Economic Policy Commons^™

Altering Overdraft Fee Policies To Promote Consumer Financial Health, Nadia Barbarawi

Finance Undergraduate Honors Theses

The objective of this study is to describe the traditional overdraft practices, explain the reaction of the banking industry from the pressure coming from consumers, regulators, and innovative companies to reduce or eliminate overdraft fees to promote consumer financial health.

Why Renegotiation?: Renewal Of The South Korea-Chile Bilateral Free Trade Agreement, Montserrat Bugueno

International Studies (MA) Theses

This thesis project explores the motivations behind the bilateral free trade agreement (FTA) renegotiation between Chile and South Korea. Existing studies have examined the reasons and outcomes of creating the initial Chile-South Korea FTA, but they have not focused on renegotiations between the two countries. A few investigations on renegotiations have focused on diversifying their exports and expanding their markets in each other's regions. However, most research lacks further exploration of both countries' market security concerns. By analyzing official government documents and conducting three semi-structured interviews with government officials and experts in the field, I argue that the current protectionist …

¡Avancemos Ya!: Persistent Economic Challenges And Opportunities Facing Latinos In Massachusetts, Trevor Mattos, Phillip Granberry, Vishakha Agarwal

Gastón Institute Publications

Massachusetts is among the wealthiest states in the country, yet Latino communities here have struggled economically relative to Latinos nationwide. There have been some bright spots—poverty rates have decreased and Latinos now have higher rates of entrepreneurship, education and labor force participation than in years past. Still, a disproportionate share of the more than 800,000 Latinos in Massachusetts today contend with food insecurity and have low rates of intergenerational economic mobility.

Public Policy, Economic Development, And Taxes: An Impact Analysis Of Business Incentive Strategies At The State And Local Level, Richard Nanney

All Dissertations

In an effort to promote economic development, state-level policymakers have exercised discretion over the use of public money to incentivize subsidy packages for decades. Estimates suggest state governments spend approximately $50 billion annually on these initiatives. However, there has been little empirical research about the political and economic benefits received by local residents from these subsidy programs. This dissertation analyzes the effectiveness of state subsidy policy by considering induced economic spillover effects and population attrition rates. It examines how subsidy distribution is related to employment rates, average weekly wages, and population attrition. The project offers two methodological innovations. First, to …

Economic Experiments On Group Identity And Bias, Nathaniel Christopher Burke

Graduate Theses and Dissertations

Experiments in economics have been a valuable tool to understand the behavioral implications of incentives on the decision-making process. Particularly, aspects of decision making that cannot be observed in empirical data can be better isolated in an experimental setting such as bias and identity impacts. This dissertation uses three distinct experiments to further the understanding of individual biases, perceptions, and identity and how they impact the way people defer to these internal traits under incentives. This dissertation looks at how well individuals can make inferences about polling data that was collected from individuals susceptible to socially desirable responding. It also …

Three Essays On Clean Water State Revolving Funds: Determinants Of State Leveraging And Measurement Of Debt Affordability, Lien T. Nguyen

School of Public Service Theses & Dissertations

Leveraging is a popular option among Clean Water State Revolving Funds (CWSRFs). Most states choose to issue bonds to meet the requirement of the state match contribution, and to provide additional funding into the pool of funds available for community loan assistance. Leveraging offers short-term remedies to fill a financial resources gap; however, this raises concern about any costs associated with leveraging that might negatively influence the sustainability of CWSRFs in the long run. This dissertation comprises three essays that examine the different factors that motivate CWSRFs to leverage, and it offers a look at how they measure their affordability …

The Political Pandemic: The Relationship Between Political Leanings, Covid-19, And The Economy In 2020, Garrett Clark

Honors College Theses

The effect of political leanings on the pandemic outcomes, both in terms of the COVID-19 cases and death totals and the extent that the pandemic affected the economy, is the analysis of interest. The literature indicates a relationship between political leanings and the COVID-19 response. Data is gathered from a variety of sources, and a series of regressions are performed to analyze several control variables and determine their significance. The results indicate a relationship between political leanings and COVID-19 outcomes. However, results regarding the effects of politics on the economy are less clear. Possible explanations are provided for the results.

The Effect Of Covid-19 On The Low-Wage Workforce Nationwide, Katie Gilbertson

Undergraduate Research Symposium Podium Presentations

Key Takeaways: 1. Each low-wage occupation pays less than the mean hourly wage in their respective MSA. 2. Least amount of wage variance among MSAs in 2019. 3. In Las Vegas 2/3 of occupational wages increased, but employment dropped in 14/15 occupations. Leisure and hospitality occupations hardest hit and slowest to recover.

