In 2019, few could have predicted that state and local pension funds would be faced with a pandemic that would slash state and local tax revenues and harm investment returns. Nevertheless, fund managers should have spent the past decade preparing for an inevitable market downturn. Instead, just...

We analyze in this whitepaper a way of addressing both targeting and financing in a direct payment (or “stimulus check”) program to provide households with additional liquidity during the economic downturn associated with the COVID-19 virus: by allowing voluntary loans to individuals in...