Economic Policy Commons^™

Can Geopolitics Help Restore Missing Tools To The U.S. Trade Toolbox?, Matthew Schaefer

Yeutter Institute International Trade Policy Review

When U.S. trade negotiators and trade litigators seek to increase market access for U.S. goods and services abroad, they look in their toolbox to see what might be the best tool. The more well-stocked the toolbox, the more possibilities for increasing foreign market access. Today, when U.S. trade negotiators look in their toolbox, they see several traditional tools missing, specifically legally-binding, comprehensive (including tariff-cutting) regional and bilateral free trade agreements (FTAs) and large package deals within the World Trade Organization (WTO). Their trade litigator colleagues face a similar circumstance of missing traditional tools, specifically the loss of binding two-level dispute …

Combatting Rising Healthcare Costs For Healthier Adults, Alejandra Muñoz-Rivera

Social Policy Institute Research

In 2020, healthcare expenditures averaged $12,530 per person, up 9.7% from 2019. In 2018, 19% of U.S. households had medical debt with $2,000 being the median amount owed. Over half of adults between 18 to 64 years of age are estimated to experience some form of medical financial hardship including medical bills or debt, stress about medical bills, and delaying or forgoing treatment specifically due to cost. In a 2022 survey of 140 Medicaid and Marketplace members by researchers from the Social Policy Institute (SPI) and the Centene Center of Health Transformation, one-third of respondents reported having unpaid medical bills. …

Housing Availability In Nevada, 2017-2022, Annie Vong, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data on housing availability across nine Nevada counties from 2017 to 2022. Eight Nevada counties are not represented in this fact sheet due to a lack of data in the original report. The original report by MarketWatch analyzes housing inventory from 2017 to 2022 and median list prices in 2022 across counties in the United States.

Weathering The Storm: Navigating Urban Ecologies Of Communication In Times Of Crisis, Austin Hestdalen

Electronic Theses and Dissertations

This project explores cities as urban ecologies of communication in which crises emerge and are given significance within the dialogic relations cultivated among public actors attempting to make a living, together, within the shared historical-cultural contexts of everyday life. To describe cities as urban ecologies of communication is to describe them in terms of urban communication and its interdisciplinary foundations in the study of rhetoric, philosophy, planning, policy, architecture, sociology, geography, and media. The first chapter introduces the challenges of urban risk and crisis management within the complex ecologies of communication constituted by cities and reviews how ‘risk’ and ‘crisis’ …

Renewable Energy Legislation In Nevada: 2017 - 2021, Peter Grema, Zachary Walusek, Caitlin J. Saladino, William E. Brown Jr.

Environment

The purpose of this fact sheet is to summarize legislative actions from the biennial 79th, 80th, and 81st Nevada Legislative Sessions (2017, 2019, and 2021) regarding solar energy production and state efforts to reach 50 percent energy production from renewable sources by 2030. By 2050, Nevada has a statutorily mandated obligation to be a net-zero carbon producer in fulfilling energy production needs from large scale utility services.

Death On The Job: Mountain West States, 2022, Miguel A. Soriano Ralston, Joshua Padilla, Saha Salahi, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet examines select data from the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) 2022 report, “Death on the Job: The Toll of Neglect,” which reports on worker safety, health, and workplace fatalities. The original report provides a comprehensive national and state-by-state profile of workplace conditions in the United States. These data were originally reported to the Bureau of Labor Statistics (BLS). This fact sheet highlights workforce fatalities and injuries in the Mountain West region (Arizona, Colorado, Nevada, New Mexico, and Utah).

Cbe Waves Newsletter: August 2022, Various

Newsletters

The Summer 2022 Center for the Blue Economy Waves Newsletter includes the following articles:

• A "How To" Guide for Creating Ocean GDP Accounts for NON-Economists
• The hidden landscape: Maritime cultural heritage of the Salas y Gómez and Nazca ridges with implications for conservation on the high seas
• Introducing the 2022 Center for the Blue Economy Summer Fellows
• Virtual Reality to the Rescue--two new climate change applications
• Celebrating the Biden-Harris Whole-of-Government Ocean Climate Action Plan
• Celebrating the Inflation Reduction Act--biggest spending on climate change in US history
• Student and alumni profiles
• Out of the Arctic podcast created by IEP MIIS student …

