Business Commons^™

Fomc Playbook: The Only New Game In Town?, Thomas Lam

Sim Kee Boon Institute for Financial Economics

In light of the Covid-19 pandemic, the Federal Open Market Committee (FOMC), while taking more aggressive actions, seems to have stuck more or less to the standard playbook of responding to “unusual and exigent circumstances”. This essentially calls for slashing conventional policy rates to their effective lower bound, accompanied by forward guidance, embarking on asset purchases, rolling out emergency liquidity facilities and experimenting with lending programmes. But policymakers, with the required US Treasury backstop, have also introduced more creative programmes to encourage credit extension and reached into different market segments.

Likely Trajectory Of Fed Policy Far From Settled, Thomas Lam, David Fernandez

Research Collection Lee Kong Chian School Of Business

Markets seem to be assuming an almost pre-set path of Fed policy normalization in 2019, including hiking rates and shrinking the balance sheet. In contrast, we see many uncertainties ahead.

Corruption May Worsen In Democratizing Economies: But Don't Let It Erode Our Faith In Democracy, Shaomin Li, Ilan Alon, Jun Wu

Management Faculty Publications

This commentary is based on a recent study we conducted on the relationship between regime type, corruption, and economic development. We build a theory that links corruption and regime type to economic growth and test it on 158 countries, using multiple databases including Polity IV, transparency international, the World Bank, and others. We first distinguish three regime types, autocracy (dictatorship), anocracy (countries in early stage of democratization), and mature democracy. We found that when autocratic countries begin democratize, corruption usually gets worse. As the infant democracies mature, corruption decreases.

Slides: The (Largely) Untold Success Story Of Urban Water Conservation, Peter Mayer

Innovations in Managing Western Water: New Approaches for Balancing Environmental, Social and Economic Outcomes (Martz Summer Conference, June 11-12)

Presenter: Peter Mayer, P.E., Water Demand Management

20 slides

Acknowledging Individual Responsibility While Emphasizing Social Determinants In Narratives To Promote Obesity-Reducing Public Policy: A Randomized Experiment, Jeff Niederdeppe, Sungjong Roh, Michael A. Shapiro

Research Collection Lee Kong Chian School Of Business

This study tests whether policy narratives designed to increase support for obesity-reducing public policies should explicitly acknowledge individual responsibility while emphasizing social, physical, and economic (social) determinants of obesity. We use a web-based, randomized experiment with a nationally representative sample of American adults (n = 718) to test hypotheses derived from theory and research on narrative persuasion. Respondents exposed to narratives that acknowledged individual responsibility while emphasizing obesity’s social determinants were less likely to engage in counterargument and felt more empathy for the story’s main character than those exposed to a message that did not acknowledge individual responsibility. Counterarguing and …

Corporate Governance And Social Welfare In The Common Law World, David A. Skeel Jr.

All Faculty Scholarship

The newest addition to the spate of recent theories of comparative corporate governance is Corporate Governance in the Common-Law World: The Political Foundations of Shareholder Power, an important new book by Christopher Bruner. Focusing on the U.S., the U.K., Canada and Australia, Bruner argues that the robustness of the country’s social welfare system is the key determinant of the extent to which its corporate governance is shareholder-centered. This explains why corporate governance is so shareholder-oriented in the United Kingdom, which has universal healthcare and generous unemployment benefits, while shareholders’ powers are more attenuated in the United States, with its …

The Crisis In State Highway Finances: Its Roots, Current Effects, And Some Possible Remedies, Juita-Elena Yusuf, Lenahan O'Connell

School of Public Service Faculty Publications

This paper focuses on the American states and the sources of the expanding structural imbalance between their highway-related revenues on the one hand and expenditures for transportation infrastructure needs on the other. The paper describes the roots of the funding problem over recent decades, looks at some of the responses taken at the state and federal level, and discusses their inherent limitations as solutions to this funding crisis. The paper also presents several policy recommendations for increasing revenues. We demonstrate that a variable rate gas tax indexed to the construction cost index and improvements in automobile fuel efficiency and a …

Agenda: 2012 Energy Justice Conference And Technology Exposition, University Of Colorado Boulder. Center For Energy & Environmental Security, University Of Colorado Boulder. Colorado European Union Center Of Excellence, University Of Colorado Boulder. Presidents Leadership Institute

2012 Energy Justice Conference and Technology Exposition (September 17-18)

Co-sponsored with the Colorado European Union Center of Excellence and the Presidents Leadership Institute at the University of Colorado Boulder.

The ability to harness energy is fundamental to economic and social development. Worldwide, almost 3 billion people have little or no access to beneficial energy resources for cooking, heating, water sanitation, illumination, transportation, or basic mechanical needs. Energy poverty exacerbates ill health and economic hardship, and reduces educational opportunities, particularly for women and children. Specifically, access to efficient and affordable energy services is a prerequisite for achieving the Millennium Development Goal (MDG) relating to poverty eradication.

