Prof. James Poterba, president of the National Bureau of Economic Research and a member on the Business Cycle Dating Committee, speaks with NBC Boston reporter Annie Nova about the practice of dating economic downturns. Poterba notes that examining economic fluctuations “helps to design policy going forward. It enables us to look back and say, for example, what are the consequences of interest rate increases?”
Prof. James Poterba speaks with Washington Post reporter Jeff Stein about his work with the National Bureau of Economic Research’s Business Cycle Dating Committee in determining if a recession is underway in the U.S. “By far, the most important thing to try to convey is that the committee is not trying to do real-time dating of whether we’re in a recession,” said Poterba. “There’s often enormous amount of interest in that question and what many people are hoping for, but the committee’s task is to create a consistent historical record of the turning points — the peaks and the troughs in the U.S. economy.”
MIT researchers have found that the Paycheck Protection Program helped protect around 2.3 million jobs, reports Jonnelle Marte for Reuters. “The researchers compared hiring trends at companies that were eligible for the program to those that were too large to qualify,” writes Marte. “They found that hiring at eligible companies rose after the launch of PPP when compared to companies that did not qualify.”
Bloomberg reporter Maeve Sheehey writes that a new study co-authored by MIT researchers finds that the Paycheck Protection Program helped to boost employment by 2% to 4.5%. “The research suggests that providing money directly to companies helped curb job losses during the pandemic,” writes Sheehey.
A study co-authored by MIT researchers finds that the Paycheck Protection Program saved between 1.5 and 3.5 million jobs, reports David Leonhardt for The New York Times. “The study adds to the mounting evidence about one kind of economic stimulus that seems to have worked especially well during the pandemic: direct subsidies to businesses, to keep people employed.”
A new study by MIT researchers examines the environmental impact of the Covid-19 pandemic, reports Steven Reinberg for HealthDay. "If the pandemic leads to a persistent global recession, there is a real threat to the adoption of clean technology, which could outweigh any 'silver lining' in environmental benefits," says Prof. Jing Li.
Prof. Yasheng Huang writes for The Boston Globe about the Chinese government’s active role in the country’s economy and how this is negatively impacting growth. “Chinese growth in the future will be limited until the government makes fairly substantive structural reforms,” writes Huang.
Prof. Xavier Giroud writes for Fortune that corporate debt played a large role in the Great Recession. “While it’s true that high levels of consumer debt helped lay the groundwork for the long economic slump that followed the financial crisis, other factors—including high levels of corporate debt—also played an important role,” Giroud explains.
Wall Street Journal reporter Chris Gay profiles several books examining the financial crisis, highlighting Prof. Simon Johnson’s book “13 Bankers.” In the book Johnson and his co-author, “trace two centuries of government attempts to grapple with the power of big finance,” Gay writes.