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Three Essays On Gender-Specific Employment Outcomes Of Macroeconomic Policies, SELIN SECIL AKIN 2020 University of Massachusetts Amherst

Three Essays On Gender-Specific Employment Outcomes Of Macroeconomic Policies, Selin Secil Akin

Doctoral Dissertations

This three-essay dissertation examines the impact of fiscal and monetary policies on gender-disaggregated employment outcomes both theoretically and empirically. The first essay constructs a structuralist macroeconomic model that explores channels whereby fiscal and monetary policies impact women’s paid and unpaid work. The essay discusses two factors related to labor market segregation that can explain differential effects of macroeconomic policies on male and female employment: the labor intensity of female-dominated sectors, and different responses of capacity utilization to aggregate demand shocks in male and female-dominated sectors. In addition, a decline in output resulting from aggregate demand shocks may increase women ...


Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard 2020 Yale University

Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

On March 26, 2019, Andrew Metrick, the Janet Yellen Professor of Finance at the Yale School of Management and Founder and Director of the Yale Program on Financial Stabilitysat down with Paul A. Volcker to discuss his perspectives on the Federal Reserve, central banking autonomy, “too big to fail,” and how his perspectives on these topics have changed over the decades.It turned out to be one of the last interviews given by the former Chairman of the Federal Reserve System who passed away on December 8, 2019, at the age of 92.


The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, Rosalind Z. Wiggins, Andrew Metrick 2020 Yale Program on Financial Stability

The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Securitization is a process that allows banks and other lenders to package loans and sell them as bonds called asset-backed securities (ABS), removing them from their balance sheets and immediately generating cash for new loans. ABS are an important component of the financing cycle for many types of loans to households and small businesses, including mortgages. In the fall of 2008, financial markets began experiencing disturbances as the effects of the U.S. subprime market meltdown spread. The ABS market froze decreasing the volume of new loans to households and small businesses. The Federal Reserve became very concerned about the ...


The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, Rosalind Z. Wiggins, Andrew Metrick 2020 Yale Program on Financial Stability

The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

During the summer of 2007, the U.S. residential mortgage market began to decline sharply negatively impacting the asset-backed commercial paper (ABCP) market, which often relied on mortgages as underlying support. Money Market Mutual Funds (MMMFs), significant investors in commercial paper (CP), quickly retreated from the market, causing a substantial decline in outstanding ABCP. In September 2008, pressures on the markets severely escalated again, when the Reserve Primary Fund MMMF “broke the buck” and prompted run-like redemption requests by many MMMF investors. These disruptions resulted in higher rates and shorter maturities, practically freezing the market for term CP. Concerned about ...


The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, Rosalind Z. Wiggins, Andrew Metrick 2020 Yale Program on Financial Stability

The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

The financial crisis that began in late 2007 with the decline in the United States (U.S.) subprime mortgage markets quickly spread to other markets and eventually disrupted the interbank funding markets in the U.S. as well as overseas. To address the strain in the U.S. dollar (USD) funding markets, the Federal Reserve worked with foreign central banks around the world to provide USD liquidity to affected overseas markets by entering into currency swap agreements. Following the bankruptcy of Lehman Brothers in September 2008, and the resulting further destabilization of the world’s financial systems, the size and ...


The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick 2020 Yale Program on Financial Stability

The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick

Journal of Financial Crises

Beginning in the summer 2007 the Federal Reserve (the Fed) deployed numerous conventional and innovative programs to address the credit crisis occurring in the wholesale lending markets that was beginning to affect the broader financial markets and threaten the economy at large. Two of those programs, the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) were aimed at providing liquidity to primary dealers and required the Fed to rely on its authority under Section 13(3) of the Federal Reserve Act. Section 13(3) is a Depression Era amendment that permits the Fed expanded powers in ...


The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick 2020 Yale Program on Financial Stability

The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

Beginning in summer 2007, the Federal Reserve (the Fed) was called upon to address a severe disruption in the interbank lending markets sparked by a downturn in the subprime mortgage market. As these developments began to impact the ability of banks to raise adequate funding, the Fed encouraged them to utilize the Discount Window (DW), its standing facility for lending to depository institutions, and repeatedly decreased the lending rate to make the facility more accessible. Despite the Fed’s efforts, for a number of reasons, including historical perceptions of stigma, banks were reluctant to utilize the DW. In December 2007 ...


