V.  Upside and downside risks to the outlook for economic activity  I have so far outlined the most likely projection for the next two years or so. However, the economy constantly faces various risks, and due attention should be paid to the possibility that economic activity and prices might deviate from this projection should particular risks materialize.
Leading the discussion will be Ed Devlin, formerly of PIMCO, Annette VissingJørgensen from the Haas School of Business at Berkeley and Anil Kashyap from the University of Chicago Booth School of Business. Seeing unconventional monetary policy tools in action during COVID-19 has put renewed focus on how they’re impacting both asset prices and decisions on borrowing and lending.