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Lessons Learned: Frederic Mishkin, Matthew A. Lieber

Journal of Financial Crises

Rick Mishkin served as a member of the Board of Governors of the Federal Reserve System from 2006 to 2008 and as director of research at the Federal Reserve Bank of New York from 1994 to 1997. A leading expert on monetary economics and financial markets and a professor at Columbia University’s School of Business since 1983, Mishkin has written 20 books, including the textbook The Economics of Money, Banking, and Financial Markets. This Lessons Learned is based on an interview with Mishkin conducted on October 20, 2020.

Lessons Learned: Simon Potter, Maryann Haggerty

Journal of Financial Crises

Simon Potter, an economist, worked at the Federal Reserve Bank of New York for more than two decades. Leading up to the Global Financial Crisis, he was the New York Fed’s associate director of economic research; in 2010, he became director. In 2012, he shifted to become the head of the markets group, putting him at the helm of the Fed’s open markets operations, the mechanism by which the central bank steers monetary policy and interest rates. He moved to the private sector in 2019. For this April 2021 Lessons Learned interview, he emphasized that these are his personal opinions, …

Lessons Learned: Kieran J. Fallon, Matthew A. Lieber

Journal of Financial Crises

Presently the senior deputy general counsel for regulation and government affairs at PNC Fi-nancial Services Group, Kieran Fallon completed a 16-year tenure in the legal division of the Board of Governors of the Federal Reserve System in 2011. As associate general counsel dur-ing the Global Financial Crisis (GFC), he helped design the Federal Reserve’s Commercial Pa-per Funding Facility, restructure American International Group (AIG), and implement the Dodd-Frank Act. Relatedly, Fallon also served as general counsel for the Financial Stability Oversight Board from 2008 to 2011. This Lessons Learned is based on an interview conducted with Fallon on August 13, 2020.

Lessons Learned: Steven B. Kamin, Yasemin Sim Esmen

Journal of Financial Crises

Steven B. Kamin was the deputy director of the division of international finance at the Federal Reserve Board during the Global Financial Crisis (GFC) and was appointed director in 2011. He was responsible for research, policy analysis, and reporting in the areas of foreign economic activity, US external trade and capital flows, and developments in international financial markets and institutions. This Lessons Learned is based on an interview conducted with Kamin on August 16, 2019.

Lessons Learned: Seth Carpenter, Maryann Haggerty

Journal of Financial Crises

Seth Carpenter was a senior staff member of the Division of Monetary Affairs at the Federal Reserve Board during the 2007–09 Global Financial Crisis (GFC), meaning he was part of the team that advised the Board of Governors and members of the Federal Open Market Committee (FOMC) in setting monetary policy. He led the Board team that worked daily with the Open Market Trading Desk at the Federal Reserve Bank of New York to implement policy. He left the Federal Reserve System as deputy director of monetary affairs in 2014 to work at the US Department of the Treasury, where …

Lessons Learned: Tim Clark, Lynnley Browning

Journal of Financial Crises

During the Global Financial Crisis of 2007–09, Tim Clark was senior adviser in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. Clark was a chief architect of the Federal Reserve’s capital and liquidity stress tests that helped to stabilize the banks. He was also one of the leaders behind the implementation of the Dodd-Frank Act and other reforms at the Federal Reserve, and ultimately served as deputy director of the Division for Supervision and Regulation. This abstract is based on an interview with Clark that occurred on December 13, 2019.

The Internal Capital Markets Of Global Dealer Banks, Arun Gupta

Journal of Financial Crises

This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2007–09 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present a unique set of facts on the evolution of inter-affiliate loans between US primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 62 percent of total securities lending reported on US primary …

Lessons Learned: John Bovenzi, Sandra Ward

Journal of Financial Crises

As a deputy to the chairman of the Federal Deposit Insurance Corporation (FDIC) and in his role as chief operating officer of the agency, John Bovenzi provided policy advice and oversaw the agency’s operations, including business lines, bank supervision, bank closings, deposit insurance, and administrative affairs. Bovenzi’s most notable role during the Global Financial Crisis was manning the helm of mortgage lender IndyMac after the FDIC took it over in July 2008 to position it for a sale. This abstract is based on an interview with Bovenzi conducted on December 2, 2020

Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka

Journal of Financial Crises

Since the Global Financial Crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that, in some circumstances, managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macrofinancial conditions. Effectiveness, however, does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.

