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Early Childhood Intervention And Income Inequality: An Analysis On The Intergenerational Mobility Of Head Start Participants, Paul Hinton

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

The Head Start program is an early childhood intervention program funded by the federal government. Designed for low-income families, it promotes school readiness among its participants. In my research, I examine the effects of Head Start on the intergenerational mobility of its participants. Using data from the National Longitudinal Survey of Youth (NLSY79) and the NLSY Child and Young Adult Supplement (CNLSY), I measure the degree of earnings persistence between parents and their children for students in preschool and Head Start. I find that participation in Head Start is associated with an increase in mobility, which remains true after controlling …

“Pure People” And “Corrupt Elites:” Corruption Talk In The 2020 Election, Milan Loewer

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

The word “corruption” has two separate but interrelated meanings. The first kind of corruption refers specifically to an abuse of public office for private gain; the second is broader and indicates a disjunction between a political reality and the ideal to which that reality ought to conform. This paper explores the role of various forms of “corruption talk” in the 2020 presidential election. The first part of the paper examines the “supply side,” looking at the kinds of “corruption narratives” that politicians offered in 2020. Using natural language processing, I analyze how Joe Biden, Donald Trump, and Bernie Sanders spoke …

The Religious Seculars: How Does Yom Kippur Impact Electoral Turnout?, Gall Sigler

Dartmouth Undergraduate Journal of Politics, Economics and World Affairs

Does Yom Kippur impact electoral turnout in religious and secular Jewish communities in Israel? By collecting data on electoral behavior in elections to local councils from 1983 to 2018 in Jewish-secular, Jewish-religious and non-Jewish municipalities, this research attempts to elucidate the relationship between the communal Yom Kippur experience and electoral turnout. This research finds that the Yom Kippur experience appears to decrease turnout in secular municipalities, while no statistically significant impact was observed in religious municipalities. Research on the psychological significance of novelty and religious events, as well as ethnographic analysis of Israel, suggests that the Yom Kippur experience undermines …

The Symbolic Work Of Prices, Akash Miharia, Jan Osborn, Bart J. Wilson

Economics Faculty Articles and Research

We posit that prices are signs, not just signals, that work in the same symbolic way as words. Both are complex, generative systems of shared meaning that rely on a web of intricate symbolic references. Just like the meaning of a word is a product of our social and linguistic action, the meaning of a price is a product of our relationship to the physical world phenomena of people in markets. The fundamental conception of both is to communicate and construct worlds with ourselves and others, enabling us to act in the world. Prices, like words, do symbolic work.

Summary Report Of Discussions At The Forum “Nepali Diaspora Organizations In North America: Achievements, Opportunities, And Challenges”, Coppell, Texas, Usa July 2022, Ambika P. Adhikari

Himalayan Research Papers Archive

The forum “Nepali Diaspora Organizations in North America: Achievements, Opportunities and Challenges” was held at the annual convention of the Association of Nepalis in the Americas (ANA) in Coppell, TX, USA on July 2, 2022. Nepalese Society of Texas (NST) hosted the convention and forum. As studies related to diaspora have become important topics in the fields of development, community culture, sociology and anthropology, ANA decided to include this topic in the forums organized at the national convention.

The global Nepali diaspora population in 2022 is estimated at 800,000. Although no authoritative statistics is available, the Nepali diaspora in North …

An Investigation Into The Likelihood That A Centrally Planned Economy Can Provide Greater Economic Good Than Spontaneous Order Created By The Free Market, Douglas W. Cardell

Doctoral Dissertations and Projects

This paper will address whether it is possible for an economy, planned by experts, to result in greater economic good than can be achieved by spontaneous order created by the combination of individual choices that make up the free market? This paper approaches the question by studying the viability of economic forecasting because planning an economy requires making economic forecasts. There are at least three domains that impact forecasting: the nature of forecasting and modeling in general in a chaotic environment, the effect of asset bubbles, and the impact of black swan events. There is a great deal of research …

Open Innovation Trends, Issues And Policy Suggestions In Manufacturing Industry, Rongping Mu, Jingjing Guo, Jin Kang, Shuang Ma, Kangwei Chi

Bulletin of Chinese Academy of Sciences (Chinese Version)

At present, the new technology revolution and industrial transformation are accelerately reshaping the international industrial division of labor. It is urgent to adhere to the basic principles of "open cooperation, green and low carbon, value co-creation, and codevelopment", promote open innovation and cooperation in key areas of the manufacturing industry, and improve the open innovation and development capability in the manufacturing industry. This study first summarizes the open innovation trends of global manufacturing industries. Second, it analyzes major countries' policies in promoting open innovation in the manufacturing industry. Third, the current situation and problems of China's manufacturing open innovation is …

