Jeremy Stein on the Fed-Treasury Credit Programs

Jeremy Stein, the Moise Y. Safra Professor of Economics and Chairman of the Department of Economics at Harvard University, discusses the COVID-19 credit programs recently implemented by the Federal Reserve and the US Treasury.

Recording Time Stamps
(01:58)     What does the Fed do and what are the current lending programs?
(09:29)     Lender of last resort: how the Fed helped solvent companies in 2008-2009
(17:54)     How has COVID affected businesses differently from 2008-2009?
(25:35)     Venture capitalists of last resort: how the Fed can structure financial support during uncertain times
(30:35)     Primary Market Credit and Main Street programs explained
(39:05)     Pitfalls in the current lending structures and possible modifications
(48:37)     Does less discriminate lending lead to inflation?
(54:13)     The difficulty of models in an uncertain time and what the market is telling us