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Jpmorgan Chase London Whale B: Derivatives Valuation, Arwin G. Zeissler, Andrew Metrick Aug 2019

Jpmorgan Chase London Whale B: Derivatives Valuation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

After consistently producing positive results through 2011, the JPMorgan Chase (JPM) traders who oversaw the bank’s Synthetic Credit Portfolio (SCP) grew alarmed by a consistent string of losses beginning in January 2012. (The SCP was maintained by JPM to help hedge default risk and was the source of the 2012 London Whale trading loss.) To minimize the losses reported to their superiors until such time that market prices hopefully turned in their favor, the SCP traders began valuing their largest derivative positions in a manner that was not consistent with Generally Accepted Accounting Principles (GAAP) and JPM policy. The fair …


Triffin: Dilemma Or Myth?, Michael D. Bordo, Robert N. Mccauley Aug 2019

Triffin: Dilemma Or Myth?, Michael D. Bordo, Robert N. Mccauley

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Steven Kamin, Steven Kamin, Yasemin Esmen Aug 2019

Ypfs Lessons Learned Oral History Project: An Interview With Steven Kamin, Steven Kamin, Yasemin Esmen

Documents

Suggested Citation Form: Kamin, Steven B. 2022. “Lessons Learned Interview by Yasemin Sim Esmen, August 16, 2019."Yale Program on Financial Stability Lessons Learned Oral History Project. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-steven-kamin


Tarp Monthly Report To Congress July 2019, United States: Department Of The Treasury Aug 2019

Tarp Monthly Report To Congress July 2019, United States: Department Of The Treasury

Documents

No abstract provided.


Singing God's Words: The Performance Of Biblical Chant In Contemporary Judaism, Mili Leitner Cohen Aug 2019

Singing God's Words: The Performance Of Biblical Chant In Contemporary Judaism, Mili Leitner Cohen

Yale Journal of Music & Religion

A book review is presented for Jeffrey Summit, Singing God's Words: The Performance of Biblical Chant in Contemporary Judaism (New York: Oxford University Press, 2016).


Singing As English Protestants: The Whole Booke Of Psalmes’ Theology Of Music, Samantha Arten Aug 2019

Singing As English Protestants: The Whole Booke Of Psalmes’ Theology Of Music, Samantha Arten

Yale Journal of Music & Religion

The Whole Booke of Psalmes, first published in 1562, became the most visible symbol of English Protestant music-making through its immense popularity and its perceived Protestant authority and monarchical authorization, and the psalter was directly responsible for the formation of the Church of England’s musical culture. Through close reading of the hymnal’s words about music—the versified texts of the psalms themselves, particularly the paraphrases of those psalms that speak directly about music, singing, worship, and instruments, and also other material including the versified hymns and prefatory matter—I argue that the WBP promoted a particular theology of music in Reformation …


Business Cycle During Structural Change: Arthur Lewis' Theory From A Neoclassical Perspective, Kjetil Storesletten, Bo Zhao, Fabrizio Zilibotti Aug 2019

Business Cycle During Structural Change: Arthur Lewis' Theory From A Neoclassical Perspective, Kjetil Storesletten, Bo Zhao, Fabrizio Zilibotti

Cowles Foundation Discussion Papers

We document that the nature of business cycles evolves over the process of development and structural change. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, employment in agriculture declines while labor productivity increases in agriculture more than in other sectors. We construct a unified theory of business cycles and structural change consistent with the stylized facts. The focal point of the theory is the simultaneous decline and modernization of agriculture. As capital accumulates, agriculture becomes increasingly capital intensive as modern agriculture crowds out traditional agriculture. Structural change accelerates in booms and slows down …


Lessons From The 1800s: Creating The Miss Porter's School Digital Archive, Deborah Smith Jul 2019

Lessons From The 1800s: Creating The Miss Porter's School Digital Archive, Deborah Smith

Journal of Contemporary Archival Studies

College preparatory (“prep”) schools have their roots in the New England region of the United States; many predate the nation's most illustrious colleges and universities. The archives at these schools contain items of importance to American history in the 1800s. However, few schools have trained archivists managing their physical collections and even fewer have created digital archives to increase access. Founded in 1848, Miss Porter's School in Farmington, Connecticut was one of the first independent schools devoted to the education of young women. This article reviews the creation of the Porter's digital archive in 2018 and examines issues specific to …


The Spanish Financial Sector Assistance Programme 7 Years Later Speech By Rolf Strauch, Rolf Strauch Jul 2019

The Spanish Financial Sector Assistance Programme 7 Years Later Speech By Rolf Strauch, Rolf Strauch

Documents

No abstract provided.


