Write in which you explain:

1.What are the tools and policies that the Federal Reserve is implementing to provide liquidity into the financial system.Using a bullet list, describein your ownwords, the new and former programs that are being brought to life by the Fed. Be sure to explain HOW they are expected to work.Who will benefit and how?Use the material in Cheng,et. al., Beckworth, and the FRBNY articles.

2.What is the primary argument in Cheng, Skidmore, & Wessel about what more the Fed could be doing.What is the reasoning they supply to support their policy prescriptions?

3.What is the primary argument in Beckworth regarding what the Fed should be doing during the COVID-19 period and afterward.What is NGDPLT (nominal GDP level targeting)?Why does Beckworth advocate the Fed's use of it?What would it accomplish?

• Jeffrey Cheng, Dave Skidmore, David Wessel, "What's the Fed doing in response to the COVID-19 crisis?What more could it do?" Brookings, March 31, 2020.https://www.brookings.edu/research/fed-response-to-covid19/
• David Beckworth, "COVID-19 Pandemic, Direct Cash Transfers, and the Federal Reserve," Mercatus Center, George Mason University, March 18, 2020.https://www.mercatus.org/publications/covid-19-policy-brief-series/covid-19-pandemic-direct-cash-transfers-and-federal
• Federal Reserve Bank of New York (FRBNY), "New York Fed Actions Related to COVID-19", March 2020.https://www.newyorkfed.org/markets/new-york-fed-actions-related-to-covid-19