Lessons Learned: A Conversation With Paul A. Volcker, 2020 Yale University
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.
The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, 2020 Yale Program on Financial Stability
The Federal Reserve’S Financial Crisis Response E: The Term Asset-Backed Securities Loan Facility, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Securitization is a process that allows banks and other lenders to package loans and sell them as bonds called asset-backed securities (ABS), removing them from their balance sheets and immediately generating cash for new loans. ABS are an important component of the financing cycle for many types of loans to households and small businesses, including mortgages. In the fall of 2008, financial markets began experiencing disturbances as the effects of the U.S. subprime market meltdown spread. The ABS market froze decreasing the volume of new loans to households and small businesses. The Federal Reserve became very concerned about the ...
The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, 2020 Yale Program on Financial Stability
The Federal Reserve’S Financial Crisis Response D: Commercial Paper Market Facilities, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
During the summer of 2007, the U.S. residential mortgage market began to decline sharply negatively impacting the asset-backed commercial paper (ABCP) market, which often relied on mortgages as underlying support. Money Market Mutual Funds (MMMFs), significant investors in commercial paper (CP), quickly retreated from the market, causing a substantial decline in outstanding ABCP. In September 2008, pressures on the markets severely escalated again, when the Reserve Primary Fund MMMF “broke the buck” and prompted run-like redemption requests by many MMMF investors. These disruptions resulted in higher rates and shorter maturities, practically freezing the market for term CP. Concerned about ...
The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, 2020 Yale Program on Financial Stability
The Federal Reserve’S Financial Crisis Response C: Providing U.S. Dollars To Foreign Central Banks, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
The financial crisis that began in late 2007 with the decline in the United States (U.S.) subprime mortgage markets quickly spread to other markets and eventually disrupted the interbank funding markets in the U.S. as well as overseas. To address the strain in the U.S. dollar (USD) funding markets, the Federal Reserve worked with foreign central banks around the world to provide USD liquidity to affected overseas markets by entering into currency swap agreements. Following the bankruptcy of Lehman Brothers in September 2008, and the resulting further destabilization of the world’s financial systems, the size and ...
The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, 2020 Yale Program on Financial Stability
The Federal Reserve’S Financial Crisis Response B: Lending & Credit Programs For Primary Dealers, Rosalind Z. Wiggins, Patricia C. Mosser, Andrew Metrick
Journal of Financial Crises
Beginning in the summer 2007 the Federal Reserve (the Fed) deployed numerous conventional and innovative programs to address the credit crisis occurring in the wholesale lending markets that was beginning to affect the broader financial markets and threaten the economy at large. Two of those programs, the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) were aimed at providing liquidity to primary dealers and required the Fed to rely on its authority under Section 13(3) of the Federal Reserve Act. Section 13(3) is a Depression Era amendment that permits the Fed expanded powers in ...
The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, 2020 Yale Program on Financial Stability
The Federal Reserve’S Financial Crisis Response A: Lending & Credit Programs For Depository Institutions, Rosalind Z. Wiggins, Andrew Metrick
Journal of Financial Crises
Beginning in summer 2007, the Federal Reserve (the Fed) was called upon to address a severe disruption in the interbank lending markets sparked by a downturn in the subprime mortgage market. As these developments began to impact the ability of banks to raise adequate funding, the Fed encouraged them to utilize the Discount Window (DW), its standing facility for lending to depository institutions, and repeatedly decreased the lending rate to make the facility more accessible. Despite the Fed’s efforts, for a number of reasons, including historical perceptions of stigma, banks were reluctant to utilize the DW. In December 2007 ...
街頭在變化？探討香港街頭飲食文化和城市經濟政治發展的關係, 2020 Lingnan University
街頭在變化？探討香港街頭飲食文化和城市經濟政治發展的關係, Jiaying Huang
Cultural Studies@Lingnan 文化研究@嶺南
Working Paper No. 49, On Joseph Schumpeter And Economic Development, 2020 Portland State University
Working Paper No. 49, On Joseph Schumpeter And Economic Development, Serene Mistkawi
Working Papers in Economics
In his writings Joseph Schumpeter stresses the important role played by the entrepreneur, serving as the agent bringing about change and contributing dynamic activities to an economy. Also, Schumpeter views capitalism as an evolving system, with his entrepreneur contributing to this evolution. Schumpeter also stresses the importance of innovation for enabling an entrepreneur to earn and accumulate profits. Related to innovation, Schumpeter’s entrepreneur can help bring about a “creative destruction.” This is thought to take place as outmoded businesses fail and their productive assets are bought up and creatively reorganized and brought back into production. In this manner, Schumpeter ...