From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System, Antonio Sánchez Serrano

Journal of Financial Crises

The COVID-19 pandemic created an unprecedented economic shock across the world. As a result of the coronavirus outbreak and the related health measures, nonfinancial corporations providing nonessential goods or services that cannot be consumed remotely have experienced a large decrease in their turnover. Using balance sheets and flows statements, we are able to quantify the impact of the pandemic on nonfinancial corporations and households, according to several scenarios for the pandemic over 2021. The impact is largely heterogeneous across sectors and amounts to up to 20% of the turnover for euro area nonfinancial corporations. Stress in these corporations and households …

Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge

Journal of Financial Crises

Scholars frequently assert that financial legislation in the United States is primarily crisis driven. This “crisis-legislation hypothesis” is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is poorly conceived and inadequate to the problems it aims to address. Other scholars embrace the hypothesis, but from the perspective that crises are the needed impetus to prompt constructive reforms. Despite the prevalence of this hypothesis, however, its threshold assumption—that Congress passes major financial legislation only when financial crises arise—has never been analyzed empirically. This article provides that analysis. We first devise a new system …

Dynamic Return Relationships In The Market For Cryptocurrency: A Var Approach, Julian Gouffray

James Madison Undergraduate Research Journal (JMURJ)

This paper examines how the Bitcoin-altcoin return relationship has evolved in periods between 2015 and 2020. To understand this relation, we observe data on the cryptocurrency Bitcoin and prominent altcoins Ethereum, Litecoin, Ripple, Stellar, and Monero, which collectively represent over 90% of the market throughout the observed period. We employ a vector autoregressive model (VAR) to produce forecast error variance decompositions, orthogonal impulse response functions, and Granger-causality tests. We find evidence that Bitcoin return variation has increasingly explained altcoin returns and that market inefficiency increased between 2017 and 2020, as shown by increased Granger causality between Bitcoin and altcoins. These …

Working With Various Aspects Of Identity: Providing Culturally Informed Career Counseling For You Black Clients, Tiffany Brooks, Kristy Holloway, Quentin Hunter

National Cross-Cultural Counseling & Education Conference for Research, Action & Change (2016-2024)

LEARNING OBJECTIVES

1. Identify 2 components of Liberation Psychology and Psychology of Working Theory (PWT)

2. Describe 2 techniques to help their Black clients process workplace challenges salient to their Black identity

3. Discuss at least 2 current events, which provide real life examples of the challenges their Black clients face in the workplace

4. Outline at least 1 action step to serve as a more effective advocate for their Black clients and co workers in the workplace

Hemodynamic Variations In Cardiogenic Shock Phenotypes, Jason Katz

Journal of Shock and Hemodynamics

Patients with cardiogenic shock are not all the same. They present with a variety of hemodynamic profiles and other features that may allow us to create specific phenotypes. It is possible that phenotyping these patients at presentation may then help us to identify the optimal and earliest therapies that will improve outcomes and, at the same time, help us to overcome some of the heterogeneity currently undermining clinical trials.

Tourism Trails From Saltwater Kimberley To Oklahoma Indian Country: An Exploration Of Indigenous-Led Tourism, Culture And Resurgence, Bobbie Chew Bigby

Workshops and Presentations

This research explores the intersections between Indigenous-led tourism and resurgence among Indigenous communities, with resurgence understood as connections with culture, Country (i.e. Indigenous homelands and waterways), and community. The research utilises a comparative case study approach to specifically highlight the experience of Karajarri Traditional Owners within the context of the saltwater Kimberley region of northwestern Australia. It also presents a comparative example of Indigenous-led tourism development within the context of the author’s Tribal Nation, the Cherokee Nation of Oklahoma, in the United States. Employing an Indigenous Participatory Action Research methodological framework that prioritises Indigenous perspectives, relationality and collaboration with participants …

Sotl Workshop For New Researchers, Kathie Ardzejewska, Lee Partridge

Educator Scholar Summit

This one hour workshop is designed for newer researchers to look at how to turn your new teaching ideas into scholarship of learning and teaching (SoTL) opportunities. It is great to see participants from last years’ SoTL workshop presenting research this year, suggesting that you can put into practice immediately what you learn in the workshops.