The Belt And Road Initiative Policy: How Chinese Policy Influences Southeast Asia And South Asia, Chendong Wang

Sustainability and Social Justice

This article would be divided into two main parts. In the first part, this article introduces what is the BRI policy and the history of the BRI policy. The BRI policy is a Chinese strategy and network to connect with Chinese partners and potential partners through economic, political, and cultural three perspectives. In the second part, this article describes the BRI policy development and the response from Chinese neighboring countries which mainly include the Southeast and South Asian Countries. Southeast Asian nations and south Asian nations would first be directly impacted by politics, the economy, and culture. Southeast Asian countries …

The Conditional Mode In Parametric Frontier Models, William C. Horrace, Hyunseok Jung, Yi Yang

Center for Policy Research

We survey formulations of the conditional mode estimator for technical inefficiency in parametric stochastic frontier models with normal errors and introduce new formulations for models with Laplace errors. We prove the conditional mode estimator converges pointwise to the true inefficiency value as the noise variance goes to zero. We also prove that the conditional mode estimator in the normal-exponential model achieves near-minimax optimality. Our minimax theorem implies that the worst-case risk occurs when many firms are nearly efficient, and the conditional mode estimator minimizes estimation risk in this case by estimating these small inefficiency firms as efficient. Unlike the conditional …

Inflation Expectations Can Be A Self-Fulfilling Prophecy, Aurobindo Ghosh, Khyati Chauhan, Muskan Bagrodia

Research Collection Lee Kong Chian School Of Business

In a commentary, SMU Assistant Professor of Finance (Education) Aurobindo Ghosh, SMU postgraduate student and Research Assistant for the SInDEx Project Muskan Bagrodia and International Monetary Fund Economic Research Assistant Khyati Chauhan weighed in on why inflation expectations matter as much as economic data. They discussed how inflation expectations can be a self-fulfilling prophecy, and shared the key takeaways of the quarterly DBS-Sim Kee Boon Institute’s Singapore Index of Inflation Expectations (DBS-SKBI SInDEx) survey. They concluded that effective communication on inflation control measures, in addition to credible policy decisions, will help consumers feel assured and refrain from basing purchasing decisions …

The True Cost Of Auto Insurance In The Mountain West, 2022, Annie Vong, Saha Salahi, Caitlin J. Saladino, William E. Brown Jr.

Transportation & Infrastructure

This fact sheet examines data on average annual premiums, percent of income spent on auto insurance, and life events associated with the rising cost of auto insurance in the Mountain West (Arizona, Colorado, Nevada, New Mexico, and Utah). The original report includes data on national averages for auto insurance premiums for all fifty states.

Affordable Housing: A National Crisis Fueled By The Coronavirus • A New Jersey Perspective, Latino Action Network Foundation

Center for Urban Policy Research

The Latino Action Network Foundation [LANF], its sister organization the Latino Action Network [LAN] and longtime ally, the Fair Share Housing Center [FSHC], have collaboratively monitored affordable housing issues in New Jersey for more than a decade. As part of its ongoing work, LANF sponsored a housing roundtable on September 10, 2021, to assess the affordable housing situation in the state and offer policy recommendations. At that time, a coalition of advocates, including the three organizations named above, were fresh from a legislative victory that safeguarded tenants unable to pay their rents during the pandemic and gave them a degree …

Student Loan Debt In Mountain West States, Zachary Walusek, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

This fact sheet summarizes findings on student loan debt across Mountain West states from “Student Loan Debt by State,” a report by the Education Data Initiative.

