US should extend benefit payments for long lockdown – ECB paper

The Capitol in Washington, D.C.

US lawmakers should further extend unemployment benefits if that country undergoes a prolonged lockdown, a working paper published by the European Central Bank finds.

In Modeling the consumption response to the CARES Act, Christopher Carroll, Edmund Crawley, Jiri Slacalek and Matthew White use a model that a model that matches household responses to past consumption stimulus packages. The changes they have made to this model, the authors write, “allows us to account for two novel features of

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