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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.

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Transcript for the episode can be found here.

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David\\u2019s Twitter: @ProfSchleich

David\\u2019s Yale profile: https://law.yale.edu/david-n-schleicher

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Related Links:

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*Stuck! The Law and Economics of Residential Stagnation* by David Schleicher

https://www.yalelawjournal.org/article/stuck-the-law-and-economics-of-residential-stagnation

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*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

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*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

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*The Future of Remote Work* by Adam Ozimek

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3638597

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*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

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David\\u2019s Twitter: @DavidBeckworth

David\\u2019s blog: http://macromarketmusings.blogspot.com/