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The Rescue Of American International Group Module B: The Securities Borrowing Facility, Lily S. Engbith, Alec Buchholtz, Devyn Jeffereis Apr 2021

The Rescue Of American International Group Module B: The Securities Borrowing Facility, Lily S. Engbith, Alec Buchholtz, Devyn Jeffereis

Journal of Financial Crises

In 2008, American International Group (AIG) was among the largest insurance corporations in the world and maintained a profitable securities lending program. However, AIG invested much of the cash collateral received from counterparties in residential mortgage-backed securities, whose value began to collapse rapidly and unexpectedly, creating liquidity strain for AIG when borrowers returned their securities. Because of these strains, credit downgrades, and losses, in September, the company sought assistance from the Federal Reserve which, on October 6, 2008, approved the establishment of the Securities Borrowing Facility by the Federal Reserve Bank of New York (FRBNY). The FRBNY agreed to loan …


The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson Apr 2021

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury a …


Stress Tests And Policy, Greg Feldberg, Andrew Metrick Apr 2021

Stress Tests And Policy, Greg Feldberg, Andrew Metrick

Journal of Financial Crises

Ten years after the Federal Reserve’s crisis-era bank stress test, it is time to recalibrate the stress tests for “peacetime.” Outside of a crisis, supervisors should tailor stress tests to focus on their comparative advantages by taking a macroprudential focus, with severe scenarios that enable them to learn about emerging risks in both traditional and shadow banking sectors. In peacetime, also, supervisors should emphasize risk- management practices and be wary of forcing rapid changes in capital levels for individual banks, while linking stress-test results with countercyclical capital buffers across the system.


Blood At The Root, Jarrett Martin Drake Apr 2021

Blood At The Root, Jarrett Martin Drake

Journal of Contemporary Archival Studies

What is the sound of silence and what is the sight of absence? The following essay situates itself along those two questions by devoting close ethnographic attention to the lives and afterlives of seven people—Delia, Renty, Jem, Alfred, Fassena, Drana, and Jack—whose reflections resonate and resound throughout the world of archives. I argue that a theory of archival power must consider the role of process and place in the shaping of modern memory practices. The article begins by narrating the story of how these seven people came to occupy the center of the archival universe. Next, it traces a tale …


Division Of Investment Management Staff Statement Regarding Termination Notice For Exemptive Relief And Withdrawal Of Staff Letters Related To Covid-19 Response, United States: Securities And Exchange Commission (Sec) Apr 2021

Division Of Investment Management Staff Statement Regarding Termination Notice For Exemptive Relief And Withdrawal Of Staff Letters Related To Covid-19 Response, United States: Securities And Exchange Commission (Sec)

Documents

No abstract provided.


Covid-19 Handbook, Yale University: School Of Management: Program On Financial Stability Apr 2021

Covid-19 Handbook, Yale University: School Of Management: Program On Financial Stability

Documents

No abstract provided.


Measuring The U.S. Employment Situation Using Online Panels: The Yale Labor Survey, Christopher Foote, Tyler Hounshell, William D. Nordhaus, Douglas Rivers, Pamela Torola Apr 2021

Measuring The U.S. Employment Situation Using Online Panels: The Yale Labor Survey, Christopher Foote, Tyler Hounshell, William D. Nordhaus, Douglas Rivers, Pamela Torola

Cowles Foundation Discussion Papers

This study presents the design and results of a rapid-fire survey that collects labor market data for individuals in the United States. The purpose is to test online panels for their application to social, economic, and demographic information as well as to apply this approach to the U.S. labor market. The Yale Labor Survey (YLS) used an online panel from YouGov to replicate statistics from the Current Population Survey (CPS), the government’s official source of household labor market statistics. The YLS’s advantages included its timeliness, low cost, and ability to develop new questions quickly to study unusual labor market patterns …


Curse Of Democracy: Evidence From 2020, Yusuke Narita, Ayumi Sudo Apr 2021

Curse Of Democracy: Evidence From 2020, Yusuke Narita, Ayumi Sudo

Cowles Foundation Discussion Papers

Countries with more democratic political regimes experienced greater GDP loss and more deaths from Covid-19 in 2020. Using five different instrumental variable strategies, we find that democracy is a major cause of the wealth and health losses. This impact is global and is not driven by China and the US alone. A key channel for democracy’s negative impact is weaker and narrower containment policies at the beginning of the outbreak, not the speed of introducing policies.


Investment Company Institute Letter, Thoreau Bartmann Apr 2021

Investment Company Institute Letter, Thoreau Bartmann

Documents

Letter from ICI to SEC requesting regulatory relief to enable participation in MMLF.


