Economic Policy Commons^™

Racial And Ethnic Disparities In Housing Instability During The Covid-19 Pandemic, Yung Chun, Stephen Roll, Selina Miller, Hedwig Lee, Savannah Larimore, Michal Grinstein-Weiss

Social Policy Institute Research

Stable and adequate housing is critical in the midst of a pandemic; without housing, individuals and families cannot shelter in place to prevent the spread of disease. Understanding and combating housing hardships in vulnerable populations is therefore essential to a sound public health response. This study aims to explore the pandemic’s disproportionate impacts on housing-related hardships across racial/ethnic groups in the United States as well as the extent to which these disparities are mediated by households’ broader economic circumstances; namely, their pre-pandemic liquid asset levels and the experience of COVID-19-related job and income losses. Using a national survey of over …

Covid-19 Educational Inequities: Shining A Light On Disparities In A Graduate School Of Social Work, Jason Jabbari, Dan Ferris, Tyler Frank, Michal Grinstein-Weiss

Social Policy Institute Research

In the wake of COVID-19, universities and schools of social work face unprecedented challenges and uncertainty in aligning their academic models with public heath protocols and best practices, while prioritizing the safety and well-being of their students. In order to best respond to these challenges and uncertainty, more research is needed to advance a greater understanding of (1) what challenges students face, (2) who is most at risk and impacted by these challenges, and (3) how universities can best support students. Through a survey administered during the spring 2020 semester at a large research university in the Midwest, we explored …

Technical Efficiency Of Public Middle Schools In New York City, William C. Horrace, Michah W. Rothbart, Yi Yang

Center for Policy Research

Using panel data and a “true” fixed effect stochastic frontier model, we estimate persistent and transient technical inefficiency in mathematics (Math) and English Language Arts (ELA) test score gains in NYC public middle schools from 2014 to 2016. We compare several measures of transient technical inefficiency and show that around 58% of NYC middle schools are efficient in Math gains, while 16% are efficient in ELA gains. Multivariate inference techniques are used to determine subsets of efficient schools, providing actionable decision rules to help policymakers target resources and incentives.

Impact Of Government Expenditure On Economic Growth In Nigeria, 1970-2019, Aluthge Chandana, Jibir Adamu, Abdu Musa

CBN Journal of Applied Statistics (JAS)

This study investigates the impact of Nigerian government expenditure (disaggregated into capital and recurrent) on economic growth using time series data for the period 1970-2019. The paper employs Autoregressive Distributed Lag (ARDL) model. To ensure robustness of results, the study accounts for structural breaks in the unit root test and the co-integration analysis. The key findings of the study are that capital expenditure has positive and significant impact on economic growth both in the short run and long run while recurrent expenditure does not have significant impact on economic growth both in the short run and long run. The study …

Conceptualizing Social Capital As Access To Social Network And Mobilization Of Network Resources: A Study Of Workplace Literacy Programs And Low-Income Somali Refugee Workers, Angela Uchechukwu Nwude

Graduate Theses and Dissertations

There is a substantial body of literature on the economic benefits of workplace literacy programs, and much less empirical studies on the social or non-economic outcomes of workplace literacy programs, particularly in the context of low-income refugee workers. Adopting a social network approach, this study examines the impact of workplace literacy programs on the social capital development of Somali refugee workers. Social capital can be defined as the network of relationships possessed by an individual or social group that facilitates their access to emotional, instrumental, or informational resources, essential for their daily survival, stability, or upward mobility. This study takes …

Who Relocates, Where Do They Move, And Why?, Yung Chun, Jason Jabbari, Pranav Nandan, Andrew Foell, Michal Grinstein-Weiss

Social Policy Institute Research

The lack of socioeconomic mobility among marginalized populations leads to the concentration of poverty, a long-standing issue in American cities. Empirical studies on neighborhood effects have found that poverty concentration adversely affects the socioeconomic mobility of residents—associated with their economic well-being, employment, education, health, and safety—in lower-income neighborhoods. Through a variety of neighborhood revitalization projects, federal, state, and local governments have put enormous efforts into cutting the vicious cycle of poverty while increasing the socioeconomic mobility of lower-income households. One of these projects, the Choice Neighborhood Initiative, is a recent Federal effort to revitalize distressed public housing sites in American …

Visualizing Vulnerable Jobs In Nevada, Peter Grema, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet summarizes data on Nevada and its metropolitan statistical areas (MSAs) from the national report “Visualizing Vulnerable Jobs Across America,” by Marcela Escobari, Natalie Geismar, and Dhruv Gandhi of the Brookings Institution. Data from the original report and accompanying database are used to highlight the total number and share of vulnerable jobs in the Silver State during the COVID-19 pandemic.