Parochial Altruism And Political Ideology, Marilynn B. Brewer, Nancy R. Buchan, Orgul D. Ozturk, Gianluca Grimalda

Faculty Publications

Parochial altruism refers to the propensity to direct prosocial behavior toward members of one's own ingroup to a greater extent than toward those outside one's group. Both theory and empirical research suggest that parochialism may be linked to political ideology, with conservatives more likely than liberals to exhibit ingroup bias in altruistic behavior. The present study, conducted in the United States and Italy, tested this relationship in the context of the COVID-19 pandemic, assessing willingness to contribute money to charities at different levels of inclusiveness—local versus national versus international. Results indicated that conservatives contributed less money overall and were more …

Lessons Learned: Michael Silva, Mercedes Cardona

Journal of Financial Crises

Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at …

United States: Municipal Liquidity Facility, Steven Kelly

Journal of Financial Crises

In March 2020, the COVID-19 pandemic caused severe financial stress for state and local municipalities. Municipalities' public health responses led to material increases in expenditures. At the same time, many municipalities faced revenue delays and declines due to extended tax deadlines and disruptions in taxable economic activity. Institutional investors also put heavy selling pressure on municipal bonds. In response to stresses in the municipal financing market, the Federal Reserve invoked its Section 13(3) emergency lending authority and created the Municipal Liquidity Facility (MLF). The Fed created the facility to backstop municipal entities' access to capital markets to help them manage …

United States: Term Asset-Backed Securities Loan Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 23, 2020, the Federal Reserve announced a series of monetary policy measures and established several emergency lending facilities to assist the US economy. Among these, the Fed revived the Term Asset-Backed Securities Loan Facility (TALF), a Global Financial Crisis (GFC)-era facility that used a special purpose vehicle (SPV) to encourage the issuance of asset-backed securities (ABS). Its main purpose was to restore the flow of credit to households and businesses. TALF II made $100 …

United Kingdom: Covid Corporate Financing Facility, Adam Kulam

Journal of Financial Crises

During the COVID-19 crisis, sterling-denominated money markets froze, and otherwise-healthy companies were shut out of short-term, wholesale funding markets. To unfreeze these markets, the UK government announced a series of corporate funding measures. One of the measures was the Covid Corporate Financing Facility (CCFF), which enabled the Bank of England (BoE), acting on behalf of Her Majesty's Treasury's, to purchase commercial paper (CP) on primary and secondary markets from eligible dealers. The purpose of the CCFF was to provide stopgap wholesale funding to large, financially healthy firms while preserving British banks' capacity to serve small and medium-sized companies. Under the …

United Kingdom: Asset Purchase Facility, Adam Kulam

Journal of Financial Crises

The global outbreak of COVID-19 spurred investors to sell the British gilt in a synchronized fashion, which caused dysfunction in primary and secondary gilt markets. Yield spreads spiked, and primary dealers temporarily stepped back from dealing in gilts during a trading session on March 19, 2020. Liquidity premia were also high in non-gilt, fixed-income markets. That same day, the Bank of England (BoE) announced GBP 200 billion (USD 234 billion) of asset purchases through the Asset Purchase Facility (APF) to preserve liquidity in both gilt and corporate bond markets as part of larger efforts to prevent an undesirable tightening of …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Eurozone: Pandemic Emergency Purchase Program, Corey N. Runkel

Journal of Financial Crises

The COVID-19 pandemic quickly engulfed the European Union's economy in 2020. As investors sought safe assets, marketable debt yields rose dramatically. To lower the cost of borrowing, the European Central Bank (ECB), alongside the 19 national central banks (NCBs) that comprise the Eurosystem, purchased marketable debt in secondary markets. Asset eligibility mirrored that of the ECB's Asset Purchase Program (APP), an ongoing quantitative easing program which the ECB expanded during the pandemic. The main difference was that the PEPP allowed debt issued by Greece, which did not have an investment-grade credit rating. The rate that the PEPP purchased securities within …

Canada: Provincial Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

In the beginning of 2020, the outbreak of the novel coronavirus placed significant strain on financial markets and especially affected commodity-producing countries like Canada. As the broad economy contracted, oil-exports fell, and the government imposed public health restrictions to contain coronavirus, the Bank of Canada (BoC) announced emergency measures to ensure functioning of financial markets and to "reach companies and households and foster a robust recovery" (Poloz 2020, 1). One market that faced acute strain was the Canadian provincial bond market. The BoC announced the Provincial Bond Purchase Program (PBPP) through a notice published on April 15, 2020. The stated …

