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Labor force participation plummeted by more than 3 percentage points during the first two months of the COVID-19 pandemic in 2020, representing a decline of more than 8.2 million people. While about half of the drop was quickly regained, participation has stagnated at about 1 percentage point below its pre-pandemic level. On this episode of the Brookings Podcast on Economic Activity, Louise Sheiner, policy director at the Hutchins Center on Fiscal and Monetary Policy, interviews Lea Rendell of the University of Maryland, one of the coauthors of a new BPEA study that asks, simply, “Where are the missing workers?” Sheiner and Rendell discuss several possible explanations, including fear of COVID-19 and shifting work-life balance preferences. Show notes and transcript The Brookings Podcast on Economic Activity is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu.
The US economy is in such a crisis, president Joe Biden has had to cancel a trip here next week. He has less than a fortnight before the nation defaults on its debt - meaning it would essentially run out of money - for the first time ever. Today, economist Dr Louise Sheiner, from the Brookings Institution in Washington DC, on how America's fragile political system could drag all of us into a recession. Featured: Dr Louise Sheiner, senior economics fellow and policy director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington DC
The US economy is in such a crisis, president Joe Biden has had to cancel a trip here next week. He has less than a fortnight before the nation defaults on its debt - meaning it would essentially run out of money - for the first time ever. Today, economist Dr Louise Sheiner, from the Brookings Institution in Washington DC, on how America's fragile political system could drag all of us into a recession. Featured: Dr Louise Sheiner, senior economics fellow and policy director, Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, Washington DC
The final episode of the Recession Remedies podcast sums up lessons learned from the COVID-19 downturn and looks ahead. How does rising inflation factor in to the assessment of the economic policy response? What lessons should, and should not, be taken from the pandemic to the next economic crisis? Host David Wessel is joined by Wendy Edelberg and Louise Sheiner. The three are senior fellows at Brookings and co-editors of the book “Recession Remedies: Lessons Learned from the U.S. Economic Policy Response to COVID-19.” Show notes and transcript: https://brook.gs/3RA3zvL Recession Remedies podcast is part of the Brookings Podcast Network. Subscribe and listen on Apple, Spotify, Google, or wherever you listen to podcasts. Send feedback email to podcasts@brookings.edu, and follow and tweet at @policypodcasts on Twitter.
Look up a definition of the Federal Reserve, and you'll see things like "central bank," "monetary policy," and "regulation and stabilization of the financial system." But what does it mean to have a national bank, and how does this government agency impact your ability to have a job, earn and borrow money, and afford things like groceries, rent, and pet food? In this episode, we'll explain how the Federal Reserve came to be, how it works, and how the actions the Fed takes influence our economy. Our guest is Louise Sheiner, policy director at the Brookings Institution's Hutchins Center on Fiscal and Monetary Policy. She spoke with Civics 101 in 2017. Want to learn more about the financial crisis of 2008? Here's some of our favorite resources: PBS has a list of documentaries about the crisis. Christina loved "Inside the Meltdown" from Frontline. "The Giant Pool of Money," from This American Life explores the housing crisis. Marketplace has a series of reports on the Great Recession, including its continuing impacts on today's economy.