Working Paper No. 44, The Evolution Of The Landlord, 2020 Portland State University
Working Paper No. 44, The Evolution Of The Landlord, Jarod Balentine
Working Papers in Economics
This inquiry seeks to establish that the meaning of the term ‘the landlord’ has evolved over the course of history. In this sense, this inquiry contributes not only to the disciplines of History and Politics, but also to the field of the History of Economic Thought and the subfield of Evolutionary-Institutional Economics, carrying on the tradition established by Thorstein Veblen. A pervasive and dominant institution during the feudal era, the landlord has since evolved considerably, shifting away from the position of a predominantly political institution into a more economically oriented, capitalist institution. As a figure and agent operating within societies ...
Red Sea, White Tides, And Blue Horizons, 2020 The Graduate Center, City University of New York
Red Sea, White Tides, And Blue Horizons, John P. Devine
Dissertations, Theses, and Capstone Projects
Eric Hobsbawm, in his effort to explain the fundamental divide which produced the Second World War, convincingly argues that “the crucial lines in this civil war were not drawn between capitalism as such and communist social revolution, but between ideological families: on the one hand the descendants of the eighteenth-century Enlightenment and the great revolutions including, obviously the Russian revolution’, on the other hand, its opponents.” This thesis argues that the American Civil War was a “great revolution” that represented a crucial transformative point in the formation of these two waring factions. The struggle was especially influential on the theory ...
Minimum Wages In China: Evolution, Legislation, And Effects, 2020 Zhejiang University
Minimum Wages In China: Evolution, Legislation, And Effects, Shi Li, Carl Lin
This book considers the positive and negative impacts of the minimum wage policy in China. Since China enacted its first minimum wage law in 1994, the magnitude and frequency of changes in the minimum wage have been substantial, both over time and across jurisdictions. The results from China’s experience show that rapidly increasing minimum wages have helped increase average wages and reduce the gender wage gap, income inequality, and poverty. However, the fast-rising minimum wage has also resulted in the loss of employment for young adults, women, low-skilled workers, and migrant workers. Additionally, higher minimum wages have a negative ...
Hyman Minsky: An Advocate Of Big Government, 2020 IE University
Hyman Minsky: An Advocate Of Big Government, Juan Ramon Rallo
Journal of New Finance
In The End of Laissez Faire (1926) and in The General Theory of Employment, Interest and Money (1936), Keynes advocated a new model of the State which put an end to the laissez faire and leave to the Government the task of reaching macroeconomic stability through monetary, fiscal and even demographic control of investment. One of the most original and modern thinkers within this Keynesian tradition in defense of “Big Government” was the post-keynesian economist Hyman Minsky. The Great Recession has revived and reinvigorated the minskyian positions up to the point of becoming a “required reading” especially for central bankers ...
Rural Economic Development In The Mid-Atlantic Region: Developing A Place-Sensitive Plan For The Region, Dustin Bishop
Student Honors Theses By Year
Much research has been done on regional economic development across the United States, most of which focuses on the role of agriculture in Western states, the high levels of poverty among the Southern states and the Appalachian region, and the urban poverty of Northern coastal cities such as New York City and Washington D.C. However, the Mid-Atlantic region, particularly its rural areas, has not received comparable attention. This paper fills this gap and evaluates the state of the rural Mid-Atlantic economy (Pennsylvania, New York, Virginia, West Virginia, and Maryland).1 Section 1 provides an overview of definitions and methodology ...
Income Inequality In America: Conclusions From 100 Years Of Income Tax Data And Cross-Country Comparisons, 2020 The University of San Francisco
Income Inequality In America: Conclusions From 100 Years Of Income Tax Data And Cross-Country Comparisons, Noriel Campos
In 1913, taxation of income was permanently introduced in the United States. Other similarly developed countries soon followed suit. From there, income inequality in the United States dropped significantly, and the decline in Europe was even more dramatic. First, this paper considers the changes over time of the share of national income gained by the top 1% of income earners in seven countries going back to World War Two. A second analysis considers the impact that tax policy may have had on the share of income accruing to the top 1% of U.S. income earners between 1980 and 2014 ...
