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2020

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Full-Text Articles in Public Policy

House Price Changes In The Mountain West, 1991-2020, Katie M. Gilbertson, Kristian Thymianos, Eshaan Vakil, Caitlin Saladino, William E. Brown Jr. Dec 2020

House Price Changes In The Mountain West, 1991-2020, Katie M. Gilbertson, Kristian Thymianos, Eshaan Vakil, Caitlin Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet measures the average price change in single-family house prices in Mountain West states and metropolitan areas. This fact sheet utilizes data from the Federal Housing Finance Agency's (FHFA) House Price Index (HPI) tool to show quarterly and yearly trends as far back as 1991 to 2020.


The Drug Overdose Epidemic Seen Through Different Lenses, Barbara Blake Gonzalez, Richard Cebula, James V. Koch Dec 2020

The Drug Overdose Epidemic Seen Through Different Lenses, Barbara Blake Gonzalez, Richard Cebula, James V. Koch

Economics Faculty Publications

The age-adjusted death rate from drug overdoses in the United States per 100,000 individuals rose from 6.8 in 2010 to 17.1 in 2018. The most common explanation offered is the deaths of despair hypothesis. We identify additional factors that have contributed to the rise in drug overdose deaths in cities and counties. Methods: We utilize a period fixed effects model with a multi-variate panel data set for 94 independent cities and counties in Virginia for the period 2008 through 2017. Results: The drug overdose mortality rate is: (a) an increasing function (prob.


Visualizing Vulnerable Jobs In Nevada, Peter Grema, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr. Nov 2020

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 Letter To The United States Government On Wealth And Income Inequality, Matthieu Maier Nov 2020

A Letter To The United States Government On Wealth And Income Inequality, Matthieu Maier

English Department: Research for Change - Wicked Problems in Our World

The United States of America is the world’s hotspot when it comes to income and wealth inequality. The wealthiest Americans are accumulating more and more wealth everyday while most Americans, who fall somewhere around middle-class, remain struggling and stagnant. The United States’ unchecked and deregulated system of capitalism is the root cause of our country’s inequities along with our government’s refusal to set aside self-interests and biases in order to combat these issues. From the inequality caused by rouged American systems larger issues are created that lead to complications in health, wages, standard of living, and race relations within our …


The Spanish Guarantee Scheme For Credit Institutions (Spain Gfc), Lily Engbith Oct 2020

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 Dutch Credit Guarantee Scheme (Netherlands Gfc), Lily Engbith Oct 2020

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 Oct 2020

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 …


The Guarantee Scheme For Bank Funding In Finland (Finland Gfc), Lily Engbith Oct 2020

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 …


Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath Oct 2020

Denmark's Loan Bills Temporary Credit Facility (Denmark Gfc), Keni Sabath

Journal of Financial Crises

The loan bills temporary credit facility was first implemented in May 2008, before the Global Financial Crisis had truly hit Denmark. It continued to be utilized as part of a broader effort to increase interbank lending after the collapse of Lehman Brothers in September 2008. The objective of the loan bills scheme was to facilitate lending among financial institutions. Each week, loan bills could be pledged as collateral for a seven-day loan from Denmark’s central bank, Danmarks Nationalbank. One banking institution could borrow from another institution by issuing a loan bill, and the institution buying the bill could raise liquidity …


The European Central Bank's Securities Markets Programme (Ecb Gfc), Ariel Smith Oct 2020

The European Central Bank's Securities Markets Programme (Ecb Gfc), Ariel Smith

Journal of Financial Crises

The Eurozone struggled during the escalation of the sovereign debt crisis in 2010. In order to aid malfunctioning securities markets, restore liquidity, and enable proper functioning of the monetary policy transmission mechanism, the European Central Bank (ECB) instituted the Securities Markets Programme (SMP) on May 9, 2010. This program enabled Eurosystem central banks to purchase securities from entities in Greece, Ireland, Portugal, Italy, and Spain. The program ended on September 6, 2012, and evaluations of its effectiveness are mixed.


The European Central Bank's Three-Year Long-Term Refinancing Operations (Ecb Gfc), Aidan Lawson Oct 2020

The European Central Bank's Three-Year Long-Term Refinancing Operations (Ecb Gfc), Aidan Lawson

Journal of Financial Crises

The announcement of the three-year Long-Term Refinancing Operations (LTROs) by the European Central Bank (ECB) on December 8, 2011, signaled the beginning of the largest ECB market liquidity programs to date. Continued and increasing liquidity-related pressures in the form of ballooning financial market credit default swap (CDS) spreads, Euro-area volatility, and interbank lending rates prompted a much more forceful ECB response than what had been done previously. The LTROs, using a repurchase (repo) agreement auction mechanism, allowed any Eurozone financial institution to tap essentially unlimited funding at a fixed rate of just 1%. Because the three-year LTROs were so similar …