To get you started on your own SOTL project, this workshop will:

• Identify which areas of your practice could become a focus for SoTL
• Examine the research stages and progress of successful SoTL projects and
• Explore your specific SoTL project ideas

Book Review: Kermit Roosevelt Iii, The Nation That Never Was: Reconstructing America's Story, Ainslee Johnson-Brown

ConLawNOW

This review summarizes the key thesis of the book, The Nation That Never Was, which argues for a reset of the Constitutional baseline of principles. The book argues that the Gettysburg Address should be considered a key part of modern constitutional guarantees of equality and liberty. The review explains this thesis, and notes the questions it leaves open.

Senior Awards Dinner Dance College Of Health Care Sciences Anesthesia Department Health Science Department Speech,Language Pathology Department, Nova Southeastern University

NSU Commencement Programs

August 18, 2016

The Road To Championship: An Example Of An Individual With Autism Spectrum Disorder, Halil Sarol, Rıfat Kerem Gürkan, Bülent Gürbüz

Baltic Journal of Health and Physical Activity

The aim of this research is to investigate the road to championship of an individual with Autism Spectrum Disorder (ASD) who began physical activity in childhood under parental influence and won medals in competition as an athlete. In this research, founded on the phenomenological pattern from qualitative research models, data were collected in a semi-structured interview. Face-to-face interviews were held with the family, coach and the research participant. The content analysis method was used. The individual with ASD began a physical activity program in a special education center in childhood under parental influence and psychiatric referral. The individual with ASD …

Consumers’ Subjective Well-Being In Brazil: Suggested Extensions For Researching A Market With Continental Dimensions, Igor De Jesus Lobato Pompeu Gammarano

Markets, Globalization & Development Review

This commentary starts by recognizing, in the lead article of this issue, the importance of studying empirically the relationships between marketplace activities and consumers' perceived subjective well-being in Brazil. The commentary then presents a number of ways in which future research studies of this type can be strengthened, in terms of geographical coverage, methods employed and analytical-interpretive tools used. The commentary also offers literature links to a variety of consumption modes, from minimalist to hedonic; pointing out that subjective well-being is influenced by these styles/modes of consumption.

Subjective Well-Being, Happiness, And Fairness Of Marketing Systems In Brazil: Some Further Thoughts, Stefânia Ordovás De Almeida, Ely José De Mattos

Markets, Globalization & Development Review

Subjective well-being is often popularly referred to as happiness. In this dialogue commentary, we point to these additional aspects of subjective well-being or happiness: (1) Some findings from another study of this type, in another region of Brazil; (2) Several macro-level observations, drawn from Brazil as well as globally, on the complex relationships between marketing practices, public policies, consumption styles and subjective well-being.

Consumers' Perceptions Of The Role Of The Marketing System In Subjective Well-Being, Valcir Farias, Ramon Silva Leite

Markets, Globalization & Development Review

The term happiness is used colloquially to refer to subjective well-being. In the years when the performance of marketing systems in Brazil was reduced, there was a fall in happiness index, which demonstrates the importance of marketing systems in the subjective well-being of individuals and society. Most studies on the role played by the marketing system in subjective well-being are based on mature markets. Little has been studied on the subject in Latin American markets. This article describes the role of marketing systems in the subjective well-being of Brazilian consumers. In qualitative research through interviews with consumers from cities of …

The Conundrums Of Happiness And Subjective Well-Being: Views From Brazil, Nikhilesh Dholakia, Deniz Atik

Markets, Globalization & Development Review

No abstract provided.

Parallel Simulation System Of Equipment Precision Maintenance Based On Cloud-Edge-End Architecture, Yanqiang Di, Ting Li, Shaochong Feng, Qiongyao Liu, Jianhong Lü, Zhijia Chen, Yang Zhang, Pengfei Cao

Journal of System Simulation

Abstract: Aiming at the demands of equipment precision maintenance, based on the previous research results of equipment parallel simulation, the algorithm of equipment remaining useful life (RUL)prediction is optimized and a parallel simulation system for equipment precision maintenance with cloud-edge-end architecture is designed. At the equipment end, the system collects equipment status data and preprocesses it with edge devices. At the cloud end, based on simulation model, in parallel with the equipment entity, the system dynamically predicts the RUL of equipment. The prediction results are applied to the formulation and deduction of equipment maintenance plans to support the equipment …

Unmanned Air Vehicles Launching Aircraft Combat System And Key Technologies For Penetrating Counterair, Minghao Li, Wenhao Bi, An Zhang, Wenxuan Sun