All Hail The Market: Immigration And Economics In A Post-Cold War Western Hemisphere, 2020 The University of San Francisco
All Hail The Market: Immigration And Economics In A Post-Cold War Western Hemisphere, Jorge Ambriz
The end of the Cold War lifted the United States to the role of the sole economic superpower, and an opportune moment to address hemispheric issues was presented to Washington policymakers. By the end of the 1980s, hemispheric forced migration was on the rise, with a large portion of those forced to flee from Central America. This moment coincided with the decade characterized by an increasingly connected world, where globalization in the form of economic linkages were being proposed in the Summit of the Americas, hemispheric meetings that began in the 1990s in hopes of addressing hemispheric issues. While the ...
Innovation Dynamics Of Cultural Production: Evidence In Rap Lyrics, 2020 University of San Francisco
Innovation Dynamics Of Cultural Production: Evidence In Rap Lyrics, James M. Zumel Dumlao, Junjie Lei, Emeka Nwosu, Li Yu Oon, Tsai Ling Jeffrey Wong, James Rising, Jesse Anttila-Hughes
Culture is a driving force in organizing the structure of societies, and is conjoined with economic development. However, quantifying the impact of culture is difficult. Culture manifests itself in cultural production, through art, performance, music, etc. Innovation and influence in cultural production industries partially determines product quality. Using techniques from the “digitized humanities”, we agnostically identify informational distance to describe the spatiotemporal dynamics of innovation and influence in Rap music lyrics. Rap emphasizes lyricism and hometown pride more than other genres of popular music, and is interesting as a globally impactful manifestation of the racially segregated labor market in the ...
Incentivized Learning And Libraries: A Comparative Study Of Summer Reading Programs In Connecticut, 2020 University of Connecticut
Incentivized Learning And Libraries: A Comparative Study Of Summer Reading Programs In Connecticut, Andrew Morrison
Honors Scholar Theses
With digital forms of entertainment and media more inescapable than ever, it has become increasingly difficult to encourage children and teens to read. Simultaneously, despite an overwhelming amount of literature demonstrating the educational benefits of reading, especially as a necessity in the summer between academic years, library budgets are shrinking as federal funding nears its end. How do libraries promote summer reading amidst declining interest and decreased funding? Using data from public libraries across Connecticut, this paper investigates how libraries are adapting their children's summer reading programs to a changing landscape, how programs are designed to incentivize reading without ...
From Fields To Factories: The Industrialization Of The United States’ Cattle Industry, 2020 Dominican University of California
From Fields To Factories: The Industrialization Of The United States’ Cattle Industry, Joseph Petersen
History | Senior Theses
This paper will look at the changes of the United States of America's cattle and beef industry from the 19th into the 21st century. It will also show how the industry has evolved into its current state and predict the changes to come. This paper will be evaluating how technology and equipment have changed the traditional farming and ranch lifestyles. While also breaking down the economies from pre-industrial times into modern day. This paper will also explore the effect that technology, equipment, ranching styles, labor and financial changes had on the cattle and beef industry. Finally, this paper will ...
The Impact Of The 1981 Automobile Voluntary Export Restraint On Commuting Zone Level Within The United States, Owen Giordano
Undergraduate Honors Theses
This paper analyzes the impacts of the 1981 voluntary export restraint (VER) on important economic welfare indicators. The indicators include employment shares, average wages, and population growth measured on a commuting zone (CZ) level and were utilized as a means to assess trade-flow exposure. CZ level data allows us to capture the effects of a national policy on local economies. In addition, this paper evaluates the impact of the 1981 VER on Japanese exports to the United States (US). Two regression models use census data as well trade-flow data from 1970s to 1980s. A trade-flow exposure model shows that the ...
Crop Yield And Democracy, 2020 Nanyang Technological University
Crop Yield And Democracy, James B. Ang, Per G. Fredriksson, Satyendra Kumar Gupta
How does the historical legacy of agriculture affect democratic traditions in contemporary societies? This paper provides empirical evidence that inherent crop yield and democracy exhibit an inverted U-shaped relationship. This finding is supported by cross-country data from up to 147 countries, 186 pre-colonial societies, and the U.S. states. The relationship thus exhibits a highly persistent pattern. Crop yield is measured by kilocalories per hectare per year under rain-fed conditions, which has the advantage of being highly exogenous. The hump-shaped relationship holds up to a battery of robustness tests.