David Schleicher on the Municipal Trilemma and its Implications for the Current Crisis Macro Musings with David Beckworth

David Schleicher is a professor at Yale Law School, and as a returning guest to Macro Musings, he joins to talk about the historical role that the federal government has played in responding to state and local budget crises, including the municipal trllemma it faces. This trilemma says the federal government can only avoid two of the three following harms: (1) moral hazard for state budgets; (2) worsening recessions; (3) reducing future state and local infrastructure investment. Specifically, they discuss this trilemma as well as its implications for the COVID-19 crisis.
 
Transcript for the episode can be found here.
 
David’s Twitter: @ProfSchleich
David’s Yale profile: https://law.yale.edu/david-n-schleicher
 
Related Links:
 
*Stuck! The Law and Economics of Residential Stagnation* by David Schleicher
https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation
 
*Hands On! Part I: The Trilemma Facing the Federal Government During State and Local Budget Crises* by David Schleicher
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3649278
 
*David Schleicher on Local and State Regulation and Declining Mobility* by Macro Musings
https://macromusings.libsyn.com/58-david-schleicher-on-local-and-state-regulation-and-declining-mobility
 
*The Future of Remote Work* by Adam Ozimek
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597
 
*States Continue to Face Large Shortfalls Due to COVID-19 Effects* by Elizabeth McNichol and Michael Leachman
https://www.cbpp.org/research/state-budget-and-tax/states-continue-to-face-large-shortfalls-due-to-covid-19-effects
 
David’s Twitter: @DavidBeckworth
David’s blog: http://macromarketmusings.blogspot.com/