With the economy mired in a deep recession, economic recovery is slated to be the top policy priority of the incoming Obama administration. A wide variety of tax, spending, and financial-market measures will be on the table in January as Congress debates a stimulus package that may approach $1 trillion. What can or should the government do to stimulate the economy?

Martin Baily, senior fellow at the Brookings Institution and former chairman of the Council of Economic Advisers in the Clinton administration, will review the severity of the recession and evaluate various stimulus options. Christopher J. Mayer, senior vice dean of the Columbia Business School, will discuss proposals to revive the housing market. Nicholas Souleles of the University of Pennsylvania's Wharton School will examine whether tax rebates promote consumer spending. AEI resident scholar Alan D. Viard will discuss the general principles of fiscal stimulus. Kevin A. Hassett, AEI's director of economic policy studies, will moderate.