In response, the UN …

Credit Risk Dynamics In Response To Changes In The Federal Funds Target: The Implication For Firm Short-Term Debt, Kwamie Dunbar, Abu S. Amin

WCBT Faculty Publications

The recent credit crisis has raised a number of interesting questions regarding the role of the Federal Reserve Bank and the effectiveness of its expected and unexpected interventions in financial markets, especiallyduring the crisis, given its mandate. This paper reviews and evaluates the impact of expected and unexpected changes in the federal funds rate target on credit risk premia. The paper's main innovation is the use of an ACH-VAR (autoregressive conditional hazard VAR) model to generate the Fed's expected and unexpected monetary policy shocks which are then used to determine the effects of a Federal Reserve policy change on counterparty …

The U.S. Economic Crisis: Another "Lost Decade"?, Paula Chungsathaporn

Honors College Theses

America is experiencing the worst economic downturn since the Great Depression originating with problems from mortgage backed securities and seeping into every major sector in the economy. We have witnessed the downfall or government takeover of some of the most powerful companies in the country, contributing to the highest unemployment rate America has seen in decades. During the 1990s, Japan experienced what is commonly referred to as “the lost decade,” a period of prolonged stagnant growth. Many similarities can be drawn between the current U.S. crisis and the Japanese crisis of the late 90s. The macroeconomic conditions that caused the …

Tobacco Politics And Electoral Accountability In The United States, Per G. Fredriksson, Khawaja Mamun

WCBT Working Papers

This paper investigates whether reputation-building strategies guide U.S. governors’ state cigarette tax choices, and whether the federal cigarette tax influences such behavior. Using 1975-2000 data, we find evidence that governors in states with relatively important agricultural tobacco production and tobacco manufacturing, and which are densely populated by smokers, appear prone to reputation-building. Moreover, lame ducks are more prone to raise the state cigarette tax the lower the federal tax.

Gubernatorial Reputation And Vertical Tax Externalities: All Smoke, No Fire?, Per G. Fredriksson, Khawaja Mamun

WCBT Working Papers

This paper investigates whether reputation-building strategies guide U.S. governors’ responses to changes in federal cigarette taxes (i.e. vertical tax interactions). Using 1975-2000 state cigarette tax data, we find that reputation-building strategies affect the nature of vertical tax externalities. Lame duck governors exhibit a more negative response to changes in the federal cigarette tax. Thus, by reducing the state tax base and by causing a decline in the state tax, an increase in the federal tax rate reduces state tax revenues in states headed by lame ducks.

Outdoor Recreation And Water Development: The National Recreation Lakes Study, Bruce R. Brown

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

12 pages.

Fish And Wildlife Funding—Past And Future [Abstract], R. Max Peterson

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

1 page.

Market Solutions To Public Recreation Finance: Creating User-Supported Parks, Donald R. Leal

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

11 pages.

Contains 1 page of references.

Market Solutions To Public Recreation Finance: The Texas State Parks Example, Donald R. Leal

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

11 pages.

Contains 1 page of references.

The User Fee Approach To Hunting And Fishing Finance: The “Teaming With Wildlife” Proposal, R. Max Peterson

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

18 pages (includes color illustrations).

Contains footnotes.

The Limitations Of A Market-Based Outdoor Recreation Policy: Reasons For Caution, Scott Silver

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

13 pages (includes illustrations).

Contains references.

Field Level Conflict Management In Outdoor Recreation, Arden Anderson

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

16 pages.

Contains references.

Environmental Impacts: The Dark Side Of Outdoor Recreation?, Scott G. Miller

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

14 pages.

Contains 4 pages of references.

Outdoor Recreation And Natural Lands: The Gradual Unfolding Of Policy, Richard L. Knight

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

10 pages.

Contains 2 pages of references.

Recreation As An Ally For Environmental Protection, Gary Sprung

Outdoor Recreation: Promise and Peril in the New West (Summer Conference, June 8-10)

10 pages.

Contains references.

Reducing Moral Hazard In Deposit Insurance : A Policy Instrument For Generating Regulatory Information, Chengze, Simon Fan

Centre for Public Policy Studies : CPPS Working Paper Series

No abstract provided.

Effective Communication In The Intranational Workplace: Models For Public Sector Managers And Theorists, John F. Kikoski

Political Science & Global Affairs Faculty Publications

This article discusses theoretical models for effective interpersonal communication in the intranational workplace for public sector managers in the U.S. Effective communication is complete when the message has been understood. A message has been understood when it has been both clearly sent and received. Effective communication is a requisite to every step in the organizational process--from the mutual recognition and understanding of a topic or problem that triggered the communication in the first place to its final resolution. The second classical model of interpersonal communication was published by David Berlo. Berlo elaborated upon the Shannon-Weaver model. He recognized that interpersonal …

Opportunities For Improving The Ways We Use Water, Thomas M. Stetson

Western Water: Expanding Uses/Finite Supplies (Summer Conference, June 2-4)

40 pages.

Contains references.

Diligence Requirements Under The Federal Coal Leasing Amendments Act Of 1975, Gail L. Wurtzler

Public Lands Mineral Leasing: Issues and Directions (Summer Conference, June 10-11)

51 pages.

Contains references.

Readjustment Of Federal Coal Leases, Marilyn S. Kite

Public Lands Mineral Leasing: Issues and Directions (Summer Conference, June 10-11)

19 pages.

Contains references.

Leases For Other Minerals: Recent Developments, Thomas F. Cope

Public Lands Mineral Leasing: Issues and Directions (Summer Conference, June 10-11)

14 pages.

Contains references.

The Federal Coal Leasing Program, John Latz

Public Lands Mineral Leasing: Issues and Directions (Summer Conference, June 10-11)

22 pages (includes 1 illustration and 1 map).

Contains 3 pages of references.

Getting The Coal Leasing Program Back On Track: The Linowes Commission And Beyond, Sandra L. Blackstone

Public Lands Mineral Leasing: Issues and Directions (Summer Conference, June 10-11)

37 pages.

Contains 2 pages of references.