Yale Medicine Magazine, Summer 2019, Yale University. School Of Medicine Jul 2019

Yale Medicine Magazine, Summer 2019, Yale University. School Of Medicine

Yale Medicine Magazine - alumni bulletin and magazine

This is the Summer 2019 issue of Yale Medicine Magazine, v. 53, no. 3. 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).


Inference In Moment Inequality Models That Is Robust To Spurious Precision Under Model Misspecification, Donald W.K. Andrews, Soonwoo Kwon Jul 2019

Inference In Moment Inequality Models That Is Robust To Spurious Precision Under Model Misspecification, Donald W.K. Andrews, Soonwoo Kwon

Cowles Foundation Discussion Papers

Standard tests and confidence sets in the moment inequality literature are not robust to model misspecification in the sense that they exhibit spurious precision when the identified set is empty. This paper introduces tests and confidence sets that provide correct asymptotic inference for a pseudo-true parameter in such scenarios, and hence, do not suffer from spurious precision.


Inference In Moment Inequality Models That Is Robust To Spurious Precision Under Model Misspecification, Donald W.K. Andrews, Soonwoo Kwon Jul 2019

Inference In Moment Inequality Models That Is Robust To Spurious Precision Under Model Misspecification, Donald W.K. Andrews, Soonwoo Kwon

Cowles Foundation Discussion Papers

Standard tests and confidence sets in the moment inequality literature are not robust to model misspecification in the sense that they exhibit spurious precision when the identified set is empty. This paper introduces tests and confidence sets that provide correct asymptotic inference for a pseudo-true parameter in such scenarios, and hence, do not suffer from spurious precision.


Bamc Annual Report 2018, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb) Jul 2019

Bamc Annual Report 2018, Bank Assets Management Company (Bamc)/Družba Za Upravljanje Terjatev Bank, D.D. (Dutb)

Documents

No abstract provided.


Post-Programme Surveillance Report, European Union: European Commission Jul 2019

Post-Programme Surveillance Report, European Union: European Commission

Documents

No abstract provided.


Misspecified Moment Inequality Models: Inference And Diagnostics, Donald W.K. Andrews, Soonwoo Kwon Jul 2019

Misspecified Moment Inequality Models: Inference And Diagnostics, Donald W.K. Andrews, Soonwoo Kwon

Cowles Foundation Discussion Papers

This paper is concerned with possible model misspecification in moment inequality models. Two issues are addressed. First, standard tests and confidence sets for the true parameter in the moment inequality literature are not robust to model misspecification in the sense that they exhibit spurious precision when the identified set is empty. This paper introduces tests and confidence sets that provide correct asymptotic inference for a pseudo-true parameter in such scenarios, and hence, do not suffer from spurious precision. Second, specification tests have relatively low power against a range of misspecified models. Thus, failure to reject the null of correct specification …


Migration And Informal Insurance, Costas Meghir, Ahmed Mushfiq Mobarak, Corina Mommaerts, Melanie Morten Jul 2019

Migration And Informal Insurance, Costas Meghir, Ahmed Mushfiq Mobarak, Corina Mommaerts, Melanie Morten

Cowles Foundation Discussion Papers

Do new migration opportunities for rural households change the nature and extent of informal risk sharing? We experimentally document that randomly offering poor rural households subsidies to migrate leads to a 40% improvement in risk sharing in their villages. We explain this finding using a model of endogenous migration and risk sharing. When migration is risky, the network can facilitate migration by insuring that risk, which in turn crowds-in risk sharing when new migration opportunities arise. We estimate the model and find that welfare gains from migration subsidies are 42% larger, compared with the welfare gains without spillovers, once we …


Switzerland: Financial Sector Assessment Program; Technical Note - Financial Safety Net And Crisis Management Arrangements, International Monetary Fund (Imf): Monetary And Capital Markets Department Jun 2019

Switzerland: Financial Sector Assessment Program; Technical Note - Financial Safety Net And Crisis Management Arrangements, International Monetary Fund (Imf): Monetary And Capital Markets Department

Documents

No abstract provided.