Minimum Wage As A Tool For Combatting Renter Burdens, Jack Hanson

Student Research – Stevenson Center

There is a severe shortage of affordable housing in the United States. In 2011, the number of low-cost rental units (units renting for $800 or less per month) stood around 23.5 million, but by 2017, this number dropped to 19.5 million, roughly a 17% decrease (Joint Center for Housing Studies, 2020). The result is that in 2020, only 37 affordable units exist for every 100 of the nation’s 10.8 million extremely low-income renters (those earning 30% or less of the area median income) (National Low Income Housing Coalition, 2021). One contributing factor is that higher-income households are beginning to rent …

Summary Report Of Discussions At The Forum “Nepali Diaspora Organizations In North America: Achievements, Opportunities, And Challenges”, Coppell, Texas, Usa July 2022, Ambika P. Adhikari

Himalayan Research Papers Archive

The forum “Nepali Diaspora Organizations in North America: Achievements, Opportunities and Challenges” was held at the annual convention of the Association of Nepalis in the Americas (ANA) in Coppell, TX, USA on July 2, 2022. Nepalese Society of Texas (NST) hosted the convention and forum. As studies related to diaspora have become important topics in the fields of development, community culture, sociology and anthropology, ANA decided to include this topic in the forums organized at the national convention.

The global Nepali diaspora population in 2022 is estimated at 800,000. Although no authoritative statistics is available, the Nepali diaspora in North …

Lessons Learned: Zeti Akhtar Aziz, Maryann Haggerty

Journal of Financial Crises

Zeti Akhtar Aziz, a Malaysian economist, was governor of Bank Negara Malaysia, her nation’s central bank, from 2000 to 2016; prior to that, she was acting governor and deputy governor. Dr. Zeti was a key leader in Malaysia’s response to the Asian financial crisis of 1997¬-98, as well as the financial sector restructuring that followed. This “Lessons Learned” summary is based on a 2022 interview with Dr. Zeti. At the time of the interview, she was co-chair of the board of governors of the Asia School of Business in Kuala Lumpur, which is a partnership between Bank Negara and the …

Lessons Learned: Mark Van Der Weide, Matthew A. Lieber

Journal of Financial Crises

With more than two decades of continuing service at the Federal Reserve Board, Mark Van Der Weide brings a unique insider perspective on central bank policymaking before, during, and after the Global Financial Crisis (GFC), including the Fed’s response to the COVID-19 pandemic in 2020. From 1998 to 2009, Van Der Weide served in the Fed’s legal division. De-tailed to the Treasury Department in 2009, he helped draft the Dodd-Frank Wall Street Re-form and Consumer Protection Act of 2010. Back at the Fed in 2010, Van Der Weide served for eight years in the Division of Supervision and Regulation, where …

Lessons Learned: David Wilcox, Mercedes Cardona

Journal of Financial Crises

David Wilcox was the deputy director of the Division of Research and Statistics of the Federal Reserve Board of Governors during the Global Financial Crisis of 2007-¬09. He assisted in developing the Federal Reserve policy response that ultimately stabilized the economy by providing insight into the economic and financial outlook to the Federal Open Market Committee (FOMC) prior to each of its policy-setting meetings. Wilcox became director of the division in 2011 and served in that role through 2018, acting as the division’s chief economist, manager, and the senior adviser to three Fed chairs. After leaving the Fed, he joined …

Lessons Learned: Brooksley Born, Maryann Haggerty

Journal of Financial Crises

Brooksley Born, a lawyer with decades of experience in derivatives law, served as chair of the Commodity Futures Trading Commission (CFTC) from 1996 to 1999. At the CFTC, she advocated for federal regulation of the over-the-counter derivatives (OTC) market, but legislation failed to pass. The OTC derivatives market had a central role in the Global Financial Crisis of 2007-09. Born, who returned to private practice after her CFTC term, served as a commissioner on the US Financial Crisis Inquiry Commission, which investigated the causes of the crisis and issued its report in January 2011. This “Lessons Learned” is based on …

Lessons Learned: Michael Silva, Mercedes Cardona

Journal of Financial Crises

Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at …

United States: Main Street Lending Program, Steven Kelly

Journal of Financial Crises

In March 2020, as the COVID-19 pandemic caused slowdowns and disruptions to economic activity, businesses faced disruptions to their revenues and experienced increased demand for credit. Yet, as the pandemic worsened the economic outlook, banks tightened credit. Starting on March 17, the Federal Reserve rolled out several emergency programs aimed at capital markets. Most of these programs tended to benefit relatively large companies. On March 23, the Fed said it would introduce a program targeting small and mid-sized companies. On April 9, 2020, the Federal Reserve announced its first design iteration of the novel Main Street Lending Program (MSLP). The …