The U.S. Labor Department reported Friday a net gain of 916,000 jobs last month, the most since August, while the unemployment rate fell to 6 percent. The upbeat jobs report seems to confirm some economists' forecasts that the economy is on its way to recovery. Louise Sheiner, of the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, joins William Brangham to discuss. PBS NewsHour is supported by - https://www.pbs.org/newshour/about/funders
Our guest this week is Peter Hayes. Peter is a managing director at BlackRock where he heads the firm's municipal income group and sits on its global fixed-income Executive Committee. In his role, Peter oversees all aspects of municipal fund management, including portfolio management, research, strategy, and trading. Among his responsibilities, Peter is one of the managers of the BlackRock Strategic Opportunities Fund. In addition to these duties, Peter is also a member of BlackRock's Global Operating Committee. Before joining BlackRock in 2006, Peter was a portfolio manager at Merrill Lynch Investment Management, where he led the short-term tax-exempt trading desk and managed short-term municipal bond strategies. Peter earned a bachelor's in economics from the College of the Holy Cross.BackgroundPeter Hayes BioThe Big Picture“Local Finances Are Troubled, but Fund Investors May Still Profit,” by Carla Fried, nytimes.com, July 10, 2020.“Muni Investors Scale Back,” by Peter Hayes, blackrock.com, Oct. 7, 2020.“How Much Is COVID-19 Hurting State and Local Revenues?” by Louise Sheiner and Sophia Campbell, brookings.edu, Sept. 24, 2020.“Record Increases of new Covid-19 Cases in 3 U.S. States With the Most Population,” by Jay Croft, Christina Maxouris, and Douglas Wood, cnn.com, June 24, 2020.Stimulus“Second Stimulus Checks (10/1/20): What Will the Next Stimulus Package Look Like?” by Claudia Dimuro, pennlive.com, Oct. 2, 2020.“CARES Act Includes Essential Measures to Respond to Public Health, Economic Crises, But More Will Be Needed,” by Sharon Parrott and others, cbpp.org, March 27, 2020.Municipal Liquidity Facility definition“The Fed Says It Is Expanding its Municipal Bond Buying Program,” by Jeff Cox, cnbc.com, April 27, 2020. “U.S. Municipal Market Activity Witnessing Positive Momentum Post Fed’s Intervention,” by Nikhil Francis and Saswata Mohanty, acuitykp.com, Sept. 18, 2020.“Lawmakers Tangle Over Fed’s Muni-Market Rescue,” by Heather Gillers, morningstar.com, Sept. 17, 2020.“Riskier Fixed-Income Sectors Bounce Back in the Second Quarter,” by Gabriel Denis, Morningstar.com, July 6, 2020.Credit“Municipal Bond Perspective: Where We Go From Here,” beyondbullsandbears.com, April 24, 2020.“How Is the Coronavirus Crisis Affecting the Municipal Bond Market?” by Daniel Bergstresser, econofact.org, April 8, 2020.“Bond Insurance Returns to the Muni Market in a Big Way,” by Heather Gillers, wsj.com, Oct. 22, 2020.“Muni Bond Insurers See Demand Grow Amid Pandemic Worries,” by Liz Kiesche, seekingalpha.com, Oct. 22, 2020.Supply and Demand“Municipal Bond Market Update—September Edition,” by Corey Boller, dividend.com, Sept. 10, 2020.“Supply and demand shocks in the COVID-19 pandemic: an industry and occupation perspective,” by R Maria del Rio-Chanona and others, academic.oup.com, Aug. 29, 2020. “Will Supply-Chain Disruptions and Delayed Capital Spending Be Material,” by Brian Bernard, Morningstar.com, March 25, 2020.“Munis in Focus: 2020 Municipal Market Update,” by David Hammer, pimco.com, Sept. 11, 2020.“Global Supply Chains in a Post-Pandemic World,” by Willy C. Shih, hbr.org, Sept.-Oct. 2020.“Reviving States, Cities and the Munibond Market Amid COVID-19,” by Brian Wynne, morganstanley.com, April 27, 2020.“Revenue Streams Drying Up? Municipal Bonds in the Pandemic,” by Dennis DiCicco, jhinvestments.com, Aug. 20, 2020.Taxes“Calculating Tax Equivalent Yield: Are Municipal Bonds Right for You?” by Thomas Kenny, thebalance.com, May 11, 2020.“7 Best Tax-Free Municipal Bond Funds,” by Barbara Friedberg, money.usnews.com, Oct. 7, 2020.“Taxable Munis? They’re Worth a Look,” by Jeffrey R. Kosnett, Kiplinger.com, Jan. 2, 2020.“Coronavirus Fears Affect the Municipal Bond Market,” by Cooper Howard, schwab.com, March 18, 2020.“What Is the Muni-Treasury Ratio or M/T Ratio?” by Thomas Kenny, thebalance.com, July 29, 2020.Portfolio/PositioningStrategic Municipals Opportunities Fund“Muni Market Tailwinds Turn to Headwinds,” by Peter Hayes and Sean Carney, blackrock.com, April 2, 2020.“Short Term Treasuries Are ‘Overvalued’: BlackRock Muni Bonds Head,” Peter Hayes on “On the Move” video panel, finance.yahoo.com, Sept. 18, 2020.“Stay the Course Amid Market Volatility,” blackrock.com.“Volatility, the Vote and Taking the Long View,” by Tony DeSpirito, blackrock.com, Oct. 12, 2020. Issue Selection“How Munis Can Boost Your Investment Health,” gsam.com, Oct. 5, 2020.“How to Invest in Municipal Bonds,” by Miranda Marquit, forbes.com, July 9, 2020.“Small Investors Ruled the Municipal-Bond World for a few Days in March,” by Heather Gillers, wsj.com, May 7, 2020.“How and Why to Build a Bond Ladder,” fidelity.com, Sept. 17, 2020.“Rising Rates Series: The Ups and Downs of Bond Ladders,” by Karen Schenone, fundsociety.com, June 4, 2018.“2011: The Year 60 Minutes Misled Americans About Municipal Bonds,” by Janet Tavakoli, businessinsider.com, Dec. 30, 2011.
