EconoFact Chats

Intervention by the United States government helped the rapid development and large scale production of three COVID-19 vaccines. What were the economic, legal, and political challenges of developing and distributing vaccines in the face of an emerging deadly pandemic? How were these challenges addressed? And what were the successes and shortcomings of these policies? To discuss these issues, EconoFact Chats welcomes back Chad Bown of the Peterson Institute for International Economics. Chad is the Reginald Jones Senior Fellow at the Peterson Institute for International Economics in Washington, D.C., and the host of the podcast Trade Talks that focuses on international trade and its attendant policies.

Some statistics indicate that the U.S. economy is thriving. Payroll employment rose by nearly 430,000 in March. Unemployment is at 3.6%. Consumer spending and business investment grew strongly in the first quarter of this year. But other statistics are concerning. GDP declined 1.4% in the first quarter of 2022. Inflation is at a 40 year high. Additionally, tighter fiscal and monetary policy, higher gasoline prices, and the broader economic impacts of Russia's invasion of Ukraine could all weigh heavily on growth. To understand the myriad factors affecting the outlook of the U.S. economy, EconoFact Chats welcomes back a panel of distinguished economic journalists -- Binyamin Appelbaum of the New York Times, Scott Horsley of NPR, Greg Ip of the Wall Street Journal, and Heather Long of the Washington Post.

The year ending July 1st, 2021 marked the slowest rate of population growth in the history of the United States, with the natural increase -- the number of births minus deaths -- at 148,000; one-tenth the typical value a decade before. Much of the slowdown stems from the low birth rate. As of 2020 the U.S. birth rate was 55.8 births per 1000 women of childbearing age; a decline of almost 20% from 2007. What's driving this decline? Melissa Kearney at the University of Maryland discusses her findings on this week's episode of EconoFact Chats. Melissa is the Neil Moskowitz Professor of Economics at the University of Maryland, College Park. She is also the Director of the Aspen Economic Strategy Group, and a Senior Editor at the Future of Children.

In the 1950s and 1960s, the dollar was as “good as gold” – until it wasn’t. The dollar no longer served as the centerpiece of the world’s fixed exchange rate arrangement when the Bretton Woods system broke apart in the early 1970s. But the dollar has remained, to this day, the dominant currency for international trade and global finance. What advantages does the United States enjoy because of the special role of the dollar? Are other currencies, like the Euro or the Renminbi, or even cryptocurrencies, likely to replace the dollar’s hegemonic position? Megan Greene discusses this topic which has important implications for the United States economy as well as the stability of the world monetary system. Megan is a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School, and is also the first Dame DeAnne Julius Senior Fellow in International Economics at Chatham House, UK.

College costs are far from straightforward. For the vast majority of students attending four-year private colleges, the amount they pay is not the sticker price. Rather, colleges offer many different types of financial aid. But it's hard for families to figure out beforehand how much aid they're likely to receive. What are the problems that arise from the opacity of college costs for families? And for colleges and universities? What are some reasonable plans to make college more affordable? Phillip Levine joins EconoFact Chats to discuss these issues. Phil is the Katharine Coman and A. Barton Hepburn Professor of Economics at Wellesley College.

As the war in Ukraine continues, sanctions on Russian energy exports have led to a rise in global oil and gas prices. How might the supply disruptions, rising prices, and the growing political urgency in Europe to reduce reliance on Russian oil and gas shape our energy future? Are we likely to see environmentally harmful short-run effects as countries scramble for additional sources of hydrocarbons? Could the current crisis accelerate efforts to reduce our reliance on fossil fuels? David Victor at UC San Diego joins EconoFact Chats for a discussion of these issues. David is Professor and the Center for Global Transformation Endowed Chair in Innovation and Public Policy at UC San Diego. He is also co-Director of the University’s Deep Decarbonization Initiative.

The economic impact of the COVID recession has differed widely across groups of people. Pamela Meyerhofer joins EconoFact Chats to discuss some of these differential impacts, focusing on women's experiences in the labor force, as well as those of frontline workers -- those who were providing essential in-person services and facing the biggest risks at the beginning of the pandemic. Pamela is a post-doctoral researcher in the Department of Agricultural Economics at Montana State University.

COVID-19 has changed much of how we live. For many of us, it's also changed how and from where we work. What have been the effects of working from home on businesses and employees? Now, as many places re-open, will those who had been working from home continue to do so? Will they want to? Will companies be willing to accommodate them? How will working from home affect productivity and people's sense of isolation? This week on EconoFact Chats, Nicholas Bloom of Stanford University joins Michael Klein to discuss the far-reaching implications of working from home.   Nick is Professor of Economics at Stanford University and Co-Director of the Productivity, Innovation and Entrepreneurship program at the National Bureau of Economic Research.

In the wake of Russia's invasion of Ukraine, an alliance of governments announced wide-ranging sanctions aimed at punishing President Putin, members of the Duma, and Russian oligarchs. What impact are these sanctions likely to have? How resilient will the Russian economy be to the withdrawal of foreign partners? And how responsive will President Putin be to hardships facing the Russian people, as well as to his more immediate circle? Christopher Miller joins EconoFact Chats to discuss these issues.  Chris is an Assistant Professor international history at The Fletcher School. He is the author of 'Putinomics: Power and Money in Resurgent Russia.'

Unusually frequent droughts and hurricanes are manifestations of climate change; and these events, along with associated wildfires and floods, have important economic consequences. This week on EconoFact Chats, Galina Hale discusses the costs of both, these extreme events, and the costs of a transition to a more environmentally friendly economy. Galina Hale is a professor at the University of California, Santa Cruz. She previously was an economist at the Federal Reserve Bank of San Francisco.