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Ypfs Lessons Learned Oral History Project: An Interview With Giorgio Gobbi, Mercedes Cardona

Documents

No abstract provided.

The Impact Of Carbon Taxes On The Value Of Fossil-Fuel Reserves And The Efficiency Of Climate Policy, William D. Nordhaus

Cowles Foundation Discussion Papers

The present study analyzes the impact of carbon pricing along with other policies on the value of fossil fuel resources, CO₂ emissions, and economic welfare. It employs a model based on the Hotelling analysis of resource values and calibrates this approach to data on fossil resources, costs, demands, and CO₂ emissions. Total fossil-fuel resource rents are today estimated to be $17 trillion (2021 US$) without carbon pricing. Oil and gas rents are unchanged for low carbon taxes but would decline by 40% with a $100/tCO₂ price. The losses in producer values would be only about 10% of …

Taxing Externalities Without Hurting The Poor, Mallesh Pai, Philipp Strack

Cowles Foundation Discussion Papers

We consider the optimal taxation of a good which exhibits a negative externality, in a setting where agents differ in their value for the good, their disutility from the externality, and their value for money, while the planner observes neither. Pigouvian taxation is the unique Pareto efficient mechanism, yet it is only optimal if the planner puts higher Pareto weights on richer agents. We derive the optimal tax schedule for both a narrow allocative objective and a utilitarian objective for the planner. The optimal tax is generically nonlinear, and Pareto inefficient. The optimal mechanism might take a “non-market” form and …

Data, Competition, And Digital Platforms, Dirk Bergemann, Alessandro Bonatti

Cowles Foundation Discussion Papers

We propose a model of intermediated digital markets where data and heterogeneity in tastes and products are deÖning features. A monopolist platform uses superior data to match consumers and multiproduct advertisers. Consumers have heterogenous preferences for the advertisers' product lines and shop on- or o§-platform. The platform monetizes its data by selling targeted advertising space that allows advertisers to tailor their products to each consumer's preferences. We derive the equilibrium product lines and advertising prices. We identify search costs and informational advantages as two sources of the platform's bargaining power. We show that privacy-enhancing data-governance rules, such as those corresponding …

Sibling Mediation In An Executive Function Intervention For Children With Autism Spectrum Disorder, Lara Decastro

Yale School of Medicine Physician Associate Program Theses

Autism spectrum disorder is a developmental disorder characterized by social communication deficits and restricted, repetitive behaviors. It is associated with deficits in cognitive flexibility, which is the ability to switch between tasks, shift attention, and adapt learned responses. Various interventions, such as the Unstuck and On Target curriculum, target cognitive flexibility. In addition, prior studies have supported including sibling mediation in interventions; however, the inclusion of siblings as mediators of the Unstuck and On Target curriculum has not yet been explored. We propose to determine whether including siblings as mediators to a modified Unstuck and On Target curriculum improves cognitive …

Computerized Cognitive Behavioral Therapy For Patients With Post-Treatment Lyme Disease Syndrome, Katherine Fry

Yale School of Medicine Physician Associate Program Theses

Lyme disease is the most common vector-borne illness in North America. Post-treatment Lyme disease syndrome is defined as a subset of patients appropriately treated for Lyme disease who continue to experience generalized symptoms, such as depression. However, treatment options for depressive symptoms in post-treatment Lyme disease syndrome largely remain unknown. The objective of this study is to examine whether computerized cognitive behavioral therapy, an internet-delivered form of traditional cognitive behavioral therapy, can reduce depressive symptoms in patients with post-treatment Lyme disease syndrome. Here, we conduct a parallel randomized controlled trial to evaluate whether computerized cognitive behavioral therapy can reduce depressive …

Is Capital Account Convertibility Required For The Renminbi To Acquire Reserve Currency Status?, Barry Eichengreen, Arnaud Mehl, Eric Monnet, Alain Naef, Camille Macaire

Documents

No abstract provided.

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: Main Street Lending Program, Steven Kelly

Journal of Financial Crises

In March 2020, as the COVID-19 pandemic caused slowdowns and disruptions to economic activity, businesses faced disruptions to their revenues and experienced increased demand for credit. Yet, as the pandemic worsened the economic outlook, banks tightened credit. Starting on March 17, the Federal Reserve rolled out several emergency programs aimed at capital markets. Most of these programs tended to benefit relatively large companies. On March 23, the Fed said it would introduce a program targeting small and mid-sized companies. On April 9, 2020, the Federal Reserve announced its first design iteration of the novel Main Street Lending Program (MSLP). The …

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 States: New York Clearing House Association,The Panic Of 1907, Corey N. Runkel

