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Lessons Learned: Daniela Klingebiel, Yasemin Sim Esmen

Journal of Financial Crises

Daniela Klingebiel was principal portfolio manager with the World Bank’s Pension and Endowment Department, Hedge Funds, during the Global Financial Crisis. Throughout her career, she has written many papers on financial crises, comparing various governments’ attempts to manage them and dissecting what has worked and why. This Lessons Learned summary is based on an interview with Klingebiel held on February 4 and March 3, 2021.

Lessons Learned: Bo Lundgren, Maryann Haggerty

Journal of Financial Crises

Bo Lundgren was Sweden’s cabinet minister for fiscal and financial affairs from 1991 to 1994, making him a key leader in managing the nation’s severe financial crisis during those years. Lundgren had a decades-long political career as a member of the Swedish Parliament from 1975 to 2004, was leader of the Moderate Party (1999–2003), and vice president of the European People’s Party in the European Union. He also served from 2004 to 2013 as director general of the Swedish National Debt Office, the country’s central financial agency. Drawing on his experiences in the Swedish crisis, Lundgren has shared his views …

Lessons For The Discount Window From The March 2023 Bank Failures, Susan Mclaughlin

Journal of Financial Crises

The speed of the bank runs that occurred in the United States in March 2023 took most by surprise. The ensuing policy debate about reform has focused very little on the role of the Federal Reserve’s discount window and how it could be made more fit for purpose in mitigating risks to financial stability emanating from the banking system. Making the discount window a more effective financial stability tool will require actions both to reduce the stigma associated with borrowing and improve the operational agility and readiness of the Fed as lender and banks as borrowers. A number of frictions …

India: Yes Bank Restructuring, 2020, Salil Gupta

Journal of Financial Crises

Yes Bank was suffering from liquidity outflows in the second half of 2019 owing to a combination of deposit withdrawals, invocation of pledged shares, losses from extraordinary credit provisions, and overexposure to stressed sectors like power and infrastructure. In December 2019, Yes Bank reported a Common Equity Tier 1 capital ratio at 0.6%, far below the Reserve Bank of India (RBI) mandated levels, and a quarterly loss of 185 billion Indian rupees (INR; USD 2.5 billion). In early March 2020, the RBI and the Ministry of Finance announced a restructuring plan for India’s fourth-largest private bank, Yes Bank, to prevent …

Fhlb Dividends: Low-Hanging Fruit For Reconfiguring Fhlb Lending, Steven Kelly, Susan Mclaughlin, Andrew Metrick

Journal of Financial Crises

In the United States, the lender-of-last-resort tool is the Federal Reserve’s discount window. Despite countervailing policy efforts, substantial market stigma remains associated with borrowing from the discount window. It is in this context that market participants have come to view the Federal Home Loan Banks (FHLBs) as an alternative to the Fed’s discount window for backstop liquidity needs—despite the FHLBs’ relatively constrained abilities to play this role. Notably, however, the FHLBs don’t just benefit from discount window stigma; the FHLBs reinforce discount window stigma with their subsidized pricing. The FHLBs are government-sponsored enterprises—and as such can fund themselves at government …

Federal Reserve: Conflicts Between Monetary Policy And Bank Regulation In Tackling Inflation, Aaron Klein

Journal of Financial Crises

COVID-19 was a worldwide economic shock, creating a global recession later followed by widespread inflation. The United States’s response to COVID was particularly aggressive across three dimensions: monetary, fiscal, and markets. The US economy generally outperformed other nations similarly impacted by COVID. However, the US experienced substantial instability in its banking sector in the spring of 2023. Multiple banks failed, resulting in the Federal Reserve and other government agencies invoking emergency authority designed to protect financial stability.

This paper argues that the Federal Reserve has unique responsibility for this banking crisis from its multiple roles as (1) conductor of monetary …

Ypfs Lessons Learned Oral History Project: An Interview With Andreas Verykios And Kostas Tsatsaronis, Andreas Verykios, Kostas Tsatsaronis, Mercedes Cardona

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No abstract provided.

Will This Time Be Different? Italy’S Resilience In The Aftermath Of The Recent Sequential Crises, International Monetary Fund (Imf)

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No abstract provided.

Fed's Logan Hails Progress In Prepping Banks For Discount Window | Reuters, Michael S. Derby

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No abstract provided.

Ypfs Lessons Learned Oral History Project: An Interview With Benoît Cœuré, Benoît Cœuré, Mercedes Cardona

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No abstract provided.

