Policy History, Theory, and Methods Commons^™

The Term Asset-Backed Securities Loan Facility (Talf) (U.S. Gfc), June Rhee

Journal of Financial Crises

In the fall of 2008, the securitization market, which was the major provider of credit for consumers and small businesses, came to a near halt. Investors in this market abandoned not only the residential mortgage-backed securities that triggered the financial crisis but also consumer and business asset-backed securities (ABS), which had a long track record of strong performance, and commercial mortgage-backed securities (CMBS). Also, the unprecedented widening of spreads for these securities rendered new issuance uneconomical, and the shutdown of the securitization market threatened to exacerbate the downturn in the economy.

On November 25, 2008, the Federal Reserve (the Fed) …

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

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 …

A Century Later: Rural Public Health's Enduring Challenges And Opportunities., Erika C. Ziller Phd, Carly Milkowski Mph

Population Health

The US public health community has demonstrated increasing awareness of rural health disparities in the past several years. Although current interest is high, the topic is not new, and some of the earliest public health literature includes reports on infectious disease and sanitation in rural places. Continuing through the first third of the 20th century, dozens of articles documented rural disparities in infant and maternal mortality, sanitation and water safety, health care access, and among Black, Indigenous, and People of Color communities. Current rural research reveals similar challenges, and strategies suggested for addressing rural-urban health disparities 100 years ago resonate …

Public Administration, Methods Approach: History Research--Selected Bibliography, Sue Ann Gardner

University of Nebraska-Lincoln Libraries: Faculty Publications

Public administration, methods approach: Historical research. Includes a list of bibliographical references pertinent to the topic.

Brave New World - Future Of Work And Automation, 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 …

Brave New World - “Cmr” Index And The U.S. Congressional Smart Cities Caucus, 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 …

Global To Local: Creating 'Glocal' Links For Diplomacy, Rhonda S. Binda

Open Educational Resources

Over the past few years, “smart cities” have led in leveraging technology to modernize their services and infrastructure— and have emerged on the global stage on key issues of international concern. In 2017, Hidalgo and Horacio Rodríguez Larreta, Mayor of Buenos Aires, spearheaded the Urban 20 (U20), a platform for major cities in G20 countries to bring their “urban perspective” to the G20 member states in tackling common problems, showcasing their innovative approaches leveraging emerging technologies at the local level to tackle global issues. In April 2018, mayors from 20 cities signed the U20’s first Joint Declaration; six months later, …

Brave New World: Ethical Considerations And Risks, 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 in particular 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, governments 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 …

Exploring Approaches To Effective Evaluation For Public Diplomacy Exchange Programs, Alison Opoku Donyina

Capstone Collection

This study explores what factors have limited strategic measurement of outcomes for ‘mutual understanding’ across U.S. government-funded public diplomacy exchange programs by conducting a thorough desk review of available materials, completing a meta-review of twelve existing evaluation reports, and coupling this with interviews with eight evaluation practitioners. The sample of programs included were selected based on the criteria that ‘mutual understanding’ was an explicit goal in the program design. Programs included: Fulbright Student Program, Fulbright Scholar Program, International Visitors Leadership Program (IVLP), Youth Exchange and Study Program (YES), Future Leaders Exchange (FLEX) Program, and the Peace Corps.

This …

State-Sponsored Atheism: The Case Of Albania During The Enver Hoxha Era, İbrahim Karataş

Occasional Papers on Religion in Eastern Europe

This study analyzes how Enver Hoxha tried to abolish religions in Albania during the communist era. I argue that if atheism is not politicized and not exerted by force, its materialist damage is less. Yet, when atheization becomes a state policy and the government executes clergy, oppresses pious people, and destroys mosques and churches for the sake of atheism, irreligion then becomes a matter of state security. The study contends that when atheism is applied by force, atheist fundamentalism, which is no different than the religious version, emerges. Thus, irreligion becomes a threat to people’s lives and destroys society as …

The Sovereignty Solution: A Common Sense Approach To Global Security, Andrew Higgins

Liberty University Journal of Statesmanship & Public Policy

The Sovereignty Solution calls for a new grand strategy for the United States. The current security paradigm, the book’s authors hold, has yet to be properly modified from a 20^th-century cast of mind. The ad hoc system inherited after the end of the Cold War now fails because it too often applies national power equally to each emerging threat. But security challenges in the 21^st century arise so quickly and unexpectedly that continuing in this manner incurs overextension and further, risks strategic defeat. If the United States continues to behave as if it can be in all …

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, 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 potential …

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 …

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 utilization of these swaps …

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 “unusual and …

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, the …

America’S Legacy Of Redlining: State-Sponsored Segregation And Disenfranchisement Of Urban Minority Communities, Ashley Van Slyke

Population Health Research Brief Series

Redlining, the act of designating areas on residential maps as too risky to issue and insure mortgages, in place from 1934 to 1968, disproportionately affected people of color. The effects of redlining remain prominent nearly a century later and continue to contribute to racial/ethnic and socioeconomic disparities.

The Objectives Of Public Higher Education In New York City Through The Lens Of Language, John-Nicholas Parker

Dissertations, Theses, and Capstone Projects

This paper displays the objectives of public higher education in New York City and their relation to changes in the city. Public higher education in New York City relies on the support of the public. This paper details adjustments to the lexicon of the school in response to changing demographics and historical events by examining statements provided by the school during different periods. Changes to the lexicon relating to class, gender, race, ethnicity, and military service are examined in relation to their historical context. Sources examined in this paper include commission reports, student newspapers, and mission statements. The paper finds …