Digital Commons Network^™

United States: Citigroup Emergency Liquidity Program, 2008, Vincient Arnold

Journal of Financial Crises

By November 21, 2008, against the backdrop of heavy losses during the Global Financial Crisis, Citigroup counterparties were substantially pulling back from the firm. On November 23, the US Department of the Treasury, Federal Deposit Insurance Corporation (FDIC), and Federal Reserve announced a support package for Citi composed of a capital injection and a loss-sharing arrangement on $300.8 billion of assets. Under the Asset Guarantee Program (AGP), Citi would absorb the first $39.5 billion in losses on a mutually agreed upon pool of risky assets; the Treasury and FDIC provided $15 billion in loss protection after that, combined with Citi’s …

Sweden: Carnegie Investment Bank Ab Emergency Liquidity Program, 2008, Sophia Alden, Jack French

Journal of Financial Crises

In October 2008, Carnegie Investment Bank AB (Carnegie) had trouble obtaining financing amid concerns about its financial health. However, Sweden’s central bank, the Sveriges Riksbank (Riksbank), and the Swedish Financial Supervisory Authority (FSA) still viewed Carnegie as solvent. Between October 27 and 28, the Riksbank lent Carnegie 2.4 billion Swedish kronor (SEK). As collateral for the loan, Carnegie and its holding company, D. Carnegie & Co. AB (D. Carnegie), provided all shares and subsidiaries in Carnegie as well as all shares in a sister subsidiary under D. Carnegie, Max Matthiessen Holding AB (Max Matthiessen). On November 10, 2008, the FSA …

Iceland: Kaupthing Emergency Liquidity Program, 2008, Sophia Alden, Léo Brougher

Journal of Financial Crises

Following the privatization of Iceland’s state-owned banks between 1998 and 2003, the three largest banks in Iceland—Glitnir, Landsbanki, and Kaupthing—grew rapidly, with consolidated assets increasing from 100% of Iceland’s GDP in 2004 to nearly 900% by the end of 2007. Initially, this growth was funded by debt issuances in the European medium-term note market; however, as cracks in the international financial system appeared in 2006, the banks turned to offering high-interest savings accounts through their foreign subsidiaries. Beginning in October 2006, Kaupthing launched “Kaupthing Edge,” an online savings and deposit platform operating in markets outside Iceland. When the United States …

Fighting "Fear Itself": The Bank Holiday Of March 1933, Matthew Jaremski, Gary Richardson, Angela Vossmeyer

Journal of Financial Crises

In the month preceding Franklin Roosevelt’s inauguration, a panic overwhelmed the U.S. banking system. Immediately after assuming office, Roosevelt declared a nationwide bank holiday and vowed to reopen only sound banks. Five days after the holiday ended, nearly 11,000 of the nation's more than 18,000 commercial banks had reopened. Nearly 4,000 never reopened or had to be reorganized. The holiday is often credited with helping reestablish financial stability, but little is known about the mechanisms underlying the reopening process and the way in which payment systems were restored. We detail the process of reopening the banking system using narrative records …

Containing Runs On Solvent Banks: Prioritizing Recovery Over Resolution, Edoardo David Martino, Enrico C. Perotti

Journal of Financial Crises

The sudden banking defaults in the spring of 2023 proved current prudential norms insufficient to prevent bank distress. Capital and liquidity norms need to be adjusted. The experience also shows how a lack of credible supervisory tools led to forbearance and finally chaotic public bailouts. An intervention gap arises when viable but undercapitalized banks are at the mercy of runs. Once outflows start to escalate, all that is left is to prepare for resolution and assign losses. We call for new Pillar II – i.e. activated by the supervisor – stabilizing measures, as contingent capital and liquidity tools.

A timely …

Soft-Floor Auctions: Harnessing Regret To Improve Efficiency And Revenue, Dirk Bergemann, Kevin Breuer, Peter Cramton, Jack Hirsch, Yero S. Ndiaye, Axel Ockenfels

Cowles Foundation Discussion Papers

A soft-floor auction asks bidders to accept an opening price to participate in an ascending auction. If no bidder accepts, lower bids are considered using first-price rules. Soft floors are common despite being irrelevant with standard assumptions. When bidders regret losing, soft-floor auctions are more efficient and profitable than standard optimal auctions. Revenue increases as bidders are inclined to accept the opening price to compete in a regret-free ascending auction. Efficiency is improved since having a soft floor allows for a lower hard reserve price, reducing the frequency of no sale. Theory and experiment confirm these motivations from practice.