"The Career Does Not Love You Back": Impacts Of Contingent Employment On Workers, Cultural Heritage Institutions, And The Archival Profession, Stephanie Bredbenner, Alison Fulmer, Rose Oliveira-Abbey, Meghan R. Rinn

Library Staff Publications

This article reports the findings of the 2021 New England Archivists Contingent Employment Study, which comprised a survey with eighty-three valid responses, fifteen interviews, and analysis of 250 job postings. The study found that although contingent employment often provides useful professional experience and mentorship, it can negatively impact archival workers due to low pay, inadequate benefits, and short term lengths. Additionally, many experience low morale and isolation due to their contingent status, and the inherent instability of contingent employment causes some to feel that they have little control over their careers and personal lives. Cross-tabulation analysis revealed that new professionals …

Labor Market Matching, Wages, And Amenities, Thibaut Lamadon, Jeremy Lise, Costas Meghir, Jean-Marc Robin

Cowles Foundation Discussion Papers

This paper develops the nonparametric identification of models with production complementarities, worker-firm specific disutility of labor and search frictions. Mobility in the model is subject to preference shocks, and we assume that firms can write wage contracts. We develop a constructive proof for the nonparametric identification of the model primitives from matched employer-employee data. We use the estimated model to decompose the sources of wage dispersion into worker heterogeneity, compensating differentials, and search frictions that generate between-firm and within-firm dispersion. We find that compensating differentials are substantial on average, but the contribution differs greatly between the lowest and highest types …

Inefficiencies Of Carbon Trading Markets, Nicola Borri, Yukun Liu, Aleh Tsyvinski, Xi Wu

Cowles Foundation Discussion Papers

The European Union Emission Trading System is a prominent market-based mechanism to reduce emissions. While the theory is well-understood, we are the first to study the whole cap-and-trade mechanism as a financial market. Analyzing the universe of transactions in 2005-2020 (more than one million records of granular transaction data), we show that this market features significant inefficiencies undermining its goals. First, about 40% of firms never trade in a given year. Second, many firms only trade during surrendering months, when compliance is immediate and prices are predictably high. Third, a number of operators engage in speculative trading, exploiting private information.

Yale University Faculty Handbook July 1, 2024, Yale University

Faculty Handbooks

No abstract provided.

Ypfs Lessons Learned Oral History Project: An Interview With Daniela Klingebiel, Daniela Klingebiel, Yasemin Sim Esmen

Documents

No abstract provided.

Direct And Indirect Taxes In Pollution Dynamics, Vladimir Smirnyagin, Aleh Tsyvinski, Xi Wu

Cowles Foundation Discussion Papers

Analyzing the universe of federal environmental regulations in the U.S., we construct a measure of regulations—direct taxes on pollution. Analyzing the universe of firms’ investor disclosures, we construct a measure of material environmental concerns—indirect taxes on pollution. These two empirical measures are new to the environmental regulations literature. Thirdly, we document an important new fact that the cross-sectional distribution of pollution changes is lumpy. We build a dynamic heterogeneous firm model with non-convex adjustment costs that fits the cross-sectional pollution evidence. The model explains half of the pollution decline in U.S. manufacturing over the last two decades due to direct …

A General Limit Theory For Nonlinear Functionals Of Nonstationary Time Series, Peter C. B. Phillips, Qiying Wang

Cowles Foundation Discussion Papers

New limit theory is provided for a wide class of sample variance and covariance functionals involving both nonstationary and stationary time series. Sample functionals of this type commonly appear in regression applications and the asymptotics are particularly relevant to estimation and inference in nonlinear nonstationary regressions that involve unit root, local unit root or fractional processes. The limit theory is unusually general in that it covers both parametric and nonparametric regressions. Self normalized versions of these statistics are considered that are useful in inference. Numerical evidence reveals interesting strong bimodality in the finite sample distributions of conventional self normalized statistics …

Intrahousehold Welfare: Theory And Application To Japanese Data, Pierre-André Chiappori, Costas Meghir, Yoko Okuyama

Cowles Foundation Discussion Papers

In this paper we develop a novel approach to measuring individual welfare within house-holds, recognizing that individuals may have both different preferences (particularly regarding public consumption) and differential access to resources. We construct a money metric mea-sure 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 …

Central Bank Liquidity Policy In Modern Times, Skylar Brooks

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No abstract provided.

Federal Reserve Balance Sheet: Factors Affecting Reserve Balances - H.4.1 - April 18, 2024, Federal Reserve System

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No abstract provided.

