Approximately 4800 municipal bond issuers defaulted on interest or principal payments during the Great Depression. Although municipal bond defaults have been quite rare over the last 70 years, some commentators have suggested that another large wave of municipal bond defaults will occur in the...

The economics literature lacks articles that provide a broad roadmap-let alone a logical explanation-of the new set of Federal Reserve policy tools that were created to counter the COVID-19 recession. This study provides an overview of the motivation for these new credit-easing programs-namely...