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Journal Article
The COVID-19 Fiscal Multiplier: Lessons from the Great Recession
Wilson, Daniel J. (2020-05-26)
The United States enacted a series of fiscal relief and stimulus bills in recent weeks, centered around the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The current fiscal response shares key similarities to the fiscal stimulus enacted during the Great Recession. Research over the past 10 years on the macroeconomic impact of that stimulus thus has important implications for the current fiscal response. The results point to a large potential impact on GDP.
FRBSF Economic Letter , Volume 2020 , Issue 13 , Pages 5

Discussion Paper
Who Benefited Most from the CARES Act Unemployment Insurance Provisions?
Fang, Lei; Xie, Zoe; Nie, Jun (2022-04-07)
The regular unemployment insurance (UI) program in the United States requires workers to have a minimum amount of earnings as well as a sufficient work history before unemployment. Low-wage workers are more likely to have a short work history before unemployment because they are more likely to be separated from their jobs. Pandemic Unemployment Assistance (PUA) under the CARES Act temporarily eliminated the requirements for minimum past earnings and length of employment, thus making many low-wage workers who were ineligible for UI under the regular program temporarily eligible. The extra ...
Policy Hub* , Paper 2022-04

Report
Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance
Kim, You Suk; Lee, Donghoon; Scharlemann, Tess C.; Vickery, James (2022-10-01)
We study how intermediaries—mortgage servicers—shaped the implementation of mortgage forbearance during the COVID-19 pandemic and use servicer-level variation to trace out the causal effect of forbearance on borrowers. Forbearance provision varied widely across servicers. Small servicers and nonbanks, especially nonbanks with small liquidity buffers, facilitated fewer forbearances and saw a higher incidence of forbearance-related complaints. Easier access to forbearance substantially increased mortgage nonpayment but also reduced delinquencies outside of forbearance. Part of the liquidity ...
Staff Reports , Paper 1035

Journal Article
The Paycheck Protection Program Liquidity Facility
Volker, Desi (2022-07-01)
To bolster the effectiveness of the Small Business Administration’s Paycheck Protection Program (PPP), the Federal Reserve, with the backing of the Secretary of the Treasury, established the Paycheck Protection Program Liquidity Facility (PPPLF). The facility was intended to supply liquidity to financial institutions participating in the PPP and thereby provide relief to small businesses and help them maintain payroll. In this article, the author lays out the background and rationale for the creation of the facility, covers the salient features of the PPP and the PPPLF, and analyzes the ...
Economic Policy Review , Volume 28 , Issue 1

Journal Article
The CARES Act Unemployment Insurance Program during the COVID-19 Pandemic
Fang, Lei; Nie, Jun; Xie, Zoe (2020-12-21)
The outbreak of COVID-19 led to widespread shutdowns in March and April 2020 and an historically unprecedented increase in the generosity of unemployment insurance (UI) through the CARES Act. This article summarizes the key policy-relevant results from Fang, Nie, and Xie (2020), whose research examines the interactions of virus infection risk, shutdown policy, and increased UI generosity.
Policy Hub , Volume 2020 , Issue 16 , Pages 7

Speech
Implementing the Fed’s Facilities: Moving at Maximum Speed with Maximum Care
http://fedora:8080/fcrepo/rest/objects/authors/ (2020-04-17)
Remarks before the Money Marketeers of New York University (delivered via audio webinar).
Speech

The Effects of Extra Unemployment Benefits on Household Delinquencies
Faria-e-Castro, Miguel; Bharadwaj, Asha (2020-08-18)
The additional $600 per week in unemployment benefits may have helped stave off some household delinquencies.
On the Economy

Working Paper
Fiscal Policy during a Pandemic
Faria-e-Castro, Miguel (2021-02)
I study the effects of the 2020 coronavirus outbreak in the United States and subsequent fiscal policy response in a nonlinear DSGE model. The pandemic is a shock to the utility of contact-intensive services that propagates to other sectors via general equilibrium, triggering a deep recession. I use a calibrated version of the model that matches the path of the US unemployment rate in 2020 to analyze different types of fiscal policies. I find that the pandemic shock changes the ranking of policy multipliers. Unemployment benefits are the most effective tool to stabilize income for borrowers, ...
Working Papers , Paper 2020-006

Journal Article
Who Benefited Most from the CARES Act Unemployment Insurance Provisions?
Fang, Lei; Xie, Zoe; Nie, Jun (2022-04-07)
The regular unemployment insurance (UI) program in the United States requires workers to have a minimum amount of earnings as well as a sufficient work history before unemployment. Low-wage workers are more likely to have a short work history before unemployment because they are more likely to be separated from their jobs. Pandemic Unemployment Assistance (PUA) under the CARES Act temporarily eliminated the requirements for minimum past earnings and length of employment, thus making many low-wage workers who were ineligible for UI under the regular program temporarily eligible. The extra ...
Policy Hub , Volume 2022 , Issue 4 , Pages 6

Working Paper
Unemployment Insurance during a Pandemic
Nie, Jun; Xie, Zoe (2020-08-06)
The CARES Act implemented in response to the COVID-19 crisis dramatically increased the generosity of unemployment insurance (UI) benefits, triggering concerns about substantial effects on unemployment. This paper combines a labor market search-matching model with the SIR-type infection dynamics to study the effects of the CARES Act UI on both unemployment and infection. More generous UI policies create work disincentives and lead to higher unemployment but also reduce infection and save lives. Economic shutdown policies further amplify these effects of UI policies. Quantitatively, the CARES ...
Research Working Paper , Paper RWP 20-07

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