Financial Stability Report 2024, Swiss National Bank

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Investing In The Next Generation: The Long-Run Impacts Of A Liquidity Shock, Patrick Agte, Arielle Bernhardt, Erica Field, Rohini Pande, Natalia Rigol

Discussion Papers

Poor entrepreneurs must frequently choose between business investment and children’s education. To examine this trade-off, we exploit experimental variation in short-run microenterprise growth among a sample of Indian households and track children’s education and business outcomes over eleven years. Treated households, who experience higher initial microenterprise growth, invest more in education and are one-third more likely to send children to college. However, only literate households experience child schooling gains and their enterprises stagnate in the long-run. In contrast, illiterate treatment households experience long-run business gains but declines in children’s education. Our findings suggest that microenterprise growth has the potential to …

Variegated Order: Making Space For Neurodiverse Perspectives In Archives, Sophie Penniman

Journal of Contemporary Archival Studies

This article aims to envision how archives could better reflect and represent neurodivergent records creators—people whose brains function in ways that diverge significantly from dominant societal standards of “normal". It discusses how neurodivergent records creators and their recordkeeping behaviors often do not fit within traditional archival paradigms which center verbal, written, and linear documents in specific organizational systems. The article then brings together sources from disability studies, feminist and gender studies, library studies, literary analysis, and archival scholarship to imagine ways in which the principle of provenance could be expanded to fit the archives of neurodiverse creators (and archives that …

How Accessible Are European Public Archives? An Assessment Of The Compliance With The Council Of Europe Recommendation R(2000)13 On A European Policy On Access To Archives, Michael Friedewald, Ivan Szekely, Murat Karaboga

Journal of Contemporary Archival Studies

This paper takes as its starting point the lessons learned from the second pan-European study on access to archives conducted 20 years after the first one – with the understanding that these results may also provide global lessons. The principal aim of the study was to assess the European archives' compliance with the Council of Europe Recommendation No. R(2000)13 on a European policy on access to archives, which was adopted in July 2000 and was the first international norm in this field. Although the overall access situation in Europe has significantly improved over the past 20 years, several practices still …

Limit Theory Of Local Polynomial Estimation In Functional Coefficient Regression, Ying Wang, Peter C. B. Phillips

Cowles Foundation Discussion Papers

Limit theory for functional coefficient cointegrating regression was recently found to be considerably more complex than earlier understood. The issues were explained and correct limit theory derived for the kernel weighted local constant estimator in Phillips and Wang (2023b). The present paper provides complete limit theory for the general kernel weighted local p-th order polynomial estimator of the functional coefficient and the coefficient deriva-tives. Both stationary and nonstationary regressors are allowed. Implications for bandwidth selection are discussed. An adaptive procedure to select the fit order p is proposed and found to work well. A robust t-ratio is constructed following the …

Effect Of Selective Head-Neck Cooling Therapy On Specific Brain Biomarkers After Concussive Injury, Mateusz Conrado

Yale School of Medicine Physician Associate Program Theses

Selective head-neck cooling therapy as novel treatment for concussion has been researched in pilot studies for several years using symptom severity as the primary outcome. As of 2018, brain biomarkers glial fibrillary acidic protein (GFAP) and ubiquitin C-terminal hydrolase-L1 (UCH-L1) have been FDA approved as indicators of Traumatic Brain Injury (TBI). This study aims to investigate the effects of selective head-neck cooling therapy on the serum levels of the biomarkers, alongside patient symptom severity, in adults aged 18 years and older with mild Traumatic Brain Injury diagnosed in the last 72 hours. A randomized controlled trial will compare two intervention …

Strength Training Versus Aerobic Exercise On Glycemic Control In Adults With Type 1 Diabetes, Elizabeth Encarnacion

Yale School of Medicine Physician Associate Program Theses

Poorly controlled Type 1 Diabetes can lead to micro- and macrovascular complications (retinopathy, neuropathy, cardiovascular disease), but managing glycosylated hemoglobin A1c levels can decrease incidence rates. However, current guidelines recommending exercise for management have low evidence ratings, and less than one third of adults achieve target hemoglobin A1c levels. For those looking to begin an exercise regimen, it is unclear which type of exercise is best for maintaining glycemic control. This study will compare the effectiveness of thrice-weekly (45-minute) sessions for 12 months of aerobic exercise versus strength training against a non-exercise control group in non-active Type 1 Diabetic adults. …

Nutrition Education To Prevent Bone Stress Injuries In Collegiate Male Athletes: A Randomized Trial, Brianna Brite

Yale School of Medicine Physician Associate Program Theses

Male Athlete Triad is a syndrome of three interrelated conditions, low energy availability, functional hypogonadism and low bone mineral density, leading to adverse outcomes including bone stress injuries. Evidence-based techniques for preventing bone stress injury in those at risk for Male Athlete Triad have not been identified in existing research. Nutrition education programs can increase athletes’ energy intake and subsequently, energy availability. Therefore, we seek to determine whether a nutrition education program will reduce the incidence of bone stress injuries among collegiate athletes at risk for Male Athlete Triad. Our randomized controlled trial will assess the relative risk of bone …

Discount Window/Payment System Risk, Federal Reserve

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No abstract provided.

The Primary & Secondary Lending Programs, Federal Reserve System: Discount Window

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No abstract provided.