Essays On Housing Markets, Yuxi Yao 2020 The University of Western Ontario

Essays On Housing Markets, Yuxi Yao

Electronic Thesis and Dissertation Repository

Housing assets have long been the most important assets in household portfolios. Therefore, understanding the long-run trends of the key indicators in the housing market is important for understanding household housing tenure choice and asset allocation, evaluating household welfare, and analyzing financial stability. My thesis consists of three chapters accounting for the changes in homeownership rates, cross-city distribution of prices and rents, and aggregate housing prices in the United States for the past several decades.

Chapter 2 focuses on the decline in the homeownership rate among young households since 1980. I find that while some of the college graduates merely ...


The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu 2020 University of Toronto Schools

The Effects Of The African Continental Free Trade Agreement On Africa's Regional Economic Communities: An Empirical Analysis, Elizabeth Zhu

Undergraduate Economic Review

This study examines the economic effects of the African Continental Free Trade Agreement (AfCFTA) on three regional economic communities in Africa: COMESA, ECOWAS, and CEMAC. It scrutinizes the effects of the agreement on Africa’s largest trading partners: the EU, China, and America. Three scenarios are modelled using the GTAP CGE model: a removal of tariffs on 97% of goods, a removal of non-tariff barriers, and a combination of the previous two scenarios. The findings show that the welfare of all African regions increases due to AfCFTA, but to varying degrees, with CEMAC benefiting the least of the three regional ...


Principles Of Macroeconomics, Ernesto Garcia III 2020 CUNY City College

Principles Of Macroeconomics, Ernesto Garcia Iii

Open Educational Resources

No abstract provided.


Essays In Retirement Economics, Gunnar Poppe Yanez 2020 The Graduate Center, City University of New York

Essays In Retirement Economics, Gunnar Poppe Yanez

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters.

Chapter 1

The discrepancy between the high demand for annuities predicted by economic theory and the empirical low holdings of these assets, known as the annuity puzzle, is still not completely understood in economic studies of retirement finance. This paper assesses the effect of individuals' mortality risk learning process on annuitization. I isolate this effect by building a life-cycle model in which individuals have imperfect information of their true survival probability distribution, and therefore have to update their beliefs about it in a Bayesian manner. Using data on subjective mortality by the Health and ...


The Effect Of Endogenously-Determined Bullying On Test Scores, Hisham Bin Yacob PATEL 2020 Singapore Management University

The Effect Of Endogenously-Determined Bullying On Test Scores, Hisham Bin Yacob Patel

Dissertations and Theses Collection (Open Access)

The problem of bullying is one of the main sources of adverse school environment. In this dissertation, I explore the effect of bullying on test scores, under the assumption that bullying is endogenously determined. Comparing my estimates with that from traditional OLS, I find that estimates from OLS grossly underestimates the effect of bullying on short-term student outcomes. I also find significant evidence of heterogeneity across various sub-groups; for example, male students are found to be less affected by bullying as compared to their female peers. Furthermore, male students are also found to be less affected by physical bullying while ...


Essays In Financial Economics And Applied Macroeconomics, Marius Mihai 2020 The Graduate Center, City University of New York

Essays In Financial Economics And Applied Macroeconomics, Marius Mihai

All Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics in finance and macroeconomics.

Chapter 1 - Do Credit Booms Predict U.S. Recessions?

This paper investigates the role of bank credit in predicting U.S. recessions since the 1960s in the context of a bivariate probit model. A set of results emerge. First, credit booms are shown to have strong positive effects in predicting declines in the business cycle at horizons ranging from six to nine months. Second, by isolating the effect of credit booms, I identify their contributions to recession probabilities which range between three and four percentage points at ...


Essays In Macroeconomics Of Emerging Markets, Miguel Acosta Henao 2020 The Graduate Center, City University of New York

Essays In Macroeconomics Of Emerging Markets, Miguel Acosta Henao

All Dissertations, Theses, and Capstone Projects

Chapter 1. Law enforcement and the size of the informal sector.

I assemble new cross-country evidence showing that contrary to the standard view, the relationship between the size of the informal sector and tax rates is, at best, ambiguous. Law enforcement and informality also show no clear relation. Motivated by these findings, I augment a standard two-sector (formal and informal) small open economy model with endogenous law enforcement that depends on the size of the informal sector (measured by its assets) and government expenditure. I use a micro-dataset from Colombia to show that both taxes and law enforcement are necessary ...