Journal of System Simulation

Abstract: Penetrating counterair is an important countermeasure to the anti-access/area denial environment. Under this operational requirement, the unmanned air vehicles launching aircraft (UAVLA)has received much attention due to the advantages of load quantity and variety, operational range and duration, and development time and cost. Based on the review of the concept development and supporting research related to the UAVLA, the top-level concepts of operations such as the component systems,operational process, operational events tracking, and information interaction of the UAVLA combat system (UAVLACS) are designed. The key technologies of the system are prospected from four aspects:intelligent cognition of battlefield situation under …

Opnet Based Simulation Of Hybrid Tdma Protocol For Helicopters Datalink, Yanfang Fu, Nan Zhang, Jianing Wei, Shaochun Qu, Ying Lu, Chang Liu

Journal of System Simulation

Abstract: For the current time slot allocation problem of the data link, an improved hybrid time slot allocation protocol based on grey relational analysis is proposed and implemented. Through the aggregation of throughput, delay and load of current message buffer by grey relational analysis, the comprehensive evaluation index is obtained, and the time slot is allocated dynamically. The fixed time slot allocation is also adopted to ensure that at least one time slot is available for nodes in the network.Simulation results show that compared with the fixed TDMA(time division multiple access) protocol and the P-TDMA(priority-TDMA) protocol, the proposed protocol …

Research On Opponent Modeling Framework For Multi-Agent Game Confrontation, Junren Luo, Wanpeng Zhang, Weilin Yuan, Zhenzhen Hu, Shaofei Chen, Jing Chen

Journal of System Simulation

Abstract: As the key technology of multi-agent game confrontation, opponent modeling is a typical cognitive modeling method of agent's behavior. Several typical models of multi-agent game confrontation,non-stationary problems, and meta-game theory are introduced; opponent modeling methods that concludes the frontier theory of opponent modeling are summarized, and the applications and challenges are analyzed. Based on the theory of meta-game, a general opponent modeling framework is constructed with three modules: opponent policy recognition and generation, opponent policy space reconstruction,and opponent exploitation. It is expected to provide theoretical and methodological reference for opponent modeling in multi-agent game confrontation.

Siamese Object Tracking Algorithm Combined With The Intersection Over Union Loss, Wei Zhou, Yuxiang Liu, Guangping Liao, Xin Ma

Journal of System Simulation

Abstract: To improve the accuracy of the object bounding box regression prediction of the SiamRPN,solve the problem of low discrimination of positive samples in classification prediction and the lack of correlation between regression prediction and classification prediction, an improved object tracking algorithm of SiamRPN which combined with IoU(intersection over union) loss is proposed. A joint optimization module of IoU-smooth L1 is designed to optimize the IoU loss of the best positive sample and the smooth L1 loss of other positive samples jointly. According to the regression prediction results, the weighted classification prediction is performed on the positive samples with the …

Relative-Residual-Based Dynamic Schedule For Decoding Of Ldpc Codes, Fatang Chen, Hebin Li, Zhihao Zhang, Zhiqiang Mei

Journal of System Simulation

Abstract: In order to solve the problems of the oscillation phenomenon and greedy characteristics in the dynamic scheduling decoding algorithm for low-density parity-check (LDPC) codes, the relative-residual-based dynamic schedule (RRB-BP) algorithm is proposed based on variable-to-check residual belief propagation (VC-RBP) algorithm. The variable nodes are grouped, then the relative residual value of the message passed by the variable nodes to the check node is taken as a reference, and the node with the largest relative residual value is updated in priority to accelerate the decoding convergence speed. For variable nodes oscillating in the decoding process, the posterior LLR (log likelihood …

Energy-Efficient Scheduling Of Multi-Objective Flexible Job Shop Considering Interval Processing Time, Hongliang Zhang, Renman Ding, Gongjie Xu

Journal of System Simulation

Abstract: Based on the comprehensive consideration of economic indicators and environmental factors, the energy-efficient scheduling problem of multi-objective flexible job shop with uncertain processing time is studied. The interval number is used to describe uncertain processing time of the workpiece, and the optimization model for energy-efficient problem of interval flexible job shop scheduling is established to minimize the maximum interval completion time and total energy consumption. According to the domination relation of interval possibility degree, an effective interval multi-objective evolutionary algorithm is designed. The simulation experiments of the interval multi-objective evolutionary algorithm, SPEA-II and NSGA-II are carried out through 15 …