Canada: Government Bond Purchase Program, Corey N. Runkel

Journal of Financial Crises

In Canada, the shock of the COVID-19 crisis drove up bid-ask spreads on Government of Canada (GoC) bonds. The Bank of Canada (BoC) announced the Government Bond Purchase Program (GBPP) to support the functioning of its government bond market, support other market liquidity tools, and replace the BoC's long-standing fiscal agent activities. The GBPP conducted multi-rate reverse auctions with primary dealers to purchase GoC bonds in the secondary market. The GBPP purchased bonds across the yield curve but concentrated on two- and five-year tenors. In June 2020, with CAD 64.7 billion (USD 48 billion) outstanding, the BoC announced that the …

United States: Term Auction Facility, Corey N. Runkel, Anshu Chen

Journal of Financial Crises

Following the announcement on August 9, 2007, by BNP Paribas that it was suspending redemptions for three of its open-end investment funds that had invested heavily in mortgage-backed securities, liquidity in the American interbank and short-term funding markets tightened considerably. On August 17, the Federal Reserve lowered the cost of borrowing from the discount window. However, usage remained low, due largely to the perception that such borrowing implied weak financials. In December, the Fed launched the Term Auction Facility (TAF), which used single-rate auctions to mitigate this stigma. The TAF offered discount-window credit of 28 days, and later, 84 days. …

United States: New York Clearing House Association, The Panic Of 1890, Benjamin Hoffner

Journal of Financial Crises

Before the advent of the Federal Reserve System, private clearinghouses provided emergency liquidity support to the banking system during panics. The most notable of these institutions, the New York Clearing House Association (NYCH), supported its member banks by issuing clearinghouse loan certificates (CLCs), short-term collateralized loans guaranteed by the NYCH, as an alternative liquidity source during banking panics; member banks used CLCs exclusively for the purpose of temporarily settling payments with other NYCH members. During the Panic of 1890, the NYCH issued $16.65 million of CLCs between November 12 and December 22, 1890. The Loan Committee received requests from and …

Thailand: Financial Institutions Development Fund Liquidity Support, Corey N. Runkel

Journal of Financial Crises

International investors launched three speculative attacks on the Thai baht in 1996 and 1997 following one high-profile banking failure, constant departures from the Bank of Thailand (BOT), and slumping returns on stocks and real estate. Though the BOT succeeded in the baht’s defense, the BOT’s depleted reserves were unable to fend off domestic troubles that emerged in early 1997. The speculative attacks increased the cost of foreign-denominated debt—which accounted for 18% of all bank lending—and forced up interbank lending yields. The decade-long boom in foreign capital inflows had generally overvalued assets, and banks found themselves in need of outside financing …

Russia: Lombard And Overnight Loans, 1998, Benjamin Hoffner

Journal of Financial Crises

On August 17, 1998, following a wave of speculative attacks on domestic ruble assets, the Russian government announced a default on its ruble debt maturing before the end of 1999, and the Central Bank of Russia (CBR) declared a devaluation of the ruble by widening the fixed exchange rate band. The announcements left Russian banks without their main source of collateral—government treasuries—to obtain funds from the CBR’s liquidity facilities. Russia’s payment system and interbank market froze as banks hoarded liquidity and, in some cases, restricted withdrawals in response to depositor runs. To restore liquidity to commercial banks and unfreeze the …

Greece: Emergency Liquidity Assistance, Corey N. Runkel

Journal of Financial Crises

The Global Financial Crisis of 2007-09 triggered a deep recession in Greece, leading investors to withdraw one third of Greek bank deposits between 2008 and 2011. As banks’ nonperforming assets rose and rating agencies downgraded Greek sovereign debt, Greek banks’ capital fell below levels required for Eurosystem refinancing operations. In response, the Bank of Greece (BOG) provided Emergency Liquidity Assistance (ELA) to all Greek banks. ELA was a revolving credit line open to solvent institutions at a premium rate, so long as that support did not interfere with the Eurosystem’s monetary policy. European Central Bank (ECB) rules required the BOG …

