Lessons Learned: Seth Carpenter,
2022
Yale University
Lessons Learned: Seth Carpenter, Maryann Haggerty
Journal of Financial Crises
Seth Carpenter was a senior staff member of the Division of Monetary Affairs at the Federal Reserve Board during the 2007–09 Global Financial Crisis (GFC), meaning he was part of the team that advised the Board of Governors and members of the Federal Open Market Committee (FOMC) in setting monetary policy. He led the Board team that worked daily with the Open Market Trading Desk at the Federal Reserve Bank of New York to implement policy. He left the Federal Reserve System as deputy director of monetary affairs in 2014 to work at the US Department of the Treasury, where …
Lessons Learned: Tim Clark,
2022
Yale University
Lessons Learned: Tim Clark, Lynnley Browning
Journal of Financial Crises
During the Global Financial Crisis of 2007–09, Tim Clark was senior adviser in the Division of Banking Supervision and Regulation at the Board of Governors of the Federal Reserve System. Clark was a chief architect of the Federal Reserve’s capital and liquidity stress tests that helped to stabilize the banks. He was also one of the leaders behind the implementation of the Dodd-Frank Act and other reforms at the Federal Reserve, and ultimately served as deputy director of the Division for Supervision and Regulation. This abstract is based on an interview with Clark that occurred on December 13, 2019.
The Internal Capital Markets Of Global Dealer Banks,
2022
Federal Reserve System: Board of Governors
The Internal Capital Markets Of Global Dealer Banks, Arun Gupta
Journal of Financial Crises
This study uncovers the existence of a trillion-dollar internal capital market that played a central role in the financing of dealer banks during the 2007–09 Global Financial Crisis. Hand-collecting a novel set of dealer microdata at the subsidiary level, I present a unique set of facts on the evolution of inter-affiliate loans between US primary dealers and their (primarily foreign) siblings. First, the aggregate size of these dealer internal capital markets quadrupled from $335 billion in 2001 to $1.2 trillion by 2007. Second, 25 percent of total repurchase agreements and 62 percent of total securities lending reported on US primary …
Lessons Learned: John Bovenzi,
2022
Yale University
Lessons Learned: John Bovenzi, Sandra Ward
Journal of Financial Crises
As a deputy to the chairman of the Federal Deposit Insurance Corporation (FDIC) and in his role as chief operating officer of the agency, John Bovenzi provided policy advice and oversaw the agency’s operations, including business lines, bank supervision, bank closings, deposit insurance, and administrative affairs. Bovenzi’s most notable role during the Global Financial Crisis was manning the helm of mortgage lender IndyMac after the FDIC took it over in July 2008 to position it for a sale. This abstract is based on an interview with Bovenzi conducted on December 2, 2020
From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System,
2022
European Systemic Risk Board
From Lost Turnover To Nonperforming Loans: The Impact Of The Covid-19 Pandemic On The Economy And On The Financial System, Antonio Sánchez Serrano
Journal of Financial Crises
The COVID-19 pandemic created an unprecedented economic shock across the world. As a result of the coronavirus outbreak and the related health measures, nonfinancial corporations providing nonessential goods or services that cannot be consumed remotely have experienced a large decrease in their turnover. Using balance sheets and flows statements, we are able to quantify the impact of the pandemic on nonfinancial corporations and households, according to several scenarios for the pandemic over 2021. The impact is largely heterogeneous across sectors and amounts to up to 20% of the turnover for euro area nonfinancial corporations. Stress in these corporations and households …
Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies,
2022
International Monetary Fund
Managing External Volatility: Policy Frameworks In Non-Reserve-Issuing Economies, Hélène Poirson, Nathan Porter, Ghada Fayad, Itai Agur, Ran Bi, Jiaqian Chen, Johannes Eugster, Stefan Laseen, Jeta Menkulasi, Kenji Moriyama, Céline Rochon, Katsiaryna Svirydzenka, Camilo Tovar, Zhongxia Zhang, Aleksandra Zdzienicka
Journal of Financial Crises
Since the Global Financial Crisis, non-reserve-issuing economies (NREs) have been highly sensitive to episodes of external pressures. With monetary policy independence constrained by this sensitivity, many NREs have utilized other policy instruments. This paper confirms the vulnerability of NREs to external shocks and finds that, in some circumstances, managing such shocks with multiple instruments can both lessen the policy response required from any one policy tool to financial and external shocks and increase the effectiveness of policies in stabilizing macrofinancial conditions. Effectiveness, however, does not always imply appropriateness, which rests on an evaluation of potential trade-offs and unintended consequences.