Memory, Music, Manuscripts: The Ritual Dynamics Of Kōshiki In Japanese Sōtō Zen, Junko Oba

Yale Journal of Music & Religion

A book review is presented for Memory, Music, Manuscripts: The Ritual Dynamics of Kōshiki in Japanese Sōtō Zen, authored by Michaela Mross, by Junko Oba.

Thomas Pereira’S 'Lülü Zuanyao' 律呂纂要 (Ca. 1685): A Jesuit Music Theory Textbook For The Chinese Emperor, Qingfan Jiang

Yale Journal of Music & Religion

Thomas Pereira (1646–1708), a Portuguese Jesuit missionary, arrived in Beijing in 1672 and was appointed by the Kangxi Emperor (1654–1722) as his music tutor. For the emperor's music lessons, Pereira authored Lülü Zuanyao 律呂纂要 [Elements of Music] (ca. 1685), the first known Western music theory treatise written in Chinese. My translation includes the first half of Zuanyao that focuses on Western music notation, solmization, and the hexachordal system. As a product of the global circulation of musical knowledge in the early modern period, Zuanyao is significant in three ways. First, it illustrates the direct influence of the music education Pereira …

"Kol Mekadesh Shevi'i": A Liturgical Melody Sung At Home, Naomi Cohn Zentner

Yale Journal of Music & Religion

This article draws upon the unusual characteristics, origins and prevalence of the melody to the poem "Kol mekadesh shevii" [He who sanctifies the Seventh day] and discusses how it came to be recognized in the past seventy years as a signifier of Ashkenazi pre-Holocaust musical and religious culture and in particular as a sonic marker of liturgical sound, although it was sung at home. The Kol mekadesh melody came over time to represent two vastly different symbolic positions. As a melody adopted from non-Jewish sources bringing new, sometimes controversial sounds into the synagogue, and as a typical synagogal …

The Gulf Coast Lgbt Radio And Television Digitization Project: Providing Equitable Access To Houston’S Lgbtq Broadcast History, Emily Vinson, Bethany Scott

Journal of Contemporary Archival Studies

Initiated in 2020 with a multi-year grant from the National Endowment for the Humanities, Division of Preservation and Access, The Gulf Coast LGBT Radio and Television Digitization Project aimed to digitize and preserve thousands of hours of LGBTQ broadcast history from the Houston, Texas area. Through meticulous inventorying, digitization, redaction, transcription, publication, promotion, and preservation processes, the project team navigated the delicate balance between equitable access and copyright compliance. The selected programs encapsulate decades of LGBTQ life and culture, covering a diverse array of topics crucial to understanding the community’s evolution in the region.

This paper presents a comprehensive case …

A Geospatial Approach To Measuring Economic Activity, Anton Yang, Jianwei Ai, Costas Arkolakis

Cowles Foundation Discussion Papers

We introduce a new methodology to detect and measure economic activity using geospatial data and apply it to steel production, a major industrial pollution source worldwide. Combining plant output data with geospatial data, such as ambient air pollutants, nighttime lights, and temperature, we train machine learning models to predict plant locations and output. We identify about 40% (70%) of plants missing from the training sample within a 1 km (5 km) radius and achieve R² above 0.8 for output prediction at a 1 km grid and at the plant level, as well as for both regional and time series …

Yale Medicine Magazine Spring 2025, Issue 174, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This is the Spring 2025 issue of Yale Medicine Magazine, issue 174. Prepared in cooperation with the alumni and development offices at the School of Medicine. Earlier volumes are called Yale School of Medicine alumni bulletins, dating from v.1 (1953) through v.13 (1965) and Yale Medicine: alumni bulletin of the School of Medicine, v.1 (1965) through v. 52, no.1. (Autumn 2017).

Forward Selection Fama-Macbeth Regression With Higher-Order Asset Pricing Factors, Nicola Borri, Denis Chetverikov, Yukun Liu, Aleh Tsyvinski

Cowles Foundation Discussion Papers

We show that the higher-orders and their interactions of the common sparse linear factors can effectively subsume the factor zoo. To this extend, we propose a forward selection Fama-MacBeth procedure as a method to estimate a high-dimensional stochastic discount factor model, isolating the most relevant higher-order factors. Applying this approach to terms derived from six widely used factors (the Fama-French five-factor model and the momentum factor), we show that the resulting higher-order model with only a small number of selected higher-order terms significantly outperforms traditional benchmarks both in-sample and out-of-sample. Moreover, it effectively subsumes a majority of the factors from …

Bubble Mitigation Policies: Counterfactual Analysis And Treatment Effect Inference, Ye Chen, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