A Cross National Comparison Of Family Friendly Work Policies: The Potential Influence Of Cultural Values, Adeline Grace Hardten

Undergraduate Honors Theses

Around the world people must work for a living, but also must raise their families. To balance these obligations, parents need high levels of support. But the existence of family friendly work policies, defined as paid parental leave and affordable, high-quality childcare, vary significantly across nations, making it difficult for many to obtain the necessary support. Research indicates that countries providing supportive family friendly policies see economic benefits, increases in profitability, and stronger overall youth development. Even though research reveals strong positive outcomes, there is a deficiency of exploration into why more countries still lack comprehensive policies that support working …

The Influence Of Foreign Elite Rhetoric: National Identity, Emotions, And Attitudes Toward Austerity, Alessandro Del Ponte

Political Science Faculty Articles and Research

How does foreign elite rhetoric affect citizens’ emotions and attitudes about austerity? In a survey experiment conducted on the online blogs of the two major Italian newspapers, participants read a fictional news article where the German Chancellor addressed Italians. Across treatments, I varied whether the message blamed or praised Italians, and whether the message focused on economic or symbolic concerns. Praise generated enthusiasm whereas blame spurred anger and anxiety. Moreover, respondents with a strong national or European identity who read a message of praise were more enthusiastic, less angry, and less opposed to austerity. Finally, people who identify strongly with …

The Affordable Care Act And Entrepreneurship Lock: An Updated Examination Of Employer-Based Healthcare’S Effect On Self-Employment By Demographic Group, Sean Ruddy

Undergraduate Economic Review

This paper capitalizes on a natural experiment created by differences in Medicaid expansion under The Patient Protection and Affordable Care Act (ACA). A difference and difference model comparing states that did and did not expand Medicaid is conducted to investigate if providing an alternative and low-cost source of health insurance affects self-employment rates overall and across different demographic groups. The results suggest that living in a state that expanded Medicaid was associated with a 1.4 percent increase in the likelihood that an individual will be self-employed and that this effect is heterogeneous across different demographics, being largest among African Americans.

Migration And Inequalities In The Face Of Covid-19: Vulnerable Populations And Support Networks In Mexico And The United States, Claudia Masferrer

Mission Foods Texas-Mexico Center Research

Our world changed drastically on February 11th 2020 when the World Health Organization announced the name of the new coronavirus disease as COVID-19, and the pandemic was later considered the greatest challenge we have faced since World War II. Although we have started to experience social life in various new ways, the impacts that it will bring are still unknown. In recent years, migration had already undergone different transformations globally, and more changes are expected. How will populations on the move and migrant populations live in the following years post-COVID, and how different actors will respond to these changes, is …

Migration And Inequalities In The Face Of Covid-19: Economic, Political And Social Context In Mexico And The United States, Claudia Masferrer

Mission Foods Texas-Mexico Center Research

Our world changed drastically on February 11th 2020 when the World Health Organization announced the name of the new coronavirus disease as COVID-19, and the pandemic was later considered the greatest challenge we have faced since World War II. Although we have started to experience social life in various new ways, the impacts that it will bring are still unknown. In recent years, migration had already undergone different transformations globally, and more changes are expected. How will populations on the move and migrant populations live in the following years post-COVID, and how different actors will respond to these changes, is …

The Gap Remains: Social Security Benefits Continue To Fall Short Of Covering Basic Cost Of Living For Older Americans, 2015-2020, Jan Mutchler, Yang Li

Center for Social and Demographic Research on Aging Publications

Older Americans rely heavily on Social Security to support an independent lifestyle. Recent estimates suggest that among adults aged 65 years or older, more than half rely on Social Security for at least 50% of their family income, while nearly a quarter depend on Social Security for 90% or more of their family income.

Despite this substantial reliance on Social Security among older adults, Social Security benefits fall short of what is required to cover a basic cost of living across the United States, according to new estimates based on the Elder Index, a county-by-county measure of the income older …

The Effects Of Vietnam-Era Military Service On The Long-Term Health Of Veterans: A Bounds Analysis, Xintong Wang, Carloa A. Flores, Alfonso Flores-Lagunes

Center for Policy Research

We analyze the short- and long-term effects of the U.S. Vietnam-era military service on veterans’ health outcomes using a restricted version of the National Health Interview Survey 1974-2013 and employing the draft lotteries as an instrumental variable (IV). We start by assessing whether the draft lotteries, which have been used as an IV in prior literature, satisfy the exclusion restriction by placing bounds on its net or direct effect on the health outcomes of draft avoiders. Since we do not find evidence against the validity of the IV, we assume its validity in conducting inference on the health effects of …

Income Loss And Financial Distress During Covid-19: The Protective Role Of Liquid Assets, Stephen Roll, Mathieu Despard