American Rescue Plan Act (Arpa): City And County Budget Allocations In The Mountain West, Katie M. Gilbertson, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet details how city and county governments within the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah allocated funds from the State and Local Fiscal Recovery Fund (SLFRF) portion of the American Rescue Plan Act (ARPA). Brookings Metro in partnership with the National League of Cities and the National Association of Counties created the “Local Government ARPA Investment Tracker” to display how communities across the country allocate this financial resource. This interactive site allows budget information from cities and counties to be added as such decisions are made.

Electric Vehicle (Ev) Infrastructure In The Mountain West, 2020-2021, Olivia K. Cheche, Caitlin J. Saladino, William E. Brown Jr.

Transportation & Infrastructure

This fact sheet highlights data on electric vehicles (EVs) and EV charging stations, as originally reported by Zutobi in The 2022 EV Charging Station Report. This report examines the presence of EV infrastructure across the United States. The Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah are considered here.

Mountain West Personal Income Growth, 2021, Kristian Thymianos, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet highlights personal income growth in the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. The data are retrieved from The Pew Charitable Trusts (Pew) report, “Fiscal 50: State Trends and Analysis.” The compound annual growth rate in state personal income through the second quarter of 2021 and the year-to-year change in state personal income are presented. These values are adjusted for inflation.

An Analysis Of The Covid-19 Pandemic On The Students At The University Of South Dakota, Alexandra J. Buss

Honors Thesis

The COVID-19 pandemic rapidly took over the United States (US) in the beginning of 2020. Nationally, damages to finances, housing, and mental health have impacted many. Despite being one of the least densely populated states, South Dakota quickly rose to some of the highest rates in the nation and was identified as a national hotspot. While there have been significant reports on the effects of COVID-19 on certain communities (healthcare workers, small business owners, parents), more research is needed on the effects on university students. In this report, I aim to assess damages based on financial status of students, mental …

‘Vox Populi?:’ Assessing Nato Popularity Relative To Political And Economic Indicators In Selected Member Nations, Zachary W. Cheek

Undergraduate Economic Review

This paper seeks to identify the impact of political and economic conditions on a nation’s popularity/favorability ratings towards North Atlantic Treaty Organization, the world’s most powerful military alliance. It is found that in random-effect models there exists a significant positive relationship between a country’s democratic strength and favorability, as well as a negative relationship regarding unemployment. In fixed-effect models, however, there is slight evidence of a positive relationship with per-capita GDP, as well as negative relationships with the unemployment rate and the trade index. Overall, differences in member-nations largely account for whether democratic or macroeconomic conditions influence support.

Practicing Sustainability In Consumer Choices, Cynthia Pugh

Sustainability Conference

Practicing Sustainability in Consumer Choices

The issue of sustainability is a global one impacted daily by individual choices. The foundational principles of sustainability and the unified efforts of the global sustainability goals are presented to define the world we want. Sustainability is an intentional core of any product akin to safety by design. This presentation will describe the concept of sustainability by design, designing at all levels, with good intentions and with the goal of abundance.

Due to the availability of corporate sustainability information such as the Global Reporting Initiative or Corporate Social Responsibility, one can comparatively research the …

Lessons Learned: Harry Wilson, Mary Anne Chute Lynch

Journal of Financial Crises

Harry Wilson was one of four senior advisers to the US Department of the Treasury during the Obama administration and served on the President’s Task Force on the Auto Industry, which was established in 2009 and charged with providing aid to General Motors and Chrysler, and later to other entities, to avoid their disorderly failure and the loss of a million or more jobs. The Auto Task Force worked intensively throughout 2009 to swiftly negotiate with the corporate leadership, unions, investors, and other stakeholders of the two manufacturers to design an orderly restructuring that would put the companies on a …

Lessons Learned: Steven Rattner, Mary Anne Chute Lynch

Journal of Financial Crises

Steven Rattner, an investment banker and private equity professional, joined the Obama administration as counselor to the Secretary of the Treasury and head of the Obama administration’s Task Force on the Auto Industry, which was charged with providing aid to Chrysler and General Motors, and later to other entities, to avoid their disorderly failure and the loss of a million or more jobs. The Auto Task Force worked intensely throughout 2009 to swiftly negotiate with the corporate leadership, unions, investors, and other stakeholders of the two manufacturers to design an orderly restructuring that would put the companies on a path …