Taiwan (Roc): Central Deposit Insurance Corporation, Lily S. Engbith

Journal of Financial Crises

In September 2008, the failure of a large Taiwanese bank led depositors to shift billions of dollars from private banks to state-owned banks. To stem the runs, the government on October 7 invoked its authority under Articles 28 and 29 of the Deposit Insurance Act to announce a temporary, unlimited guarantee on all deposit accounts of institutions covered by the Central Deposit Insurance Corporation (CDIC). In addition to removing the previous TWD 3 million (USD 90,000) cap per depositor, the expanded coverage included several types of deposit accounts that had not been previously insured by the CDIC. As the CDIC’s …

Iceland: Depositors’ And Investors’ Guarantee Fund, Adam Kulam

Journal of Financial Crises

Leading up to the Global Financial Crisis of 2007–2009, Iceland’s three largest banks accumulated assets totaling several times the size of Iceland’s GDP and financed their growth through foreign borrowing. As wholesale funding dried up in 2007, they replaced this borrowing by rapidly gathering deposits through foreign branches and subsidiaries located in the European Union, primarily in the United Kingdom and the Netherlands. In the summer and fall of 2008, international credit markets froze and the Icelandic banks were unable to roll over their maturing liabilities. On October 6, Prime Minister Geir Haarde announced a full guarantee of domestic deposits. …

Belgium: Protection Fund/Special Protection Fund, Adam Kulam

Journal of Financial Crises

At the height of the Global Financial Crisis (GFC) in fall 2008, the Belgian government increased the coverage limits of its deposit guarantee to restore faith in its banking system, protect savers and depositors, and safeguard financial stability. Belgium joined the European Union’s (EU) efforts to strengthen deposit guarantee systems. The measures complemented the Belgian government’s other efforts to secure domestic banks. The government implemented the emergency measures in October and November 2008 through royal decrees, which Parliament later incorporated into law. In a five-week span, Belgian authorities increased the deposit guarantee from EUR 20,000 to EUR 100,000 (USD 26,820 …

Broad-Based Emergency Liquidity Programs, Rosalind Z. Wiggins, Sean Fulmer, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

In this paper, we analyze broad-based emergency liquidity (BBEL) programs. Our main purpose is to assist policymakers who are considering establishing a BBEL program in designing the most effective program possible as efficiently as possible. Our insights are derived from 33 case studies the Yale Program on Financial Stability produced and existing literature on the topic.

Liquidity provision is a long-established mandate of central banks and was a function that private entities performed even before the establishment of central banks. We survey a sampling of cases from the 19th through 21st centuries, drawn from 10 countries and regions, to distill …

Market Support Programs: Covid-19 Crisis, June Rhee, Lily S. Engbith, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

This paper is an analysis of important considerations for policymakers seeking to establish a market support program (MSP). Our main purpose is to assist policymakers who have already made the decision to use an MSP in designing the most effective program possible. Our insights derive from 23 case studies the Yale Program on Financial Stability produced and existing literature on the topic.

By the onset of the Global Financial Crisis (GFC), market-based finance and traditional banking systems were significantly intertwined, and the panic in market-based finance threatened to spread quickly to both traditional banks and the real economy. In response, …

Essays On Opioid Related Issues, Minglu Sun

USF Tampa Graduate Theses and Dissertations

Strong empirical evidence points towards a significantly higher prevalence of opioid consumption among people receiving disability benefits (DB) than in the general population of the United States. However, no previous research established a causal relationship between the decision to award DB to applicants and their subsequent opioid use. We aim to contribute towards filling this gap. There are channels through which awarding DB may both increase and depress opioid consumption, and thus, ex-ante, the sign of a potential causal relationship is ambiguous. To correct for the treatment endogeneity, since an individual’s age at the time of the decision on an …

Common Ownership In Labor Markets, José Azar, Yue Qiu, Aaron Sojourner

Upjohn Institute Working Papers

In this paper, we study common ownership in U.S. labor markets, and document that common ownership more than doubled over the period 1999–2017. To identify the causal effects of common ownership on labor market outcomes, we use a firm’s addition to the S&P 500 index as a shock to the common ownership of its competitors in local labor markets. Using a matched difference-in-differences analysis, we find that, after a firm enters the S&P 500 index, the average annual earnings per employee of its local competitors decrease relative to the counterfactual. The effect of S&P 500 index additions on employee earnings …

The Outdoor Recreation Economy In The Mountain West, 2020, Miguel Soriano Ralston, Joshua Padilla, Peter Grema, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet provides select data from the State Outdoor Recreation Satellite Account (ORSA) at the Bureau of Economic Analysis (BEA) on the 2020 outdoor recreation economy in the Mountain West region, including Nevada, Utah, Arizona, New Mexico, and Colorado.