Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 2 of 2
Full-Text Articles in Economic Policy
Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz
Using Monte Carlo Simulations To Establish A New House Price Stress Test, James R. Follain, Seth H. Giertz
Department of Economics: Faculty Publications
The focus of this paper is on the house price stress test (termed ALMO) that was designed to assess the fiscal strength of Fannie Mae and Freddie Mac and, if necessary, to trigger remedial action in order to avert a crisis. We assess whether the ALMO stress test was an adequate representation of an extremely weak housing market, given the best available information leading up to the Great Recession. A Monte Carlo simulation model is developed to estimate the severity of low probability events (i.e., severe house price declines). We illustrate the complexity and subjective nature of the process used …
Building A World-Class System In Ireland’S Financial Crisis, Ellen Hazelkorn
Building A World-Class System In Ireland’S Financial Crisis, Ellen Hazelkorn
Articles
Irish higher education faces particular difficulties given the severity of its economic crisis. Like other countries, it is engaged in significant system restructuring coupled with managed policy direction. Where Ireland does differ is in its emphasis on a 'whole of country strategy' and commitment that teaching and research go hand-in-hand. This paper looks at the fortunes and mis-fortunes of Irish higher education.