Lessons Learned: Mara Mcneill, Mary Anne Chute Lynch

Journal of Financial Crises

Mara McNeill was senior counsel to the US Department of the Treasury on the Obama administration’s Automotive Investment Financing Program (AIFP) during the Global Financial Crisis (GFC) of 2007–09. As senior counsel, McNeill was responsible for the department’s $80 billon financing of General Motors, Chrysler, Ally Financial, and Chrysler Financial. She worked with the Auto Team Task Force, the Troubled Assets Relief Program (TARP) legal team, and the Department of Treasury. The bipartisan AIFP team was charged with overseeing the government’s efforts to assist the companies toward a “new lease on life,” while exercising strong financial principles to protect the …

Lessons Learned: Sadiq Malik, Mary Anne Chute Lynch

Journal of Financial Crises

Sadiq Malik was a member of the Obama administration’s Task Force on the Auto Industry, which was established in 2009 and charged with providing aid to Chrysler and General Motors, and later to other entities, to avoid their disorderly failure and the loss of a million or more jobs. The Auto Task Force worked intensively throughout 2009 to swiftly negotiate with the corporate leadership, unions, investors, and other stakeholders of the two manufacturers, to design an orderly restructuring that would put the companies on a path to stability. Malik, working for the Auto Task Force, helped take General Motors through …

Lessons Learned: Matthew Feldman, Mary Anne Chute Lynch

Journal of Financial Crises

Matthew Feldman was the chief legal advisor to the Department of the Treasury on the Obama administration’s Task Force on the Auto Industry, which was established in 2009 and charged with providing aid to Chrysler and General Motors (GM), and later other entities, to avoid their disorderly failure and the loss of a million or more jobs. The Auto Task Force worked intensively throughout 2009 to swiftly negotiate with corporate leadership, unions, investors, and other stakeholders of the two manufacturers to design an orderly restructuring that would put the companies on a path to stability. Treasury Secretary Timothy Geithner recognized …

Lessons Learned: Ron Bloom, Mary Anne Chute Lynch

Journal of Financial Crises

Ron Bloom served as senior adviser to Secretary of the Treasury Timothy Geithner on President Barack Obama’s Task Force on the Automotive Industry and as assistant to the president for manufacturing policy (2009–2011). As senior adviser on the Auto Task Force team, Bloom helped lead the restructuring of General Motors and Chrysler LLC. Subsequently, he advised the Obama administration with policy development and strategic planning to revitalize the manufacturing sector. Bloom brought to Treasury his unique experience working with organized labor (including the United Steelworkers Union, United Auto Workers, the Teamsters, the Air Line Pilots Association), and in the investment …

Lessons Learned: Brian Stoker, Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

Brian Stoker served in Merrill Lynch’s structured credit division for seven years, producing and trading asset-backed securities (ABS). In 2005, Stoker moved to Citigroup as a director of ABS CDO (collateralized debt obligation) and CLO (collateralized loan obligation) structuring. After the financial crisis, Stoker was an analyst at Carlson Capital for three years. In 2011, he joined StormHarbour Securities, serving as a managing director until 2018. From 2019 to 2021, he was director of securitization at Korth Direct Mortgage. Presently, Stoker is a licensed real estate agent in Miami. This Lessons Learned summary is based on an interview with Stoker.

Lessons Learned: Chris Ricciardi, Matthew A. Lieber, Steven H. Kasoff

Journal of Financial Crises

Chris Ricciardi was a CDO pioneer who built the structured products units at CS First Boston and Merrill Lynch before moving to the asset management side. Ricciardi began his career structuring novel fixed-income securities at Prudential. At CS First Boston and Merrill, he catapulted each investment bank’s lagging unit into the top of the league tables for CDO (collateralized debt obligation) issuance. He was CEO of Cohen & Co. from 2006 to 2011, when he left to co-found investment management firm Mead Park Management. A graduate of the University of Richmond with an MBA from the Wharton School of the …

Lessons Learned: Eric Kolchinsky, Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

Eric Kolchinsky served as managing director of ratings for ABS CDOs (asset-backed security collateralized debt obligations) at Moody’s Investor Services from 2005 to 2007. Kolchinsky started his career in structured finance with stints at Goldman Sachs and Merrill Lynch. He joined Moody’s in 2000 as vice president for credit. In 2007, after Kolchinsky raised questions concerning the ratings of new deals in light of subprime downgrades, Moody’s removed him from his client-facing position. Kolchinsky supervised methodology for structured finance valuations at Moody’s Analytics for two years, before Moody’s suspended him altogether in 2009. Separated from Moody’s, Kolchinsky testified before Congress …

