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The COVID-19 pandemic plunged the U.S. into its worst economic downturn since the Great Depression. In the spring, it was unclear if there would be a quick recovery, a slow recovery, or if the recession would be prolonged. Seven months on, an added concern is whether a recovery would be K-shaped—with economic conditions improving for some, while hard times continue for others. This week on EconoFact Chats, host Michael Klein, and Jay Shambaugh of George Washington University discuss economic recovery policies—specifically, what governments can do in the short run, and the effects of long-run shocks to the economy.

Jay served as a member of President Obama’s council of economic advisors and headed The Hamilton Project at the Brookings Institution.

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