To safeguard economic and financial stability policymakers regularly take actions designed to increase resilience to systemic risks and curb speculative market behavior. To assess the effectiveness of such mitigation policies, we introduce a counterfactual approach tailored to accommodate the mildly explosive dynamics that occur during speculative bubbles. We derive asymptotics of the estimated treatment effect under a common factor structure that allows for explosive, I(1), and stationary factors, thereby having applicability to a wide range of prevailing economic conditions. An inferential procedure is proposed for the policy treatment effect that has asymptotic validity and demonstrates satisfactory finite sample performance. An …

Semiparametric Cointegrating Rank Selection For Curved Cross Section Time Series, Peter C.B. Phillips

Cowles Foundation Discussion Papers

Cointegrating rank selection is studied in a function space reduced rank regression where the data are time series of cross section curves. A semiparametric approach to rank selection is employed using information criteria suitably modified to take account of the function space context, extending the linear cointegrating model to accommodate cross section data under general forms of dependence. A parametric formulation is employed analogous to recent work on cross section curve autoregression and cointegrating regression. Consistent cointegrating rank estimation is developed by the use of information criteria methods that are extended to the curve time series environment. The asymptotic theory …

Robust Inference For Time Varying Predictability: A Sieve-Ivx Approach, Nan Liu, Peter C.B. Phillips, Yajie Zhang

Cowles Foundation Discussion Papers

Predictive regression models are often used to evaluate the predictive capability of economic fundamentals on bond and equity returns. Inferential procedures in these regressions typically employ parameter constancy or piecewise constancy in slope coefficients. Such formulations are prone to misspecification, more especially during periods of disturbance or evolution in prevailing economic and financial conditions, which can lead to size distortion and spurious evidence of predictability. To address these issues the present work proposes a semiparametric predictive regression model with mixed-root regressors and time-varying coefficients that allow for smooth evolution in the generating mechanism over time. For estimation and inference a …

Are Stock Returns And Output Growth Higher Under Democrats?, Ray C. Fair

Cowles Foundation Discussion Papers

Recent literature suggests that both stock returns and economic growth are significantly higher under Democratic presidential administrations. This is a puzzle in that persistent differences in stock returns seem unlikely in efficient markets, and it is not obvious why Democrats should do better. Often these kinds of results go away upon further analysis or more data, and this appears to be true in the present case. In this paper the sample is extended to 28 administrations, fromWilson-1 through Biden. While the mean stock return under the Democrats is higher, none of the differences in means is significant at conventional significance …

Speculative Bubbles In The Recent Ai Boom: Nasdaq And The Magnificent Seven, Rerotlhe B. Basele, Peter C.B. Phillips, Shuping Shi

Cowles Foundation Discussion Papers

The recent artificial intelligence (AI) boom covers a period of rapid innovation and wide adoption of AI intelligence technologies across diverse industries. These developments have fueled an unprecedented frenzy in the Nasdaq, with AI-focused companies experiencing soaring stock prices that raise concerns about speculative bubbles and real-economy consequences. Against this background the present study investigates the formation of speculative bubbles in the Nasdaq stock market with a specific focus on the so-called ‘Magnificent Seven’ (Mag-7) individual stocks during the AI boom, spanning the period January 2017 to January 2025. We apply the real time PSY bubble detection methodology of Phillips …

Rushing To Judgment And The Banking Crisis Of 2023, Steven Kelly, Jonathan Rose

Documents

No abstract provided.

Bidding With Budgets: Algorithmic And Data-Driven Bids In Digital Advertising, Dirk Bergemann, Alessandro Bonatti, Nicholas Wu

Cowles Foundation Discussion Papers

In digital advertising, the allocation of sponsored search, sponsored product, or display advertisements is mediated by auctions. The generation of bids in these auctions for attention is increasingly supported by auto-bidding algorithms and platform-provided data. We analyze the equilibrium properties of a sequence of increasingly sophisticated auto-bidding algorithms. First, we consider the equilibrium bidding behavior of an individual advertiser who controls the auto-bidding algorithm through the choice of their budget. Second, we examine the interaction when all bidders use budget-controlled bidding algorithms. Finally, we derive the bidding algorithm that maximizes the platform’s revenue while ensuring all advertisers continue to participate.

Comptroller's Handbook: Interest Rate Risk (Version 1.0), United States: Department Of The Treasury: Office Of The Comptroller Of The Currency

Documents

No abstract provided.

Multidimensional Monotonicity And Economic Applications, Frank Yang, Kai Hao Yang

Cowles Foundation Discussion Papers

We characterize the extreme points of multidimensional monotone functions from [0,1]^n to [0,1], as well as the extreme points of the set of one-dimensional marginals of these functions. These characterizations lead to new results in various mechanism design and information design problems, including public good provision with interdependent values; interim efficient bilateral trade mechanisms; asymmetric reduced form auctions; and optimal private private information structure. As another application, we also present a mechanism anti-equivalence theorem for two-agent, two-alternative social choice problems: A mechanism is payoff-equivalent to a deterministic DIC mechanism if and only if they are ex-post equivalent.

