Thread by @LHSummers

Four economic policies, beyond monetary policy, better targeted at pandemic risk. #coronavirus @washingtonpost
washingtonpost.com/opinions/2020/…

1st, central banks should develop a facility to assure that credit is not cut off to key sectors of the economy, come what may. Steadily available credit is much more important than lower-priced credit.

2nd, as huge excess capacity at major global ports suggests, this is a moment for less-not more-interference w trade flows. Though it may go against @POTUS instincts, USA should lead global effort to reduce tariffs as a source of stimulus for duration of the health emergency.

3rd, planning should begin for fiscal expansion via federal budgetary investments in areas like the purchase of ventilators, videoconferencing equipment and distance-education technologies, all of which are directly connected to the #coronavirus problem.

4th, international financial institutions’ failure to move to help the world’s poorest countries at a moment when they could suffer an AIDS-level catastrophe is scandalous. USA should use its influence to assure that the IMF & WB step up on behalf of all nations, for all nations.