The Commercial Paper Funding Facility (U.S. Gfc), Rosalind Z. Wiggins Oct 2020

The Commercial Paper Funding Facility (U.S. Gfc), Rosalind Z. Wiggins

Journal of Financial Crises

In mid-September 2008, prime money market mutual funds (MMMFs) began experiencing run-like redemption requests sparked by one fund that had “broken the buck” because of large exposure to Lehman Brothers commercial paper (CP). As a result, MMMFs, which are significant investors in CP, became reluctant to hold CP. Within a week, outstanding CP had been reduced by roughly $300 billion. The CP market experienced severe shortening of maturities and increased rates, making it difficult for issuers to place new paper. When government efforts to assist the MMMFs did not resolve the stresses in the CP market, the Federal Reserve announced, …


Market Liquidity Programs: Gfc And Before, June Rhee, Greg Feldberg, Ariel Smith, Andrew Metrick Oct 2020

Market Liquidity Programs: Gfc And Before, June Rhee, Greg Feldberg, Ariel Smith, Andrew Metrick

Journal of Financial Crises

The virulence of the Global Financial Crisis of 2007–09 (GFC) was explained in large part by the increased reliance of the global financial system on market-based funding and the lack of preexisting tools to address a disruption in that type of system. This paper surveys market liquidity programs (MLPs), which we define as government interventions in which the key motivation is to stabilize liquidity in a specific wholesale funding market that is under stress. Most of the MLPs surveyed in this paper were launched during and after the GFC, but two pre-GFC MLPs are included. A subsequent survey on MLPs …


Traffic Scorecard In Mountain West Cities, Kelliann Beavers, Eshaan Vakil, Katie M. Gilbertson, Caitlin J. Saladino, William E. Brown Jr. Sep 2020

Traffic Scorecard In Mountain West Cities, Kelliann Beavers, Eshaan Vakil, Katie M. Gilbertson, Caitlin J. Saladino, William E. Brown Jr.

Transportation & Infrastructure

This fact sheet presents congestion and mobility trends in 14 Mountain West cities as compiled by INRIX Research and author Trevor Reed, in the Global Traffic Scorecard, March 2020. The INRIX Global Traffic Scorecard examines the impact of vehicle travel on 975 congested cities in the world; this fact sheet focuses on the Mountain West, providing insight on the ranking and impacts of congestion. This fact sheet also supplements INRIX’s scorecard with population data from the U.S. Census Bureau to provide context for the rankings.


Covid-19: Working Parents And Child Care In The Mountain West, Olivia K. Cheche, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr. Sep 2020

Covid-19: Working Parents And Child Care In The Mountain West, Olivia K. Cheche, Vanessa Booth, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet synthesizes data on child-care dependent parents in various Mountain West metropolitan statistical areas (MSAs). This synthesis is based on an original report by Brookings Research Analyst, Nicole Bateman, titled “Working parents are key to COVID-19 recovery.” Additionally, this fact sheet highlights other variables that include the race-ethnic breakdown, education attainment, and federal poverty breakdown for child-care dependent parents.


The Economic Impact Of Covid-19: Rebuilding The Las Vegas Economy, Jaewon Lim Sep 2020

The Economic Impact Of Covid-19: Rebuilding The Las Vegas Economy, Jaewon Lim

Policy Briefs and Reports

This study analyzes the recent trends of monthly visitors to the Las Vegas-ParadiseHenderson, NV metropolitan statistical area (MSA) for the first five months of 2020. In addition, six scenarios for the seven-month period of June through December 2020 estimate the net loss of visitors to Southern Nevada and the impact for the state economy in terms of employment, income, the total value added (contribution to Gross State Product), output sales, and state and local tax revenues. The counter-factual scenario – projecting the regional economy if no COVID-19 outbreak occurred – serves as a baseline scenario that allows measurement of the …


The Las Vegas Medical District And The Unlv School Of Medicine: An Economic Analysis And Tax Revenue Study, Jaewon Lim, Robert E. Lang, Sabrina Wang Sep 2020

The Las Vegas Medical District And The Unlv School Of Medicine: An Economic Analysis And Tax Revenue Study, Jaewon Lim, Robert E. Lang, Sabrina Wang

Policy Briefs and Reports

In the 2011 report, “Unify, Regionalize, Diversify,” The Brookings Institution, SRI International, and Brookings Mountain West detailed Las Vegas’s experiences during and after the Great Recession, and identified the health and medical industry as a particularly potent opportunity for economic diversification – one that could improve health outcomes while also generating sustainable economic activity and high-quality jobs. The Las Vegas Metro medical industry began growing in 2006, grew during the Great Recession, and is expected to continue to grow for the next 10-year period spurred by the rapidly growing population in Southern Nevada. The establishment and launch of the UNLV …


Covid-19: Nevada Counties With Low-Income Job Loss, Katie M. Gilbertson, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr. Aug 2020

Covid-19: Nevada Counties With Low-Income Job Loss, Katie M. Gilbertson, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

The purpose of this fact sheet is to highlight low-income job loss due to COVID-19 in Nevada’s 17 counties. This fact sheet features data originally reported by the Urban Institute in the publication, “Where Low-Income Jobs are Being Lost to COVID-19,” which highlights data as of June 5, 2020.


