"Congress can alleviate some of the strain caused by inflation by passing the Build Back Better Act," the economists said.
The economists said more spending is needed to reverse "years of disinvestment in public goods" and to address "the country's long-term needs."
A petition for monthly stimulus checks of $2,000 is nearing its goal of 3 million signatures as coronavirus cases surge in the U.S.
A group of 10 Republicans want a bipartisan stimulus bill less than a third the size of what President Joe Biden has put forward.
"We know that the next stimulus needs to be big, immediate and direct, and lasting until the economy recovers," the economists wrote in an open letter.
While some economists believe student loan cancellation would benefit many Americans and boost the economy, others question whether it's the best approach to address economic disparities.
"It's true there has been a rebound, but not because of anything the president has done," says Eric Winograd, chief U.S. economist at AllianceBernstein.
Although new weekly jobless claims have declined, millions of Americans continue to rely on unemployment benefits.
Texas economist Vance Ginn, who serves as chief economist at conservative think tank Texas Public Policy Foundation, tweeted that schools should reopen because it was "mostly elderly & Hispanics dying" from COVID-19, before later deleting the tweet and apologizing.
"The meh GDP numbers won't help Trump next year," Paul Krugman also noted.
British-born Oliver Hart and Finnish Bengt Holmstrom rewarded for work on contract theory, services and private vs. public institutions.