Lessons Learned: Stephen King, Matthew A. Lieber, Steven H. Kasoff

Journal of Financial Crises

Stephen King started his career in finance at Bankers Trust in 1997 as a computer scientist with a business degree. He worked on structured credit transactions when credit derivatives were just being invented. In 2005, King joined Barclays’ structured credit group, where he managed a CDO (collateralized debt obligation) correlation desk that was different from standard dealer CDO units. In 2009, he launched C12 Capital Management to relieve Barclays of distressed subprime positions. Presently, King finances and builds luxury hotels as founder and CEO of Sardis Developments. This Lessons Learned summary is based on an interview with King.

Lessons Learned: Sohail Khan, Matthew A. Lieber, Steven H. Kasoff

Journal of Financial Crises

Sohail Khan was managing director of fixed-income sales at Citigroup from 2005–09. Khan started his finance career in 1996, after completing his MBA at Lahore University of Management Sciences (LUMS). Khan gained broad experience in product structuring and sales of credit derivatives at Citigroup. As managing director during the subprime securitization boom and bust, he was involved with institutional sales of asset-backed securities (ABS) including collateralized debt obligations (CDOs); his clients were hedge funds, structured vehicles, and institutional buyers. In 2009, Khan left Citigroup to co-found StormHarbour Securities, a boutique investment bank he has headed since as managing principal. This …

Lessons Learned: Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

Steve Kasoff was employed at Elliott Management Corporation from 2003 until 2020. His responsibilities centered on developing the structured products and real estate groups at Elliott. He was made senior portfolio manager, a member of the firm’s management committee, and equity partner. Kasoff has extensive experience in the origination, trading, and management of structured products such as collateralized debt obligations (CDOs) and mortgage-backed securities, including earlier posts at Deutsche Bank, Merrill Lynch, and Lehman Brothers. He earned his BA in economics from Yale College and his MBA in finance from the Wharton School of the University of Pennsylvania. In 2016, …

Lessons Learned: James Finkel, Steven H. Kasoff, Matthew A. Lieber

Journal of Financial Crises

A Wall Street veteran specializing in structured credit transactions, Jim Finkel was co-founder and director of the structured credit asset management firm Dynamic Credit Partners (DCP) from 2003 to 2009. Finkel started his career as a securities lawyer for the international law firm Cadwalader, Wickersham & Taft LLP, before moving over to the banking side in 1992. He specialized in mortgage-backed securities and collateralized loan obligations (CLOs) for several firms, including Bear Stearns and Deutsche Bank, where he headed the London-based CLO group. In 2003, Finkel returned to New York to launch and run DCP. In 2010, he joined financial …

Anatomy Of A Trade: The Making Of A Subprime Cdo, Steven H. Kasoff

Journal of Financial Crises

This article presents a short story, a sketch in eight parts of a single fictitious subprime collateralized debt obligation (CDO) transaction. The story is informed by expert interviews, documentary research, and the author’s firsthand experience.

A Special Project: Inside The Cdo Machine, Rosalind Z. Wiggins, Andrew Metrick

Journal of Financial Crises

In this issue of the Journal of Financial Crisis, we feature Inside the CDO Machine—a special undertaking recently completed under the auspices of the Yale Program on Financial Stability Lessons Learned Oral History Project by Steven H. Kasoff, a Yale School of Management Fellow and former equity partner and head of real estate and structured products investments at the Elliott Management Corp., a global hedge fund. For the project, Kasoff undertook a series of interviews with industry professionals to focus on one of the critical derivatives products of the Global Financial Crisis (GFC), collateralized debt obligations (CDOs), and how they …

Wall Street’S Subprime Debacle: Firsthand Accounts From Inside The Cdo Machine, Matthew A. Lieber, Steven H. Kasoff

Journal of Financial Crises

The observations, perceptions, and actions of participants in the subprime markets remain poorly documented and incompletely understood. Seeking to deepen our understanding, this study has produced seven interview summaries and one article telling the story of a hypothetical CDO deal. This article is organized in four parts. First, it presents our research questions and methods in relation to the existing knowledge on the topic. Second, it describes what we think are the study’s main contributions. Third, it previews the Lessons Learned summaries and interviews from each of the participants. And last, it identifies what we believe are some of the …