Prime Mmfs At The Onset Of The Pandemic: Asset Flows, Liquidity Buffers, And Navs, Viktoria Baklanova, Isaac Kuznits, Trevor Tatum Apr 2021

Prime Mmfs At The Onset Of The Pandemic: Asset Flows, Liquidity Buffers, And Navs, Viktoria Baklanova, Isaac Kuznits, Trevor Tatum

Documents

No abstract provided.


Governor Ciampi And The “Ambrosiano Case”: International Banking Supervision And Monetary Policy, Rainer Masera Apr 2021

Governor Ciampi And The “Ambrosiano Case”: International Banking Supervision And Monetary Policy, Rainer Masera

Documents

No abstract provided.


Ypfs Lessons Learned Oral History Project: An Interview With Simon Potter, Simon Potter, Maryann Haggerty Apr 2021

Ypfs Lessons Learned Oral History Project: An Interview With Simon Potter, Simon Potter, Maryann Haggerty

Documents

Suggested Citation Form: Potter, Simon. 2022. “Lessons Learned Interview by Maryann Haggerty, April 13, 2021."Yale Program on Financial Stability Lessons Learned Oral History Project. Transcript. https://ypfs.som.yale.edu/library/ypfs-lesson-learned-oral-history-project-interview-simon-potter


National Legislation: Portugal, European Union Apr 2021

National Legislation: Portugal, European Union

Documents

No abstract provided.


Periodic Report: Update On Outstanding Lending Facilities Authorized By The Board Under Section 13(3) Of The Federal Reserve Act - April 9, 2021, Federal Reserve System: Board Of Governors Apr 2021

Periodic Report: Update On Outstanding Lending Facilities Authorized By The Board Under Section 13(3) Of The Federal Reserve Act - April 9, 2021, Federal Reserve System: Board Of Governors

Documents

No abstract provided.


Questions And Answers: The Imf's Response To Covid-19, International Monetary Fund (Imf) Apr 2021

Questions And Answers: The Imf's Response To Covid-19, International Monetary Fund (Imf)

Documents

No abstract provided.


Remarks At The Federal Reserve Bank Of New York's Annual Primary Dealer Meeting, Brian Smith Apr 2021

Remarks At The Federal Reserve Bank Of New York's Annual Primary Dealer Meeting, Brian Smith

Documents

No abstract provided.


All-Share Index, Nigerian Stock Exchange Apr 2021

All-Share Index, Nigerian Stock Exchange

Documents

Index prices showing bubble and burst in 2008; known outside of the US as NGSE


The Imf's Response To Covid-19, International Monetary Fund (Imf) Apr 2021

The Imf's Response To Covid-19, International Monetary Fund (Imf)

Documents

No abstract provided.


Statement Of Policy Governing The Acquisition And Management Of Financial Assets For The Bank Of Canada's Balance Sheet, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada Apr 2021

Statement Of Policy Governing The Acquisition And Management Of Financial Assets For The Bank Of Canada's Balance Sheet, Bank Of Canada/Central Bank Of Canada/La Banque Du Canada

Documents

No abstract provided.


Monthly Report On Programs The Bank Of Israel Is Operating In The Financial Markets In View Of The Coronavirus Crisis - April 7, 2021, Bank Of Israel Apr 2021

Monthly Report On Programs The Bank Of Israel Is Operating In The Financial Markets In View Of The Coronavirus Crisis - April 7, 2021, Bank Of Israel

Documents

No abstract provided.


Administration Agreement Among Cp Funding Facility Ii Llc, The Federal Reserve Bank Of New York, And State Street Bank And Trust Company, Federal Reserve System: Federal Reserve Bank Of New York Apr 2021

Administration Agreement Among Cp Funding Facility Ii Llc, The Federal Reserve Bank Of New York, And State Street Bank And Trust Company, Federal Reserve System: Federal Reserve Bank Of New York

Documents

No abstract provided.


Review Of Documenting Rebellions: A Study Of Four Lesbian And Gay Archives In Queer Times, Lynn A. Cowles Apr 2021

Review Of Documenting Rebellions: A Study Of Four Lesbian And Gay Archives In Queer Times, Lynn A. Cowles

Journal of Contemporary Archival Studies

The comparative case study, Documenting Rebellions: A Study of Four Lesbian and Gay Archives in Queer Times, traces the development of four prominent lesbian and gay archives as they grew out of the rights movement of the 1960s through the AIDS crisis and into the 21st century. The study is informed by both queer theory and archival theory. The volume historically contextualizes them within the lesbian and gay rights movement, as well as the movement in archival science and practice to restore the voices of those silenced by power structures within society.


