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Want to learn more about the debate and history informing these demands? We have a list of suggested readings compiled by Rohan Grey.

Want to learn more about the case for direct financial support?

Alexander Williams, Stabilizing State and Local Budgets Through the Pandemic and Beyond, Levy Economics Institute Policy Note 2020/2 (February 2020)

Nathan Tankus, The Federal Reserve’s Coronavirus Actions, Explained (Part 5)Notes on the Crises (April 11, 2020)

Elizabeth Pancotti, Unemployment Benefit Expansions: A Guide for Policy Responses in the Wake of COVID-19, Medium (March 20, 2010)

Tracy Gordon & Richard Auxler, Congress Must Do More to Help States and Localities Respond to COVID-19, Tax Policy Center (March 30, 2020)

Ed Kilgore, Federalism is a Bad Prescription for Handling the Coronavirus Crisis, New York Magazine (April 1, 2020)

Joshuah Marshall, Tribal Nations – Highly Vulnerable to COVID-19 – Need More Federal Relief, Center on Budget and Policy Priorities (April 1, 2020)

OurMoney, MMT for State and Local Governments During COVID-19 Crisis, PR Newswire (March 24, 2020)

L. Randall Wray, Fiscal Reform to Benefit State and Local Governments: The Modern Money Theory Approach, Levy Economics Institute Working Paper No. 936 (September 2019)

Sage Belz & Louise Shelner, How Will the Coronavirus Affect State and Local Government Budgets?, Brookings Institute (March 23, 2020)

Center on Budget and Policy Priorities, How Will States and Localities Divide the Fiscal Relief in the Coronavirus Relief Fund?, CBPP Fact Sheet (March 27, 2020)

Christiana McFarland, Carolyn Berndt & Anita Yadavalli, The Deal is Done: How Much Can Cities Expect from the 3rd Coronavirus Package?, National League of Cities (March 27, 2020)

Jared Walczak, State and Local Funding Totals Under the CARES Act, Tax Foundation (April 1, 2010)

Trey Childress, Stuart Skeates & Todd Winter, US Coronavirus Relief Funds: A Guide for State and Local Governments, McKinsey & Company (April 2020)

Want to learn more about State and Municipal debt relief?

Skanda Amarnath & Yakov Feygin, The Fed Can and Should Support State Government Efforts to Respond to COVID-19 Right Now, Medium (March 15, 2010)

Jeff Spross, States and Cities are on the Front Lines of Coronavirus. The Fed Needs to Help Them, The Week (March 23, 2020)

Oscar Perry Abello, The Fed’s Secret Superpowers to Support Cities Through COVID-19 and Beyond, Next City (March 31, 2020)

Amanda Albright, Muni Market Support for Federal Reserve Intervention Grows, Bloomberg (March 23, 2020)

Finn Schuele & Louise Shelner, What’s Going On in the Municipal Bond Market? And What is the Fed Doing About It?, Brookings Institute (March 31, 2020)

Alexandra Scaggs, The Fed is Now Buying Munis, More or Less, Barron’s (March 20, 2020)

Katie Martin, James Politi, Brendan Greeley, & Colby Smith, Federal Reserve Takes Steps to Support US Municipal Bond Market, Financial Times (March 20, 2020)

Jeanna Smialek, Fed Backstops Corner of Municipal Debt Markets Amid Calls for Support, New York Times (March 20, 2020)

Alexandra Scaggs, Municipalities Face Short-Term Cash Crunch, Pushing Up Borrowing Costs, Barron’s (March 19, 2020)

Lynne Funk, Billions Pulled from Funds as Investors Flee Munis, The Bond Buyer (March 19, 2020)

Mike Konczal & J.W. Mason, A New Direction for the Federal Reserve: Expanding the Monetary Policy Toolkit, Roosevelt Institute (December 2017)

Want to learn more about State and Municipal currency support?

Nathan Tankus, Stanch the Bleeding From Local and State Finances With Local Currencies, Notes on the Crisis (April 6, 2020)

The New York Times, How Detroit Surmounted Financial Perils in ‘30’s, (September 7, 1975)

Joseph Bishop-Henchman, California Issuing State Warrants to Pay Bills, Tax Foundation (July 2, 2009)

Stephanie Simon, Cash-Strapped California’s IOUs: Just the Latest Sub for Dollars, Wall Street Journal (July 25, 2009)

Michael Rothfield & Shame Goldmacher, IOUs on the Way as Lines Harden, Lost Angeles Times (July 2, 2009)

Marisol Bello, Communities Print Their Own Currency to Keep Cash Flowing, ABC News (April 6, 2009)

Raúl Carrillo, Alternative Currencies are Bigger then Bitcoin: How They’re Building Prosperity From London to Kenya, Yes! Magazine (March 13, 2015)

Nicholas Riccardi, Subs for Greenback Make Recession-Era Comeback, Chicago Tribune (August 13, 2009)

Jenna Bagcal, Queens Assemblyman Proposes Public Payments System to Add Value to ‘Unvalued’ Work, QNS (November 14, 2019)

Ron Kim & Robert Hockett, Dynamic Inclusive Money for a Dynamic Inclusive Economy, Prospect (October 17, 2019)

Josh Ryan-Collins, Building Local Resilience: The Emergence of the UK Transition Currencies, 15 International Journal of Community Currency Research 61 (2011)

Rohan Grey, Monetary Resilience, 41(3) Western New England Law Review 505 (2020)

Loren Gatch, Tax Anticipation Scrip as a From of Local Currency in the USA During the 1930s, Working Paper (February 1, 2011)

Bryan Carl Bjorklun, Saving Local Communities Using Scrip Money to Fight the Great Depression in North Central Iowa, M.A. Thesis, University of Northern Iowa (December 2017)

Bruce Champ, Stamp Scrip: Money People Paid to Use, Federal Reserve Bank of Cleveland (April 1, 2008)

Joel Harper, Scrip and Other Forms of Local Money, Ph.D. Dissertation (Economics), University of Chicago (September 1948)