The College of Business hosted its first Nevada Global Business & Economics Lab (NVGLOBE-L) Distinguished International Lecture Wednesday, April 7, 2021. The webinar, “Global Crises and Our Policy Response,” featured Mary C. Daly, president and CEO of the Federal Reserve Bank of San Francisco.
“This new series will highlight speakers who have made significant contributions to policy research and practice in academia, government and the business world,” Mehmet S. Tosun, professor of economics and director of International Programs within the College of Business, said. "It was a great opportunity for our faculty and students to hear from someone like President Mary C. Daly about the important economic and social issues facing economies during the pandemic. It was a timely discussion.”
During the virtual event, moderated by Tosun, 393 people from 15 different countries attended to hear from Daly, a sought-after speaker on monetary policy. Daly discussed the state of the U.S. economy, including the Fed’s response to the pandemic, the role central banks play in addressing climate change and economic inequality.
“I see the economy rebounding, but we have to keep our heads to the task at hand,” Daly said. “That is, to return every American who wants a job back into the workforce.”
Daly also discussed how the Federal Reserve supported the U.S. economy during these trying times.
“The Federal Reserve immediately lowered the interest rate to near zero, and that provided instant relief for borrowers,” Daly said. “People could refinance their homes, so they have more disposable income to get them through the crisis, and businesses could refinance to keep their employees and continue to produce output. The interest rate changes we made were essential to help support the economy.”
The Fed also opened numerous facilities, such as the Payment Protection Program Lending Facility. This allowed the Fed to ensure that the money appropriated by Congress would be distributed to all the people who need it.