Predictors Of Social Distancing And Mask-Wearing Behavior: Panel Survey In Seven U.S. States, Plamen Nikolov, Andreas Pape, Ozlem Tonguc, Charlotte Williams Aug 2020

Predictors Of Social Distancing And Mask-Wearing Behavior: Panel Survey In Seven U.S. States, Plamen Nikolov, Andreas Pape, Ozlem Tonguc, Charlotte Williams

Economics Faculty Scholarship

This paper presents preliminary summary results from a longitudinal study of participants in seven U.S. states during the COVID-19 pandemic. In addition to standard socio-economic characteristics, we collect data on various economic preference parameters: time, risk, and social preferences, and risk perception biases. We pay special attention to predictors that are both important drivers of social distancing and are potentially malleable and susceptible to policy levers. We note three important findings: (1) demographic characteristics exert the largest influence on social distancing measures and mask-wearing, (2) we show that individual risk perception and cognitive biases exert a critical role in influencing …


Brave New World - The Rise Of Cities Globally: Urbanizationmeets Technological Innovation And Digitization, Rhonda S. Binda Aug 2020

Brave New World - The Rise Of Cities Globally: Urbanizationmeets Technological Innovation And Digitization, Rhonda S. Binda

Open Educational Resources

The trifecta of globalization, urbanization and digitization have created new opportunities and challenges across our nation, cities, boroughs and urban centers. Cities are in a unique position at the center of commerce and technology becoming hubs for innovation and practical application of emerging technology. In this rapidly changing 24/7 digitized world, city governments worldwide are leveraging innovation and technology to become more effective, efficient, transparent and to be able to better plan for and anticipate the needs of its citizens, businesses and community organizations. This class will provide the framework for how cities and communities can become smarter and more …


Geography Of Debt In Nevada Counties, Eshaan Vakil, Peter Grema, Caitlin J. Saladino, William E. Brown Jr. Aug 2020

Geography Of Debt In Nevada Counties, Eshaan Vakil, Peter Grema, Caitlin J. Saladino, William E. Brown Jr.

Demography

This Fact Sheet summarizes and expands on the Urban Institute’s Debt in America: An Interactive Map online interactive dataset. The original data source offers statistics on the share of individuals in both white communities and communities of color with debt in collections, as well as the median value of this debt. The dataset further itemizes this information by medical, student loan, and automobile debt organized within counties and states. Data are presented for white communities and communities of color in Nevada’s most populous counties: Clark and Washoe.


Covid-19: Payment Protection Program (Ppp) Loan Impact In The Mountain West, Eshaan Vakil, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Aug 2020

Covid-19: Payment Protection Program (Ppp) Loan Impact In The Mountain West, Eshaan Vakil, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet summarizes the impact of COVID-19 relief loans on small businesses in 5 Mountain West states: Arizona, Colorado, Nevada, New Mexico, and Utah. Using data reported by the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), researchers at Brookings report, “across metro areas, COVID-19 relief loans are helping some places more than others.” This fact sheet explores the geographic distribution of PPP loans in 20 “very large,” “large,” “midsize,” and “small” metropolitan statistical areas (MSA) in the Mountain West.


Covid-19: Metro Recovery Index In The Mountain West, Vanessa Booth, Katie M. Gilbertson, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Covid-19: Metro Recovery Index In The Mountain West, Vanessa Booth, Katie M. Gilbertson, Elia Del Carmen Solano-Patricio, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

Amid the COVID-19 pandemic and the economic recession that is developing as a result, researchers at the Brookings Institution created the “Metro Recovery Index dashboard,” an interactive data set that tracks changes in labor, real estate, and other economic indicators for metropolitan areas throughout the U.S. Using data from January – June 2020, this Fact Sheets highlights the impact of the COVID-19 recession on 13 Metropolitan Statistical Areas (MSAs) in 5 Mountain West states: Arizona, Colorado, Nevada, New Mexico, and Utah.


Traffic-Related Pedestrian Deaths In The Sun Belt Region, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Traffic-Related Pedestrian Deaths In The Sun Belt Region, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Transportation & Infrastructure

This Fact Sheet presents data from Smart Growth America on the number of pedestrian fatalities in U.S. states and congressional districts. For the purpose of this fact sheet, the data included focus on the Sun Belt region between 2008 and 2017, highlighting areas with the highest rates of traffic-related pedestrian deaths.


Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard Jul 2020

Lessons Learned: A Conversation With Paul A. Volcker, Andrew Metrick, Rosalind Z. Wiggins, Kaleb B. Nygaard

Journal of Financial Crises

On March 26, 2019, Andrew Metrick, the Janet Yellen Professor of Finance at the Yale School of Management and Founder and Director of the Yale Program on Financial Stabilitysat down with Paul A. Volcker to discuss his perspectives on the Federal Reserve, central banking autonomy, “too big to fail,” and how his perspectives on these topics have changed over the decades.It turned out to be one of the last interviews given by the former Chairman of the Federal Reserve System who passed away on December 8, 2019, at the age of 92.


Minority Owned Businesses In The Southwest Megapolitan Triangle, Yanneli Llamas, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Minority Owned Businesses In The Southwest Megapolitan Triangle, Yanneli Llamas, Madison Frazee-Bench, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents the potential impact of COVID-19 on minority owned businesses, using data originally published by Brookings researchers Sifan Liu and Joseph Parilla in “Businesses owned by women and minorities have grown. Will COVID-19 undo that?” As noted in the original report, the coronavirus pandemic will shock a variety of industries and communities, but minority-owned businesses are likely to be hardest hit.


Downtown Population Growth In Southwest And Mountain West Metros, Peter Grema, Eshaan Vakil, Caitlin J. Saladino, William E. Brown Jr. Jul 2020

Downtown Population Growth In Southwest And Mountain West Metros, Peter Grema, Eshaan Vakil, Caitlin J. Saladino, William E. Brown Jr.

Demography

Summarizing data from Brookings Metropolitan Policy Program’s May 2020 research brief “big city downtowns are booming, but can their momentum outlast the coronavirus?,” this fact sheet includes an overview of population growth in downtown and metropolitan statistical areas (MSAs) between 1980 and 2018 in the Southwest and Mountain West regions of the United States. We focus on Mountain West states (Nevada, Arizona, Colorado, Utah, and New Mexico) in our analysis. In addition, we include the metros that comprise the Southwest Megapolitan Triangle (Southern California, alongside Las Vegas, NV, and Phoenix, AZ metropolitan statistical areas).


Higher Education & Economic Mobility In Nevada, Ember Smith, Caitlin J. Saladino, William E. Brown Jr. Jun 2020

Higher Education & Economic Mobility In Nevada, Ember Smith, Caitlin J. Saladino, William E. Brown Jr.

Higher Education

Using methods from both the Opportunity Insights Project and the Brookings Opportunity Engines Project, this fact sheet examines Nevada’s public higher education system and attempts to measure the success of these institutions in creating economic mobility opportunities for lower- and middle-income students. Only colleges with over 200 students from each of the 1980-1982 birth cohorts are included in the Brookings Opportunity Engine’s analysis. This fact sheet follows suit and focuses on only those in Nevada: University of Nevada, Reno (UNR); University of Nevada, Las Vegas (UNLV); Truckee Meadows Community College (TMCC); College of Southern Nevada (CSN); and Western Nevada College …


Covid-19: The Impact On Young, Low-Wage Workers Without College Degrees, Marie A. Falcone, Caitlin J. Saladino, William E. Brown Jr. Jun 2020

Covid-19: The Impact On Young, Low-Wage Workers Without College Degrees, Marie A. Falcone, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This Fact Sheet highlights select data from the Brookings Institution report “We can’t recover from coronavirus recession without helping young workers” released May 7, 2020 by Martha Ross and Nicole Bateman. In the context of the 2020 COVID-19 pandemic, the report includes data on the long-term, near-term, and immediate-term risk for occupations held by young workers without college credentials. This Fact Sheet focuses on data pertaining to the employment demography of young workers without a college degree in Mountain West states (Arizona, Colorado, Nevada, New Mexico, and Utah).


Opportunity In Ohio: Rethinking Northeast Ohio's Opportunity Zones With Local Legislation, Patrick J. Lipaj Jun 2020

Opportunity In Ohio: Rethinking Northeast Ohio's Opportunity Zones With Local Legislation, Patrick J. Lipaj

Cleveland State Law Review

Welcome to Census Tract 1186.02! Here, in a small sliver of Cleveland’s Glenville neighborhood, tucked between Superior and Hough Avenues, you will uncover a lot. You will discover a rich history of the city’s ethnic and cultural roots. You will also find gang violence, underperforming schools, a median household income of $9,526, and a poverty rate of 66.5 percent. Something you will not find in 1186.02 is investment. Private or public, money is not flowing in to 1186.02 and it has not for a long time. The substantial toll of continuous underinvestment on the residents of this neighborhood, one of …