U.S. and world GDP in the short run by roughly 20 percent. In essence, this is a voluntarily implemented negative supply shock, akin to a sudden loss in productivity. The world’s annual GDP today is around $100 trillion, so a 20 percent cut sustained for a year would be about $20 trillion, roughly the annual GDP of the United States. For the moment, I assume that it is a good policy choice to engineer this reduction in GDP by $20 trillion worldwide, $4 trillion of which is accounted for by the United States.”Link

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U.S. government should spend ‘whatever it takes’ to control virus

U.S. government should spend ‘whatever it takes’ to control virus. Lawrence Summers, March 26, 2020, Video, “Former Treasury Secretary Lawrence Summers has deep experience in economic policy. On Wednesday, he was among a bipartisan group of economic experts urging U.S. officials to prioritize resolving the pandemic’s medical emergency before trying to rectify its economic fallout. Summers joins Judy Woodruff to discuss direct payments to Americans, funding hospitals and the need for consistent strategy.Link

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This Time the Numbers Show We Can’t Be Too Careful

This Time the Numbers Show We Can’t Be Too Careful. Cass Sunstein, March 26, 2020, Opinion, “I have long been an enthusiastic defender of quantitative cost-benefit analysis, and recently wrote a book about it.  I have also long been a critic of the precautionary principle, which calls for potentially expensive precautions against bad outcomes in the face of scientific uncertainty.  In the context of the coronavirus pandemic, it’s unusually challenging to engage in quantitative cost-benefit…Link

 

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Former Obama chief economist on $2T stimulus bill: I’m not sure if it’s enough

Former Obama chief economist on $2T stimulus bill: I’m not sure if it’s enough. Jason Furman, March 25, 2020, Video, “Former Council of Economic Advisers Chair under Obama & Harvard Economics Professor Jason Furman joins Yahoo Finance’s Zack Guzman and Brian Cheung to discuss the $2T coronavirus stimulus proposal facing a vote in the Senate on Yahoo Finance.Link

 

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Harvard’s Dr. Thomas Tsai Says Trump Is Giving Americans False Hope on Coronavirus Timeline

Harvard’s Dr. Thomas Tsai Says Trump Is Giving Americans False Hope on Coronavirus Timeline. Thomas Tsai, March 25, 2020, Video, “The coronavirus death toll in Massachusetts rose to 15 on Wednesday, as the World Health Organization warned that the United States could become the next center of the pandemic and state and local leaders continue to sound alarms about the need for more equipment to deal with the outbreak. Nevertheless, President Trump told Fox News this week that he wants the country “opened up” by Easter. To discuss, Jim Braude was joined by Dr. Thomas Tsai, a surgeon at Brigham and Women’s Hospital, and assistant professor at Harvard’s T.H. Chan School of Public Health.Link

 

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Q&A on COVID-19 with Faculty Director Rema Hanna

Q&A on COVID-19 with Faculty Director Rema Hanna. Rema Hanna, March 25, 2020, Opinion, “Rema Hanna is the Jeffrey Cheah Professor of South-East Asia Studies and Chair of the International Development Area at the Harvard Kennedy School. She serves as the Faculty Director of Evidence for Policy Design (EPoD) at Harvard University’s Center for International. Her research revolves around improving the provision of public services in developing and emerging nations, particularly for the very poor. In light of the global COVID-19 outbreak, Rema provides her expertise as a development economist to answer questions on the economic impacts of a pandemic, like the novel coronavirus, and the resulting effects for developing countries. See below for a Q&A with EPoD Faculty Director Rema Hanna, conducted on March 25, 2020.Link

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We’re In ‘Response Phase’ Of Coronavirus Crisis

We’re In ‘Response Phase’ Of Coronavirus Crisis. Juliette Kayyem, March 25, 2020, Audio, “Homeland security expert Juliette Kayyem spoke with Boston Public Radio on Wednesday about the longevity of the coronavirus pandemic. “We’re at the beginning of the response phase of the crisis,” she said. “It’s going to get harder before it gets easier.” Self-isolation is the effective path forward, Kayyem said. “This is going to be a 50 state response, and our obligation is a that for couple weeks, it’s going to be like this for us all to social distance,” she said. “The good news is that there is complete convergence among the medical, homeland security and economic experts that there’s only one path forward, which is that we’re isolating ourselves.”Link

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Trump is missing the big picture on the economy

Trump is missing the big picture on the economy. Lawrence Summers, March 24, 2020, Opinion, “As an economist, I am normally enthusiastic when presidents or other political leaders emphasize the economic aspect of public policy issues. I am all for economic growth, cost benefit analyses, trade agreements, more flexible markets and prudent deregulation. Yet I am appalled by President Trump’s invocation of economic arguments as a basis for overriding the judgments of public health experts about battling the coronavirus pandemic.Link

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