Review Of Building Representative Community Archives: Inclusive Strategies In Practice, Shir Bach

Journal of Contemporary Archival Studies

In Building Representative Community Archives, editor Hannah Leah Crummé sets out to provide a practical guide to building community archives through ten case studies. The volume covers three types of projects: oral history, collection and curation, and reassessment. With some exceptions, community-created and community-maintained archives are sidelined in this collection. The majority of case studies describe academic special collections units embracing community archival principles and practices to meet their own goals, and some chapters do not meaningfully engage with community archives at all. Though many chapters succeed on their own terms, the misleading framing produces a collection that is …

Teaching Archival Intelligence Through An Immersive Class Experience, Dulce Kersting-Lark

Journal of Contemporary Archival Studies

While the University of Idaho does not offer course work in library and information sciences, there is a growing interest in humanities and social science departments on campus to offer skill-based classes that are often found in MLIS programs with an emphasis in archival studies. In particular, building skills considered essential to a public historian has become a goal for the history department's graduate program. As a result, the head of the university library's archives was approached to teach a credit-bearing course on working in archives as well as developing strategies for making archival material engaging to the public. This …

The Effect Of Education Policy On Crime: An Intergenerational Perspective, Ulrika Ahrsjö, Costas Meghir, Mårten Palme, Marieke Schnabel

Cowles Foundation Discussion Papers

We study the intergenerational effect of education policy on crime. We use Swedish administrative data that links outcomes across generations with crime records, and we show that the comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected by the reform and for their sons. The reduction in conviction rates occurred in many types of crime. The key mediators of this reduction in child generation are an increase in education and household income and a decrease in crime among their fathers.

Intra-Household Welfare Inequality And Household Public Goods, Pierre-André Chiappori, Costas Meghir, Yoko Okuyama

Cowles Foundation Discussion Papers

In this paper we develop a novel approach to measuring individual welfare within households, recognizing that individuals may have both different preferences (particularly regarding public consumption) and differential access to resources. We construct a money metric measure of welfare that accounts for public goods (by using personalized prices) and the allocation of time. We then use our conceptual framework to analyse intrahousehold inequality in Japan, allowing for the presence of two public goods: expenditures on children and other public goods including housing. We show empirically that women have much stronger preferences for both public goods and this has critical implications …

Ypfs Lessons Learned Oral History Project: An Interview With Anthony Dowd, Anthony Dowd, Rosalind Z. Wiggins, Mercedes Cardona

Documents

No abstract provided.

Ypfs Lessons Learned Oral History Project: An Interview With Masaaki Shirakawa, Masaaki Shirakawa, Mercedes A. Cardona, Benjamin Hoffner

Documents

No abstract provided.

Digital Flexor Tendon Repair With Barbed Suture: A Biomechanical Study, Alexander Kammien

Yale Medicine Thesis Digital Library

Background: Few prior studies have investigated work of flexion following knotless digital flexor tendon repair using barbed suture. Existing evidence is mixed: some studies report no difference between knotted and knotless techniques, while others show increased work of flexion with knotless techniques. This biomechanical study aimed to strengthen current evidence by comparing knotted and knotless flexor tendon repairs.

Methods: Two knotted and two knotless techniques for flexor tendon repair were evaluated. Each repair was tested in twelve cadaveric flexor digitorum profundus (FDP) tendons. Work of flexion was measured prior to repair. FDP tendons were lacerated and repaired using knotted or …

Persistent Symptoms In Endoscopic Remission: Social Determinants & Non-Medical Interventions In Inflammatory Bowel Diseases, Hang Phuong Nguyen

Yale Medicine Thesis Digital Library

Inflammatory Bowel Diseases (IBD) are chronic gastrointestinal disorders, namely Crohn's disease (CD) and ulcerative colitis (UC), affecting ~1.6 million people in the U.S. Gastrointestinal (GI) symptoms such as abdominal pain, diarrhea, and rectal bleeding may persist even when endoscopic and histologic findings appear normal (i.e., endoscopic-histologic remission). However, the prevalence of GI symptoms despite endoscopic-histologic mucosal healing remains unclear. Additionally, there is limited research on the impact of non-clinical factors, such as social determinants of health (SDOH), on persistent GI symptoms in patients with endoscopic remission. SDOH refers to conditions in environments—including, but not limited to, housing, transportation, neighborhoods, income, …