The Rescue Of Fannie Mae And Freddie Mac - Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Dan Thompson, Andrew Metrick Jun 2019

The Rescue Of Fannie Mae And Freddie Mac - Module Z: Overview, Rosalind Z. Wiggins, Ben Henken, Dan Thompson, Andrew Metrick

Documents

No abstract provided.


Touch Down In Pittsburghese, R. Thomas Mccoy Jun 2019

Touch Down In Pittsburghese, R. Thomas Mccoy

Yale Working Papers in Grammatical Diversity

In standard American English, down may take a DP object only if the DP indicates a path, as in I walked down the street. However, for some speakers of Pittsburgh English, it is also grammatical for down to take a DP object indicating a location or goal, as in She works down Baltimore (meaning ‘She works down in Baltimore’). In this work, I describe the distributional properties of this usage, which I name “touch down.” Based on these properties, I propose the syntactic analysis that touch down licenses a silent preposition where standard American English has an overt …


Randomized Controlled Trial Examining Ticagrelor Versus Placebo On Coronary Flow Reserve, Sabrina Puvalowski Jun 2019

Randomized Controlled Trial Examining Ticagrelor Versus Placebo On Coronary Flow Reserve, Sabrina Puvalowski

Yale School of Medicine Physician Associate Program Theses

Non-obstructive coronary artery disease is prevalent in the United States and is associated with acute coronary syndrome and heart failure. Despite its prevalence and morbidity, no standard therapy exists for non-obstructive coronary artery disease. The development of non-obstructive coronary artery disease involves coronary microvascular dysfunction, which is primarily driven by endothelial dysfunction. Therefore, exploring therapies to improve endothelial function could benefit patients with coronary microvascular dysfunction. Ticagrelor is a P2Y12 inhibitor that is used for its anti-platelet effects and is also thought to improve endothelial function. Therefore, we propose to investigate the effects of ticagrelor versus placebo on coronary flow …


Uk Asset Resolution Limited Annual Report & Accounts For The 12 Months To 31 March 2019, United Kingdom: Uk Asset Resolution (Ukar) Jun 2019

Uk Asset Resolution Limited Annual Report & Accounts For The 12 Months To 31 March 2019, United Kingdom: Uk Asset Resolution (Ukar)

Documents

No abstract provided.


Education Quality And Teaching Practices, Marina Bassi, Costas Meghir, Ana Reynoso Jun 2019

Education Quality And Teaching Practices, Marina Bassi, Costas Meghir, Ana Reynoso

Cowles Foundation Discussion Papers

Improving school quality with limited resources is a key issue of policy. It has been suggested that instructing teachers to follow specific practices together with tight monitoring of their activities may help improve outcomes in under-performing schools that usually serve poor populations. This paper uses an RCT to estimate the effectiveness of guided instruction methods as implemented in under-performing schools in Chile. The intervention improved performance substantially and by equal amounts for boys and girls. However, the effect is mainly accounted for by children from relatively higher income backgrounds and not for the most deprived. Based on the CLASS instrument …


Aggregation Of Diverse Information With Double Auction Trading Among Minimally-Intelligent Algorithmic Agents, Karim Jamal, Michael Maier, Shyam Sunder Jun 2019

Aggregation Of Diverse Information With Double Auction Trading Among Minimally-Intelligent Algorithmic Agents, Karim Jamal, Michael Maier, Shyam Sunder

Cowles Foundation Discussion Papers

Information dissemination and aggregation are key economic functions of financial markets. How intelligent do traders have to be for the complex task of aggregating diverse information (i.e., approximate the predictions of the rational expectations equilibrium) in a competitive double auction market? An apparent ex-ante answer is: intelligent enough to perform the bootstrap operation necessary for the task—to somehow arrive at prices that are needed to generate those very prices. Constructing a path to such equilibrium through rational behavior has remained beyond what we know of human cognitive abilities. Yet, laboratory experiments report that profit motivated human traders are able to …


Financial Assistance To Ireland, European Union: European Commission May 2019

Financial Assistance To Ireland, European Union: European Commission

Documents

Information on Ireland's economic adjustment programme, post-programme surveillance and an overview of disbursements.


