In this report, the authors outline the U.S. federal budget process for scientific R&D, discuss trends in federal R&D funding and provide an outlook for federal scientific R&D funding during the Biden administration.
Public finance fellow Jorge Barro examines the Federal Reserve’s aggressive financial market response to the Covid-19 pandemic and asserts that without its use of unconventional policy tools, adverse outcomes could have spread to other areas of the economy, disproportionately impacting low-income households.