Financial Crises And Legislation,
2022
University of Pennsylvania Wharton School of Business, and The Brookings Institute
Financial Crises And Legislation, Peter Conti-Brown, Michael Ohlrogge
Journal of Financial Crises
Scholars frequently assert that financial legislation in the United States is primarily crisis driven. This “crisis-legislation hypothesis” is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is poorly conceived and inadequate to the problems it aims to address. Other scholars embrace the hypothesis, but from the perspective that crises are the needed impetus to prompt constructive reforms. Despite the prevalence of this hypothesis, however, its threshold assumption—that Congress passes major financial legislation only when financial crises arise—has never been analyzed empirically. This article provides that analysis. We first devise a new system …
Twenty-One Years Later: Reflections On 9/11,
2022
Liberty University
Twenty-One Years Later: Reflections On 9/11, Bessie Blackburn, Shaddi Spencer, Hayden O'Connor
Liberty University Journal of Statesmanship & Public Policy
Twenty-one years ago, one of the greatest attacks on the American republic occurred. On September 11, 2001, American Airlines Flights 11, 77, 93, and 177 were hijacked by Islamic extremists and crashed in New York City, Washington D.C., and Pennsylvania. The atrocity of these incidents and the extensive loss of life impacted not only the United States but the entire world. Nevertheless, in light of this tragedy the American people found unity in patriotism, rekindling a sense of national purpose in the form of the “Global War on Terrorism.” This document is a compilation of reflection articles written by individuals …
Professionalizing Special Operations Forces,
2022
US Army War College
Professionalizing Special Operations Forces, C. Anthony Pfaff
The US Army War College Quarterly: Parameters
No abstract provided.
Evolution And New Change Of Uk Public Sector Research Establishments,
2022
National Science Library, Chinese Academy of Sciences, Beijing 100190, China
Department of Library, Information and Archives Management, School of Economics and Management, University of Chinese Academy of Sciences, Beijing 100049, China
Evolution And New Change Of Uk Public Sector Research Establishments, Siyu Tao, Quan Gan, Yu Dong
Bulletin of Chinese Academy of Sciences (Chinese Version)
National research institutes, as an importance part of national strategically scientific and technological strength, are facing great challenges in development and management under the new S&T revolution and increasing national strategic demands. Based on reviewing the evolution of UK public sector research establishments, this study takes in-depth analysis of the new idea and organizational model changes in recent ten years, including the mission and layout, external management, internal governance, and interdisciplinary research mechanisms of UK public sector research establishments. Further inspirations are provided for the reform of Chinese national research institutions and the establishment of new research institutes.
Analysis Of The Utilization Of Nebraska Medicine's Price Transparency Tool,
2022
University of Nebraska Medical Center
Analysis Of The Utilization Of Nebraska Medicine's Price Transparency Tool, Ingrid A. Olson
Capstone Experience: Master of Public Health
Healthcare costs have become a significant concern for patients, healthcare facilities, economists, and politicians within the United States. In an effort to understand and reduce health-related costs, price transparency laws were enacted at the beginning of 2021. Because of these new laws, hospitals must provide a price transparency tool for their patients. “Price transparency in healthcare makes pricing information more readily available, defines the value of services, and enables patients and other care purchasers to identify, compare, and choose providers that offer the desired level of value” (AAMC, 2022). However, research results on price transparency tools use and efficacy is …
Modern American Propaganda: An Institutional History,
2022
Chapman University
Modern American Propaganda: An Institutional History, Douglas Morrow
War, Diplomacy, and Society (MA) Theses
The U.S. Department of State’s Bureau of Public Affairs and Public Diplomacy is the primary government institution in charge of overt, foreign-directed propaganda. This paper argues that the institutional culture of this institution was born and came to fruition in the period 1941-1953, and has not significantly changed since. That institutional culture includes a fierce adherence to a “strategy of truth,” with aesthetic norms being reserved and largely unemotional as a result of positioning themselves in moral and aesthetic opposition to Nazi and early Cold War Communist propaganda. Franklin Delano Roosevelt’s decision to staff these nascent institutions with artists, poets, …
Lessons Learned: Zeti Akhtar Aziz,
2022
Yale University
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,
2022
Yale School of Management
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,
2022
Yale University
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,
2022
Yale University
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,
2022
Yale University
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,
2022
Yale School of Management
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,
2022
Yale School of Management
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,
2022
Yale School of Management
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 …
