Charles W. Eliot University Professor and President Emeritus of Harvard University, 71st Secretary of the Treasury

Wednesday, April 1, 2020

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The Economic Implications of the COVID19 Virus

Moderator:
R. Glenn Hubbard
Dean Emeritus; Russell L. Carson Professor of Finance and Economics, Columbia Business School
Former Chairman of the U.S. Council of Economic Advisers

Former Treasury Secretary Lawrence H. Summers is one of America's leading economists. In addition to serving as 71st Secretary of the Treasury in the Clinton Administration, Dr. Summers served as Director of the White House National Economic Council in the Obama Administration, as President of Harvard University, and as the Chief Economist of the World Bank.

Dr. Summers' tenure at the U.S. Treasury coincided with the longest period of sustained economic growth in U.S. history. He is the only Treasury Secretary in the last half century to have left office with the national budget in surplus. Dr. Summers has played a key role in addressing every major financial crisis for the last two decades.

During the 1990s, he was a leader in crafting the U.S. response to international financial crises arising in Mexico, Brazil, Russia, Japan, and Asian emerging markets. As one of President Obama's chief economic advisors, Dr. Summers' thinking helped shape the U.S. response to the 2008 financial crisis, to the failure of the automobile industry, and to the pressures on the European monetary system. Upon Summers' departure from the White House, President Obama said, "I will always be grateful that at a time of great peril for our country, a man of Larry's brilliance, experience and judgment was willing to answer the call and lead our economic team." The Economist recognized his influence when it defined the "Summers Doctrine," an approach to economic policy during financial crises that fuses a microeconomic "laissez faire" mentality with macroeconomic activism. "Markets should allocate capital, labour and ideas without interference, but sometimes markets go haywire, and must be counteracted forcefully by government."

Summers' five years as President of Harvard represented a time of major innovation for the University. He focused on equality of opportunity and removing all financial obligation from students with family incomes below $60,000 a year. He launched a major effort to make Boston, and Cambridge in particular, the global leader in life sciences research, with the formation of major programs for stem cell research and genomics. Perhaps most importantly, he led efforts to renew Harvard College with dramatic increases in study abroad programs, faculty-student contact, and collaboration across the University during his tenure. Currently, Dr. Summers is the President Emeritus and the Charles W. Eliot University Professor at Harvard University, where he became a full professor at age 28, one of the youngest in Harvard's recent history. He directs the University's Mossavar-Rahmani Center for Business and Government. Summers was the first social scientist to receive the National Science Foundation’s Alan Waterman Award for scientific achievement and, in 1993, he was awarded the John Bates Clark Medal, given to the most outstanding economist under 40 in the United States. He was elected to the National Academy of Sciences in 2002. He has published more than 150 papers in scholarly journals.

Summers is an advisor to businesses and investors. He serves on the board of Square and Premise. He chairs the board of the Center for Global Development and serves on the board of ONE. He is an advisor to The Hamilton Project, The Hutchins Center on Fiscal & Monetary Policy and the Peterson Institute for International Economics. He is a distinguished senior fellow at the Center for American Progress and recently co-chaired the Commission on Inclusive Prosperity. He recently launched a Task Force on Fiscal Policy with Mayor Bloomberg and chaired the Commission on Global Health, lauded by the UN Secretary General who noted that it "will bring more than health – it will bring equity, and contribute to a life of dignity for all."

President Bill Clinton said that Larry Summers "has the rare ability to see the world that is taking shape and the skill to help to bring it into being." He has been recognized as one of the world's most influential thinkers by Time, Foreign Policy, Prospect and The Economist magazines among many others. In his speeches, regular newspaper columns in The Washington Post and public commentary, he continues to move forward the debate on national and global economic policy.

Source: Larry Summers (http://larrysummers.com)

Glenn Hubbard became Dean Emeritus of Columbia Business School on July 1, 2019. A Columbia faculty member since 1988, he served as dean from 2004 to 2019, and is also the Russell L. Carson Professor of Finance and Economics.

Hubbard received his BA and BS degrees summa cum laude from the University of Central Florida, where he received the National Society of Professional Engineers Award. He also holds AM and PhD degrees in economics from Harvard University. After graduating from Harvard, Hubbard began his teaching career at Northwestern University, moving to Columbia in 1988. He has been a visiting professor at Harvard's Kennedy School of Government and Harvard Business School as well as the University of Chicago. Hubbard also held the John M. Olin Fellowship at the National Bureau of Economic Research.

In addition to writing more than 100 scholarly articles in economics and finance, Glenn is the author of three popular textbooks, as well as co-author of The Aid Trap: Hard Truths About Ending Poverty, Balance: The Economics of Great Powers From Ancient Rome to Modern America, and Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System. His commentaries appear in Business Week, the Wall Street Journal, the New York Times, the Financial Times, the Washington Post, Nikkei, and the Daily Yomiuri, as well as on television and radio.

In government, Hubbard served as deputy assistant secretary for tax policy at the U.S. Treasury Department from 1991 to 1993. From February 2001 until March 2003, he was chairman of the U.S. Council of Economic Advisers under President George W. Bush. While serving as CEA chairman, he also chaired the economic policy committee of the OECD. In the corporate sector, he is Chairman of the Board of MetLife, a director of ADP and BlackRock Fixed Income Funds. Hubbard is co-chair of the Committee on Capital Markets Regulation; he is a past Chair of the Economic Club of New York and a past co-chair of the Study Group on Corporate Boards.

Hubbard and his family live in New York.