Country Banks And The Panic Of 1825, Jane Olmstead-Rumsey May 2019

Country Banks And The Panic Of 1825, Jane Olmstead-Rumsey

Documents

No abstract provided.


Attribute Sentiment Scoring With Online Text Reviews: Accounting For Language Structure And Missing Attributes, Ishita Chakraborty, Minkyung Kim, K. Sudhir May 2019

Attribute Sentiment Scoring With Online Text Reviews: Accounting For Language Structure And Missing Attributes, Ishita Chakraborty, Minkyung Kim, K. Sudhir

Cowles Foundation Discussion Papers

The authors address two significant challenges in using online text reviews to obtain fine-grained attribute level sentiment ratings. First, they develop a deep learning convolutional-LSTM hybrid model to account for language structure, in contrast to methods that rely on word frequency. The convolutional layer accounts for the spatial structure (adjacent word groups or phrases) and LSTM accounts for the sequential structure of language (sentiment distributed and modified across non-adjacent phrases). Second, they address the problem of missing attributes in text in construct-ing attribute sentiment scores—as reviewers write only about a subset of attributes and remain silent on others. They develop …


Low-Cost 8mm/Super 8 Film Digitization Using A Canon 9000f Ii Flatbed Scanner And Photoshop: A Case Study, Kenneth Eckert May 2019

Low-Cost 8mm/Super 8 Film Digitization Using A Canon 9000f Ii Flatbed Scanner And Photoshop: A Case Study, Kenneth Eckert

Journal of Contemporary Archival Studies

For some fifty years, 8mm/Super 8 movie film was a widespread format for home movies and amateur hobbyists; yet the films and projection or telecine transfer equipment are now aging and obscure, presenting a difficulty for archivists and filmmakers. Online DIY solutions usually involve photographing the film with a DSLR and macro bellows, requiring a high degree of expertise and expense. This case study examines typical problems and proposes a simpler and low-cost solution involving using a Canon flatbed scanner with a transparency adapter and improvised film holder, and more importantly, describes technical solutions and script code to straighten and …


Assessing The Benefits Of Long‐Run Weather Forecasting For The Rural Poor: Farmer Investments And Worker Migration In A Dynamic Equilibrium Model, Mark R. Rosenzweig, Christopher Udry May 2019

Assessing The Benefits Of Long‐Run Weather Forecasting For The Rural Poor: Farmer Investments And Worker Migration In A Dynamic Equilibrium Model, Mark R. Rosenzweig, Christopher Udry

Discussion Papers

No abstract provided.


Attribute Sentiment Scoring With Online Text Reviews: Accounting For Language Structure And Missing Attributes, Ishita Chakraborty, Minkyung Kim, K. Sudhir May 2019

Attribute Sentiment Scoring With Online Text Reviews: Accounting For Language Structure And Missing Attributes, Ishita Chakraborty, Minkyung Kim, K. Sudhir

Cowles Foundation Discussion Papers

The authors address two significant challenges in using online text reviews to obtain finegrained attribute level sentiment ratings. First, in contrast to methods that rely on word frequency, they develop a deep learning convolutional-LSTM hybrid model to account for language structure. The convolutional layer accounts for spatial structure (adjacent word groups or phrases) and LSTM accounts for sequential structure of language (sentiment distributed and modified across non-adjacent phrases). Second, they address the problem of missing attributes in text in constructing attribute sentiment scores—as reviewers write only about a subset of attributes and remain silent on others. They develop a model-based …


Attribute Sentiment Scoring With Online Text Reviews : Accounting For Language Structure And Attribute Self-Selection, Ishita Chakraborty, Minkyung Kim, K. Sudhir May 2019

Attribute Sentiment Scoring With Online Text Reviews : Accounting For Language Structure And Attribute Self-Selection, Ishita Chakraborty, Minkyung Kim, K. Sudhir

Cowles Foundation Discussion Papers

The authors address two novel and significant challenges in using online text reviews to obtain attribute level ratings. First, they introduce the problem of inferring attribute level sentiment from text data to the marketing literature and develop a deep learning model to address it. While extant bag of words based topic models are fairly good at attribute discovery based on frequency of word or phrase occurrences, associating sentiments to attributes requires exploiting the spatial and sequential structure of language. Second, they illustrate how to correct for attribute self-selection—reviewers choose the subset of attributes to write about—in metrics of attribute level …