The Economic Implications Of Eliminating Coal Subsidies In G7 Countries, Rachel M. Kim, Pradnaya S. Pathak 2020 University of Toronto Schools

The Economic Implications Of Eliminating Coal Subsidies In G7 Countries, Rachel M. Kim, Pradnaya S. Pathak

Undergraduate Economic Review

This paper analyzes the economic implications of eliminating coal subsidies in G7 countries (Canada, France, Germany, Italy, Japan, United Kingdom, United States) in light of the Paris Agreement and the 2009 commitment to addressing climate change. The study uses a computable general equilibrium (CGE) model and contains three different simulations: production subsidy removal, consumption subsidy removal, and both consumption and production subsidy removal in G7 nations. Three variables were analyzed: economic welfare, market price, and output quantity. The results obtained using the Global Trade Analysis Project (GTAP) indicate that coal price increases and output quantity decreases, while economic welfare varies.


Irving Fisher, The Debt-Deflation Theory, And The Crisis Of 2008-2009, Zacharie Quiviger 2020 McGill University

Irving Fisher, The Debt-Deflation Theory, And The Crisis Of 2008-2009, Zacharie Quiviger

Undergraduate Economic Review

Irving Fisher’s 1932 Booms and Depressions presents a fully specified, nine-pronged model of financial crises that has been widely forgotten by modern macroeconomists. This article builds on the renewed interest in Fisher’s Debt-Deflation Theory to explore its pertinence to the Great Recession. By parsing through macroeconomic data from the 2000s, it finds evidence of debt-deflation spiraling and of the nine Fisherian “main factors” co-varying as the author had predicted during the 2008-2009 financial crisis. The article concludes in assessing the uses of Fisher’s work in current macroeconomics and in arguing for a greater consideration of its insights.


Imf And European Institutions During The Sovereign Debt Crisis, Ziyu Yan 2020 University of Pennsylvania

Imf And European Institutions During The Sovereign Debt Crisis, Ziyu Yan

Joseph Wharton Scholars

While the European Sovereign Debt crisis presented unprecedented challenges to the European institutions in addressing the vulnerabilities of its financial sector, it gave rise to the effective cooperation between the European Commissions, the European Central Bank (ECB), and the International Monetary Fund (IMF), collectively known as the Troika. This paper reviews the interactions between the IMF and the euro area official lenders in three programme countries: Greece, Portugal, and Ireland. A close examination of the lending terms changes revealed an evolving understanding of the crisis by the European institutions. This paper analyzes the impact that the IMF had on the ...


An Estimated New Keynesian Model For The Egyptian Economy, Dalia Elgebaly 2020 The University of San Francisco

An Estimated New Keynesian Model For The Egyptian Economy, Dalia Elgebaly

Master's Theses

This paper aims to identify the drivers of Egypt’s aggregate macro fluctuations during the period 2002-2013. In particular, the paper will empirically investigate the effects of the unexpected shocks to consumers’ preference, cost-push, technology, and monetary policy on the dynamic behavior of output growth, inflation, and short-term nominal interest rate. The paper estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices for Egypt within a New Keynesian framework. The paper uses maximum likelihood, with quarterly data of key macroeconomic variables: GDP, inflation rate, and nominal interest rate from year 2002q1 until 2013q4. We have found that preferences ...


Addressing Urban Income Inequality Through Education: A Case Study In Atlanta, Garrett Bronn 2020 University of Arkansas, Fayetteville

Addressing Urban Income Inequality Through Education: A Case Study In Atlanta, Garrett Bronn

Finance Undergraduate Honors Theses

For decades, the income inequality gap between the rich and poor has continued to expand dramatically, with criticism of existing education systems often at the heart of the issue. Large urban cities are commonly at the forefront of the issue, given the plethora of teacher strikes in recent years. Events such as the 11-day Chicago teacher’s strike in October of 2019 that idled academics and college prep for 350,000 students, have highlighted many current education issues (Hauck, 2019). With underfunded and poorly equipped middle and high schools, students in poor and minority neighborhoods in cities are less prepared ...


A Macroeconomic Investigation Of The Labor Market Matching Efficiency, Sarah M. Welch 2020 The University of Maine

A Macroeconomic Investigation Of The Labor Market Matching Efficiency, Sarah M. Welch

Electronic Theses and Dissertations

The first section of this research explores how traditional measures of unemployment can mask important changes in the labor market across the business cycle. We therefore use broader definitions of unemployment to estimate time-varying job-matching efficiency rates that are consistent with vacancies and hiring activity data for the U.S. Our efficiency rates are then modeled along with employment data to study their dynamic, non-linear relationship. We find that including part-time workers for economic reasons as well as marginally attached workers helps explain the changes in employment patterns observed after the global financial crisis, emphasizing the importance of accounting for ...


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