Journal of Financial Crises

Signs of financial panic had marked the months leading up to mid-October 1907 when depositors began to run on banks and trust companies across New York City, most notably the Knickerbocker Trust Company, then New York City’s third largest, on October 22. Cash injections from the US Treasury and from leading banker J.P. Morgan failed to reassure depositors and investors. On October 26, the New York Clearinghouse (NYCH), whose membership included most banks in New York, voted to issue clearinghouse loan certificates (CLCs) to help stabilize the financial panic. CLCs were collateralized by securities and could be used among members …

United States: Aldrich-Vreeland Emergency Currency During The Crisis Of 1914, Sean Fulmer

Journal of Financial Crises

As geopolitical tensions in Europe began to devolve into World War I, international investors began selling stocks and securities on the New York Stock Exchange (NYSE), converting the proceeds into gold. A massive outflow of gold from the United States would have likely sparked a banking panic. To avert this, the Treasury secretary pushed for the closure of the NYSE and authorized banks to issue emergency currency at the start of August 1914 under powers granted by the Aldrich-Vreeland Act of 1908. This move allowed national banks to issue additional bank notes against privately issued assets such as commercial paper, …

Hong Kong: Private Emergency Loans, 1965, Benjamin Hoffner

Journal of Financial Crises

In 1965, new prudential regulations and a real estate downturn triggered deposit runs in the British colony of Hong Kong that impacted local Chinese banks with large exposures to unfinished real estate projects and other illiquid assets. As a result of authorities’ laissez-faire approach to the banking system, Hong Kong had no central bank or any other formal lender-of-last-resort (LOLR) policy when the crisis unfolded. Instead, two private British banks, Hong Kong and Shanghai Banking Corporation (HSBC) and Chartered Bank, provided emergency loans at market rates for commercial banks facing deposit withdrawals. Following each bank run, either HSBC or Chartered …

European Central Bank: Term Refinancing Operations, Corey N. Runkel

Journal of Financial Crises

During the Global Financial Crisis (GFC), the European Central Bank (ECB) expanded the frequency, maturities, size, and set of eligible collateral for several of its standing term refinancing operations (TROs). Changes started in August 2007, when the European interbank market tightened, and the ECB supplemented its monthly longer-term refinancing operations (LTROs) with another three-month-maturity tender each month. Another encounter with market turbulence in March 2008 brought six-month LTROs. The largest expansion came after the collapse of Lehman Brothers in September 2008: the ECB enlarged its set of eligible collateral, added 12-month LTROs, and added special-term refinancing operations (STROs) that matured …

United States: Temporary Guarantee Program For Money Market Funds, Ezekiel Vergara

Journal of Financial Crises

On September 16, 2008, following the collapse of Lehman Brothers, the Reserve Primary Fund “broke the buck,” meaning that its net asset value (NAV) fell more than 0.5% below the $1 per share target value maintained by money-market funds (MMFs). When the Reserve Primary Fund could not restore the NAV, investors began withdrawing funds from MMFs, leading to a $439 billion run on the MMF market. To stop this run, the US Department of the Treasury established the Temporary Guarantee Program for Money Market Funds (the Guarantee Program), which insured investors’ holdings in participating MMFs. The Guarantee Program was designed …

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, …

Lessons Learned: Michael Silva, Mercedes Cardona

Documents

Recommended Citation: Cardona, Mercedes (2022) "Lessons Learned: Michael Silva," Journal of Financial Crises: Vol. 4 : Iss. 2, 2031-2035.

Wang Xitian And The Chinese Experience In Imperial Tokyo, 1899-1923: Class, Violence, And The Formation Of A New National Consciousness, Isabella Yihan Yang

Student Work

A 2021-2022 Williams Prize for best essay in East Asian Studies was awarded to Isabella Yang (Saybrook ‘22) for her essay submitted to the Department of History, "Wang Xitian and the Chinese Experience in Imperial Tokyo, 1899-1923: Class, Violence, and the Formation of a New National Consciousness” (Daniel Botsman, Professor of History, advisor).

Drawing upon a remarkable array of sources in Japanese, Chinese and English, Isabella Yang, in her thesis “Wang Xitian and the Chinese Experience in Imperial Tokyo, 1899-1923: Class, Violence, and the Formation of a New National Consciousness,” has crafted a genuinely path-breaking account of an aspect of …

Ypfs Lessons Learned Oral History Project: An Interview With Michael Held, Michael Held, Steven Kelly

Documents

No abstract provided.