Lessons Learned: Scott G. Alvarez, Esq., Part 2, Steven Kelly

Journal of Financial Crises

Scott G. Alvarez was general counsel of the Federal Reserve Board during the Global Financial Crisis (GFC). He met with the Yale Program on Financial Stability (YPFS) to discuss a litany of legal aspects related to the Fed’s interventions under its emergency liquidity provision authority under Section 13(3) of the Federal Reserve Act. We summarize some highlights from our interview with Mr. Alvarez. The transcript of this interview, conducted in April 2022, and one from an earlier Lessons Learned interview, in December 2018

United States: Paycheck Protection Program Liquidity Facility, Steven Kelly

Journal of Financial Crises

In the early days of the COVID-19 pandemic, the US Congress passed and funded the Paycheck Protection Program (PPP) to help small businesses facing business disruptions keep workers on their payrolls and meet other expenses. The PPP, signed into law on March 27, 2020, provided a mechanism for authorized lenders to extend concessionary, forgivable loans guaranteed by the Small Business Administration (SBA). Lenders ultimately extended approximately $800 billion in PPP loans. The SBA distributed the funds when the loan either defaulted or met the law's terms for SBA forgiveness. To buttress lenders' ability to fund PPP loans, the Federal Reserve …

United States: Municipal Liquidity Facility, Steven Kelly

Journal of Financial Crises

In March 2020, the COVID-19 pandemic caused severe financial stress for state and local municipalities. Municipalities' public health responses led to material increases in expenditures. At the same time, many municipalities faced revenue delays and declines due to extended tax deadlines and disruptions in taxable economic activity. Institutional investors also put heavy selling pressure on municipal bonds. In response to stresses in the municipal financing market, the Federal Reserve invoked its Section 13(3) emergency lending authority and created the Municipal Liquidity Facility (MLF). The Fed created the facility to backstop municipal entities' access to capital markets to help them manage …

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Term Asset-Backed Securities Loan Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 23, 2020, the Federal Reserve announced a series of monetary policy measures and established several emergency lending facilities to assist the US economy. Among these, the Fed revived the Term Asset-Backed Securities Loan Facility (TALF), a Global Financial Crisis (GFC)-era facility that used a special purpose vehicle (SPV) to encourage the issuance of asset-backed securities (ABS). Its main purpose was to restore the flow of credit to households and businesses. TALF II made $100 …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

United States: Commercial Paper Funding Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 17, 2020, the Board of Governors of the Federal Reserve announced the revival of the Commercial Paper Funding Facility (CPFF), a program that the government had utilized during the Global Financial Crisis (GFC) to provide a liquidity backstop to domestic issuers of commercial paper (CP). As with the first iteration of the program, the Federal Reserve Bank of New York (FRBNY) funded a special purpose vehicle (SPV) to purchase highly rated, US dollar-denominated CP, …

United States: Primary Market Corporate Credit Facility And Secondary Market Corporate Credit Facility, Natalie Leonard

Journal of Financial Crises

The COVID-19 pandemic reached a critical stage in early 2020 causing severe distress and disruption in financial markets, and the United States government declared a federal state of emergency in the second week of March. As institutional investors including mutual funds, pension funds, and insurance companies withdrew from corporate bond markets and funding options for large US businesses dried up, the Federal Reserve became concerned that solvent businesses might have difficulty financing their operations. On March 23, the Federal Reserve Board invoked Section 13(3) of the Federal Reserve Act, creating two novel emergency lending facilities to support the corporate bond …

United Kingdom: Covid Corporate Financing Facility, Adam Kulam

Journal of Financial Crises

During the COVID-19 crisis, sterling-denominated money markets froze, and otherwise-healthy companies were shut out of short-term, wholesale funding markets. To unfreeze these markets, the UK government announced a series of corporate funding measures. One of the measures was the Covid Corporate Financing Facility (CCFF), which enabled the Bank of England (BoE), acting on behalf of Her Majesty's Treasury's, to purchase commercial paper (CP) on primary and secondary markets from eligible dealers. The purpose of the CCFF was to provide stopgap wholesale funding to large, financially healthy firms while preserving British banks' capacity to serve small and medium-sized companies. Under the …