Social Policy Institute Research

Nearly a quarter of U.S. households have experienced job or income losses related to the COVID-19 pandemic. Liquid assets mitigate financial distress in the face of financial shocks such as job loss, yet this relationship in the midst of the COVID-19 pandemic is unknown. Using a nationally representative sample of U.S. households (N = 4,383) who completed a survey in the early days of the pandemic, we examined pre-pandemic liquid assets as a moderator of the relationship between job and income loss and difficulty meeting financial obligations and use of high-cost financial resources. Estimates from propensity score-weighted linear probability models …

A New Beginning: Early Refugee Integration In The United States, Van C. Tran, Francisco Lara-García

Publications and Research

The U.S. refugee population not only has grown dramatically, but the countries from which the refugees are fleeing have also diversified over the last decade. Focusing on five recent refugee groups—Bhutanese, Burmese, Iraqis, Somalis, and Cubans, we examine how premigration characteristics and postmigration integration policies shape early socioeconomic integration in the United States. Our analyses point to three findings. First, early socioeconomic outcomes show only modest differences across refugee groups, despite significant variation in premigration selectivity in human capital. Second, the two possible pathways toward integration are schooling and employment. Third, postmigration integration policies matter. Our findings highlight the role …

Hateproofing Your Message: Response And Prevention Strategies For "Hatejacks", Bond Benton, Daniela Peterka-Benton

Department of Justice Studies Faculty Scholarship and Creative Works

No abstract provided.

Lessons Learned: Donald Kohn, Maryann Haggerty

Journal of Financial Crises

Kohn, an economist, is a 40-year veteran of the Federal Reserve System. He served as a member of the Board of Governors, and was vice chair, from 2002-2010, which included the years of the global financial crisis (GFC).

The United Kingdom's Credit Guarantee Scheme (U.K. Gfc), Christian M. Mcnamara

Journal of Financial Crises

The September 15, 2008, bankruptcy of Lehman Brothers resulted in a collapse of wholesale funding markets that threatened the ability of UK financial institutions to continue funding themselves. By the end of the month, two leading UK banks—HBOS and Bradford & Bingley—had to be rescued, and there was a real risk that the entire financial system could collapse. Faced with the need to stabilize the system, UK regulators on October 8 introduced a package of measures that included a £250 billion Credit Guarantee Scheme (the Guarantee Scheme) aimed at providing banks with access to needed funding. Under the Guarantee Scheme, …

Sweden's Guarantee Scheme (Sweden Gfc), Lily S. Engbith, Kevin Kiernan

Journal of Financial Crises

Although Sweden was not as directly impacted by the Global Financial Crisis as some other economies, Lehman Brothers’ bankruptcy on September 15, 2008, prompted Swedish authorities to take preemptive measures to protect domestic banks and financial institutions. One such program, announced on October 20, 2008, and implemented on October 29, 2008, was designed to preserve credit extension to businesses and households through what became known as the Swedish Guarantee Scheme. Per the terms of the Scheme, new short- and medium-term debt of maturities ranging from 90 days to five years issued by eligible banks would be guaranteed by the Swedish …

The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith

Journal of Financial Crises

Given Spanish banks’ heavy investment in the housing and construction markets in the lead-up to the global financial crisis (GFC), the collapse of the subprime mortgage market and Lehman Brothers’ bankruptcy on September 15, 2008, impelled the government to implement stabilization measures to calm, recapitalize, and restructure its domestic banking sector. The Spanish Guarantee Scheme for Credit Institutions (the Guarantee Scheme) was one of the first interventions to be enacted, announced by Spain’s Ministry of Economy and Finance on October 13, 2008, by Royal Decree-Law 7/2008 on “Urgent Economic and Financial Measures in relation to the Concerted Action Plan of …

The Portuguese Guarantee Scheme (Portugal Gfc), Julia A. Arnous

Journal of Financial Crises

By October 2008, Portuguese banks’ access to liquidity was severely restricted due to strains in international wholesale markets. On October 12-13, 2008, the Portuguese government notified the European Commission of a guarantee scheme intended to promote solvent credit institutions’ access to liquidity as part of the European policy response to the acute financial crisis aiming to achieve and maintain financial stability. Under the scheme, the Portuguese government guaranteed financing agreements and banks’ issuance of non-subordinated short- and medium-term debt. To obtain a guarantee under the Scheme, banks paid a fee based on the maturity of the debt and a risk …

The Polish Guarantee Scheme (Poland Gfc), Manuel Leon Hoyos

Journal of Financial Crises

Faced with the global financial crisis of 2007–2009, Poland implemented a scheme of State support for financial institutions. In view of a potential global credit crunch, it aimed at improving short- and medium-term liquidity of domestic financial institutions. The scheme came into force on March 13, 2009, and was approved by the European Commission under European Union State Aid rules on September 25, 2009. The scheme enabled the Ministry of Finance, on behalf of the State Treasury, to provide support in the form of Treasury guarantees on newly issued bank debt and the exchange of Treasury bonds for less liquid …

The Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith

Journal of Financial Crises

As fallout from the global financial crisis intensified in October 2008, governments around the world sought to implement stabilization measures in order to calm and protect their domestic markets. While not directly exposed to the subprime mortgage crisis, the Kingdom of the Netherlands announced the creation of the Dutch Credit Guarantee Scheme (the Guarantee Scheme) on October 13, 2008, to boost confidence in interbank lending markets and to ensure the flow of credit to Dutch households and companies. In establishing this program, the Dutch State Treasury Agency of the Ministry of Finance (DSTA) committed €200 billion to support the issuance …

The State Guarantee Of External Debt Of Korean Banks (South Korea Gfc), Lily S. Engbith

Journal of Financial Crises

Following the Lehman Brothers bankruptcy of September 15, 2008, a number of foreign governments enacted stabilization measures in order to bolster their currencies and inject much-needed liquidity into domestic markets. As part of its effort, the Korean Ministry of Strategy and Finance announced a series of government interventions that included a three-year guarantee of foreign debt issued (including extensions of maturity) by domestic banks between October 20, 2008, and June 30, 2009. This opt-in program was introduced as a preemptive step in ensuring that Korean financial institutions would retain competitive access to external funding in the wake of the global …

Ireland's Credit Institutions (Eligible Liabilities Guarantee) Scheme (Ireland Gfc), Claire Simon

Journal of Financial Crises

Following the failure of Lehman Brothers in September 2008, Irish banks found themselves unable to roll over their significant foreign borrowings on the interbank lending market. With the banks facing a liquidity crisis, the Irish government decided to issue a blanket guarantee of all liabilities of six banks through the Credit Institutions Financial Support Scheme (CIFS). As the crisis worsened, and it became clear that Irish banks were facing a solvency—not just liquidity—crisis, the Irish government was forced to provide additional support to the financial system, which took the form of capital injections and a national asset management company for …

The Italian Guarantee Scheme (Italy Gfc), Lily Engbith

Journal of Financial Crises

The collapse of Lehman Brothers on September 15, 2008, and its severe impact on global credit markets impelled governments around the world to enact stabilization measures to calm and protect their domestic economies. The Italian Republic, while not directly affected by the US subprime mortgage crisis, preemptively implemented emergency procedures and programs to ensure the stability of their banking system. Announced with the passage of Decree-Law No. 157 on October 13, 2008, and legally enforced under Law 190/2008 of December 4, 2008, the Italian Guarantee Scheme (the Guarantee Scheme) was aimed at protecting institutions whose interbank lending abilities had the …

The Hungarian Guarantee Scheme (Hungary Gfc), Alec Buchholtz

Journal of Financial Crises

In the midst of the global financial crisis, in October 2008, the Magyar Nemzeti Bank (MNB), the Hungarian national bank, noticed a selloff of government securities by foreign banks and a large depreciation in the exchange rate of the Hungarian forint (HUF) in foreign exchange (FX) markets. Hungarian banks experienced liquidity pressures due to margin calls on FX swap contracts, prompting the MNB and Minister of Finance to seek assistance from the International Monetary Fund (IMF), the European Central Bank (ECB) and the World Bank. The IMF and ECB approved Hungary’s requests in late 2008 to create a €20 billion …

The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith

Journal of Financial Crises

As the global financial crisis raged in October 2008, its severe impact on global credit markets impelled governments to enact stabilization measures to calm and protect their domestic economies. The Republic of Finland, though not directly affected, designed preemptive interventions to mitigate disruption to its financial system. Among them was the Guarantee Scheme for Bank Funding in Finland (the Guarantee Scheme), announced on October 22, 2008, and implemented on February 12, 2009, which aimed to support banks and mortgage institutions with their short- and medium-term financing needs. Under the program, the Finnish State Treasury made up to €50 billion available …

Bank Debt Guarantee Programs, Christian M. Mcnamara, Greg Feldberg, David Tam, Andrew Metrick

Journal of Financial Crises

One of the hallmarks of the global financial crisis of 2007-09 was the rapid evaporation of the non-deposit, wholesale funding many financial institutions had become increasingly reliant upon in the years leading up to the crisis. In the aftermath of the Lehman Brothers bankruptcy, governments became increasingly concerned about even fundamentally sound institutions’ ability to access necessary funding. In response, beginning in October 2008, authorities across the globe began introducing guarantee programs enabling institutions to issue debt that would be backed by a guarantee from the government in exchange for a guarantee fee. While the specific details of these programs …