Roundup: COVID-19 Testing, Stimulus Spending and the Phillips Curve

Today, we are highlighting some research the St. Louis Fed has recently produced that you may have missed.

Economic Synopses

The Lost Weeks of COVID-19 Testing in the United States: Part I

The weeks lost due to inaction in the U.S. during the early stages of the COVID-19 pandemic resulted in rationing of tests and a large number of confirmed cases.

The Lost Weeks of COVID-19 Testing in the United States: Part II

In the U.S., the weeks lost due to inaction during the early stages of the COVID-19 pandemic helped spread the virus.

Federal Reserve System International Facilities

Fed lending to foreign central banks for them to provide emergency lending aids the U.S. economy by stabilizing international financial markets.

Bad Medicine? Federal Debt and Deficits after COVID-19

The government’s response to stem the pandemic has resulted in an erosion in public finances.

Review

Is the Phillips Curve Still Alive?

The flattening of the Phillips curve post-1970 has led to a debate over whether the negative relationship between inflation and unemployment is dead. A spectral analysis of the U.S. inflation rate and unemployment rate finds that the validity of the Phillips curve depends on the time frame one examines: short term, intermediate term or long term.

Schools and Stimulus

How did the education funding component of the American Recovery and Reinvestment Act of 2009 affect public school districts? An analysis showed that $1 million in grants to a district increased expenditures and debt but had little to no impact on employment.