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Should We Insure Workers or Jobs during Recessions?

[Symposium: Macro Policy in the Pandemic]

By Giulia Giupponi, Camille Landais, and Alice Lapeyre

Journal of Economic Perspectives, Spring 2022

What is the most efficient way to respond to recessions in the labor market? To this question, policymakers on the two sides of the pond gave diametrically opposed answers during the COVID-19 crisis. In the United States, the focus was on insuring worke...

A Social Insurance Perspective on Pandemic Fiscal Policy: Implications for Unemployment Insurance and Hazard Pay

[Symposium: Macro Policy in the Pandemic]

By Christina D. Romer and David H. Romer

Journal of Economic Perspectives, Spring 2022

This paper considers fiscal policy during the pandemic through the lens of optimal social insurance. We develop a simple framework to analyze how government taxes and transfers could mimic the insurance that people would like to have had against pandemi...

The $800 Billion Paycheck Protection Program: Where Did the Money Go and Why Did It Go There?

[Symposium: Macro Policy in the Pandemic]

By David Autor, David Cho, Leland D. Crane, Mita Goldar, Byron Lutz, Joshua Montes, William B. Peterman, David Ratner, Daniel Villar, and Ahu Yildirmaz

Journal of Economic Perspectives, Spring 2022

The Paycheck Protection Program (PPP) provided small businesses with roughly $800 billion dollars in uncollateralized, low-interest loans during the pandemic, almost all of which will be forgiven. With 94 percent of small businesses ultimately receiving...

The Cumulative Costs of Racism and the Bill for Black Reparations

[Symposium: Economics of Slavery]

By William Darity Jr., A. Kirsten Mullen, and Marvin Slaughter

Journal of Economic Perspectives, Spring 2022

Two major procedures for establishing the monetary value of a plan for reparations for Black American descendants of US slavery are considered in this paper: 1) Enumeration of atrocities and assignment of a dollar value to each as a prelude to adding up...