President Donald Trump pulled the plug on a coronavirus relief package today, tweeting that he would sign a bill after the election. For months now, Speaker of the House Nancy Pelosi and Treasury Secretary Steven Mnuchin have been going back and forth over a plan. One key issue: help for state and local governments, which are facing a $155 billion deficit, according to one estimate. Today, we’ll talk with Brookings Institution economist Louise Sheiner about the role those economies play in the broader economic picture and what their needs are are in a recession that looks very different from 2008. How worried should public employees be right now? We’ll have to wait till after the election.
President Donald Trump pulled the plug on a coronavirus relief package today, tweeting that he would sign a bill after the election. For months now, Speaker of the House Nancy Pelosi and Treasury Secretary Steven Mnuchin have been going back and forth over a plan. One key issue: help for state and local governments, which are facing a $155 billion deficit, according to one estimate. Today, we’ll talk with Brookings Institution economist Louise Sheiner about the role those economies play in the broader economic picture and what their needs are are in a recession that looks very different from 2008. How worried should public employees be right now? We’ll have to wait till after the election.
What are some of the worst effects of this recession, and how do we get out of it? Where is the money for stimulus packages coming from? How long will this last, and where do we go from here? Dr. Louise Sheiner from the Brookings Institution answers these questions and more.
“I never even considered taking an economics class, because I thought it was business. I thought it was about making money,” says Louise Sheiner, the Robert S. Kerr senior fellow in economic studies and policy director for the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution. She talks about how she stumbled into economics after studying biology, her work in health economics and why she thinks high school debate could spark girls’ interest in econ.
Ryan Nunn, a fellow in Economic Studies and policy director for the Hamilton Project, addresses the earnings of college graduates based on their choices in career path and course of study. Also in this episode: Louise Sheiner, a senior fellow in Economic Studies and policy director for the Hutchins Center on Fiscal and Monetary Policy, answers a listener’s question about the effectiveness of the U.S. tax system when compared to other advanced nations in “Ask an Expert.” Finally, Richard Shearer, a senior research associate with the Metropolitan Policy Program, discusses the challenges of extending the benefits of economic growth to everyone in our regular “Metro Lens” segment. Subscribe to Brookings podcasts or on , send feedback email to , and follow us and tweet us at on Twitter. The Brookings Cafeteria is a part of the .
The National Debt and The Deficit: two terms that are often used interchangeably, but take on different meanings when it comes to the government. Louise Sheiner is a Policy Director for The Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution and she's here to help guide us through the differences between the debt and the deficit, and what the implications of carrying debt are. #civics101pod
“We set out to make this game because we think that the national debt is an important issue that budget experts talk about all the time but it is very hard for the general public to really understand, so we thought to do it in a way that is more entertaining and more fun.” — Louise Sheiner “One of the goals of the game is to give people a big picture in their mind, so when some person runs for president or Congress they can say, ‘Hey this person’s numbers don’t add up.’” — David Wessel In this episode of “Intersections,” Brookings experts Louise Sheiner, senior fellow and policy director for the Hutchins Center on Fiscal and Monetary Policy, and David Wessel, senior fellow and director of the Hutchins Center, discuss their new interactive game “The Fiscal Ship.” This computer game allows players to pick from a menu of tax and spending options to reduce the debt from projected levels over the next 25 years. Sheiner and Wessel also discuss the long-term changes in policy that could potentially boost the economy and reduce the debt in the future. Show Notes Why we made a computer game about the federal budget How we picked the debt goal for "The Fiscal Ship" How important is lowering the national debt? With thanks to audio engineer and producer Zack Kulzer, Carisa Nietsche, Sara Abdel-Rahim, Brionne Smith, Eric Abalahin, Fred Dews and Richard Fawal. Subscribe to Intersections on iTunes, and send feedback email to intersections@brookings.edu.