Weak Identification Of Long Memory With Implications For Inference, Peter C. B. Phillips

Cowles Foundation Discussion Papers

This paper explores weak identification issues arising in commonly used models of
economic and financial time series. Two highly popular configurations are shown to
be asymptotically observationally equivalent: one with long memory and weak autoregressive dynamics, the other with antipersistent shocks and a near-unit autoregressive
root. We develop a data-driven semiparametric and identification-robust approach to
inference that reveals such ambiguities and documents the prevalence of weak identification in many realized volatility and trading volume series. The identification-robust empirical evidence generally favors long memory dynamics in volatility and volume, a conclusion that is corroborated using social-media news flow data.

Prudential Policy With Distorted Beliefs, Eduardo Dávila, Ansgar Walther

Cowles Foundation Discussion Papers

This paper studies leverage regulation when equity investors and/or creditors have distorted beliefs relative to a planner. We characterize how the optimal regulation responds to arbitrary changes in investors’/creditors’ beliefs, relating our results to practical scenarios. We show that the optimal regulation depends on the type and magnitude of such changes. Optimism by investors calls for looser leverage regulation, while optimism by creditors, or jointly by both investors/creditors, calls for tighter leverage regulation. Our results apply to environments with i) planners with imperfect knowledge of investors’/creditors’ beliefs, ii) monetary policy, iii) bailouts and pecuniary externalities, and iv) endogenous beliefs.

The Fed's Central Bank Swap Lines And Fima Repo Facility, Mark Choi, Linda Goldberg, Robert Lerman, Fabiola Ravazzolo

Documents

No abstract provided.

European Central Bank Convergence Report, European Central Bank (Ecb): Eurosystem

Documents

No abstract provided.

Ypfs Lessons Learned Oral History Project: An Interview With J. Christopher Flowers, Mary Anne Chute Lynch

Documents

No abstract provided.

An Econometrician Amongst Statisticians: T. W. Anderson, Peter C. B. Phillips

Cowles Foundation Discussion Papers

T. W. Anderson did pathbreaking work in econometrics during his remarkable career as an eminent statistician. His primary contributions to econometrics are reviewed here, including his early research on estimation and inference in simultaneous equations models and reduced rank regression. Some of his later works that connect in important ways to econometrics are also briefly covered, including limit theory in explosive autoregression, asymptotic expansions, and exact distribution theory for econometric estimators. The research is considered in the light of its influence on subsequent and ongoing developments in econometrics, notably confidence interval construction under weak instruments and inference in mildly explosive …

Econometric Analysis Of Asset Price Bubbles, Shuping Shi, Peter C. B. Phillips

Cowles Foundation Discussion Papers

In the presence of bubbles, asset prices consist of a fundamental and a bubble component, with the bubble component following an explosive dynamic. The general idea for bubble identification is to apply explosive root tests to a proxy of the unobservable bubble. Three notable proxies are the real asset prices, log price-payoff ratios, and estimated non-fundamental components. The rationale for all three proxy choices rests on the definition of bubbles, which has been presented in various forms in the literature. This chapter provides a theoretical framework that incorporates several definitions of bubbles (and fundamentals) and offers guidance for selecting proxies. …

Rbi Annual Report 2021-2022, Reserve Bank Of India

Documents

No abstract provided.

Efficacy Of Topical Silymarin In Melasma Treatment During Pregnancy And Breastfeeding, Warunee Nowak

Yale School of Medicine Physician Associate Program Theses

Melasma is a common hyperpigmentation disorder that negatively impacts quality of life. Melasma predominately affects women of reproductive age and is commonly acquired during pregnancy. Current treatment options focus on prevention with limited therapies available once melasma has developed for patients who are pregnant or breastfeeding. One potential therapy that has shown promise for the treatment of melasma is silymarin, a derivative of milk thistle. However, the effect of silymarin on melasma in the pregnant and breastfeeding population has never been investigated. This double-blind randomized placebo-controlled trial will investigate whether topical silymarin can improve the severity of melasma in pregnant …

The Effects Of Mindful Meditation Skills-Training For Healthcare Providers On Patient Satisfaction, Gaia Mohr-Tonachini

Yale School of Medicine Physician Associate Program Theses

Mindfulness-based interventions have become an increasingly popular and accepted approach to reducing burnout, depression, anxiety, and stress among healthcare professionals. However, the effects of how a mindfulness-based intervention might impact a clinician’s patient care and patient-provider relationship are not known. In this study, we aim to discover if providing healthcare professionals with a Mindfulness-Based Stress Reduction program will improve their patient-provider relationship as indicated by a statistically significant change in Press Ganey patient satisfaction scores. Providers recruited from Yale Health will be randomized into an intervention group or wait-list control group. Mean patient satisfaction scores will be analyzed for each …