Review Of Mary Kandiuk, Editor. Archives And Special Collections As Sites Of Contestation. Sacramento, Ca: Library Juice Press, 2020., Jennifer Gotwals Apr 2021

Review Of Mary Kandiuk, Editor. Archives And Special Collections As Sites Of Contestation. Sacramento, Ca: Library Juice Press, 2020., Jennifer Gotwals

Journal of Contemporary Archival Studies

Archives and Special Collections as Sites of Contestation, an edited volume collecting 17 essays from practitioners across the United States and Canada, contains chapters critically evaluating how Special Collections approach instruction, digital projects, cataloging, knowledge production, and ethics.


Unsecured To The Satisfaction, Steven Kelly Apr 2021

Unsecured To The Satisfaction, Steven Kelly

Documents

No abstract provided.


First Gazette Notice, United Kingdom: Registrar Of Companies Apr 2021

First Gazette Notice, United Kingdom: Registrar Of Companies

Documents

No abstract provided.


Distributional Impacts Of Retail Vaccine Availability, Judith A. Chevalier, Jason L. Schwartz, Yihua Su, Kevin R. Williams Apr 2021

Distributional Impacts Of Retail Vaccine Availability, Judith A. Chevalier, Jason L. Schwartz, Yihua Su, Kevin R. Williams

Cowles Foundation Discussion Papers

We examine the potential for exploiting retailer location choice in targeting health interventions. Using geospatial data, we quantify proximity to vaccines created by a U.S. federal program distributing COVID-19 vaccines to commercial retail pharmacies. We assess the distributional impacts of a proposal to provide vaccines at Dollar General, a low-priced general merchandise retailer. Adding Dollar General to the federal program would substantially decrease the distance to vaccine sites for low-income, rural, and minority U.S. households, groups for which COVID-19 vaccine take-up has been disproportionately slow.


Change Management Systems For Seamless Evolution In Data Centers, Omid Alipourfard Apr 2021

Change Management Systems For Seamless Evolution In Data Centers, Omid Alipourfard

Yale Graduate School of Arts and Sciences Dissertations

Revenue for data centers today is highly dependent on the satisfaction of their enterprise customers. These customers often require various features to migrate their businesses and operations to the cloud. Thus, clouds today introduce new features at a swift pace to onboard new customers and to meet the needs of existing ones. This pace of innovation continues to grow on super linearly, e.g., Amazon deployed 1400 new features in 2017. However, such a rapid pace of evolution adds complexities both for users and the cloud. Clouds struggle to keep up with the deployment speed, and users struggle to learn which …


Investor Communication And Say-On-Pay, Robert Bishop Apr 2021

Investor Communication And Say-On-Pay, Robert Bishop

Yale Graduate School of Arts and Sciences Dissertations

It is well-understood that collective action problems and federal securities law limit communication among public-company investors. Activist shareholders who wish to hold corporate insiders to account, however, must rely on support from other investors to effect change. At the same time, Congress has recently mandated that all public companies give investors a nonbinding vote on executive pay. Yet few have considered whether such votes communicate information on investor satisfaction with incumbents to activists. That consequence—intended or not—could carry significant implications for corporate governance.In this Article, I show that the federal say-on-pay mandate provides a channel for institutional investors to communicate …


Essays On Financial Economics, Natee Amornsiripanitch Apr 2021

Essays On Financial Economics, Natee Amornsiripanitch

Yale Graduate School of Arts and Sciences Dissertations

My dissertation has three chapters. In the first chapter, I show that property tax rates among single family homes in the United States are regressive with respect to sale price because tax assessors use flawed valuation models that ignore priced house and neighborhood characteristics. The insight from this chapter is that a wealth tax system that requires the government to value assets that do not have readily available market prices would tend to increase wealth inequality among asset owners. In the second chapter, I show that failure of bond insurance companies during the Global Financial Crisis constrained local municipalities’ ability …


Essays On Labor Economics, Marianne Bernatzky Koehli Apr 2021

Essays On Labor Economics, Marianne Bernatzky Koehli

Yale Graduate School of Arts and Sciences Dissertations

The first chapter studies the life-cycle behavior of two cohorts of American women: those born in the 1960s and those born in the 1980s. Millennial women are more likely to work full time, work in professional, health, and education-related occupations, and be childless in their mid-thirties than women born in the 1960s. I build a life-cycle model that incorporates labor supply, occupation, and fertility choices, and estimate the model for the older cohort. I analyze the role of two forces in explaining the data patterns: (i) labor market factors, including changes in the wage structure and in the initial joint …