Public Affairs Commons^™

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 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 …

Denmark's Excess-Capital Temporary Credit Facility (Denmark Gfc), Keni Sabath

Journal of Financial Crises

During the interbank market freeze following the Lehman Brothers collapse in September 2008, Denmark’s central bank, Danmarks Nationalbank, used a series of unconventional monetary policy instruments to increase market liquidity. One such action included the introduction of the excess-capital temporary credit facility, also known as the solvency scheme. Under this facility, credit lines from Danmarks Nationalbank could be provided to banks and mortgage-credit institutions on the basis of their excess capital adequacy, calculated as the difference between their base capital and their capital need. The purpose of this facility was to ease the tight liquidity situation by providing access to …

The United Kingdom's Asset Purchase Program (U.K. Gfc), Ariel Smith

Journal of Financial Crises

On March 5, 2009, in the wake of the fallout from the Global Financial Crisis, the Monetary Policy Committee of the Bank of England announced a new, unconventional policy measure: quantitative easing. The MPC determined that simply cutting the Bank Rate in the face of a recession would not be enough to boost spending and increase inflation to meet the Bank’s goal of a 2% CPI-inflation target in the medium term. Rather, over the course of the next year, the Bank purchased £200 billion of assets—primarily gilts—in reverse auctions through a newly created Asset Purchase Program. After just under one …

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

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 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 …

An Analysis Of The Nevada K.I.D.S. Read Program Funding, Allie Ryerson

Student Research

The United States has a literacy problem; in fact, it has an education problem in general. Piecemeal reforms that differ wildly from state to state, and even county to county, have had varying levels of success from none to showing real potential. Nevada is not exempt from this literacy problem. In 2015, only 47.57% of the students taking the state mandated third grade exams were deemed proficient on the English Language Arts portion of the exam. The purpose of this paper is to examine the efficacy of one such literacy program, “Nevada K.I.D.S Read”, with a goal of establishing early …

Boroughs And The Badge: Local Contexts And Confidence In Police, Henry F. Goodson

Student Publications

As citizens interact with the police more than most civil servants, increasing the citizenry’s confidence in police is key to helping maintain rule of law and internal stability within a state. One of the key areas to be investigated in the pursuit of better police-community relations is on the impact of public services and housing on police legitimacy. Historically, American cities have been widely segregated based on race and income, especially in urban areas, which in turn alters the services available in those areas. The public services and the neighborhoods in which they are delivered are key parts of many …

Breonna’S Law: The Genesis, Not The Culmination, For Policy Response To Violent Confrontation During No-Knock Search Warrants, Ethan S. Wilt

Student Publications

First, this paper constructs the background on search warrants, including the legal precedent, policy environment, and stakeholders involved. Second, and most importantly, it will analyze the outcomes, impacts, and, particularly, the disproportionate minority impact of each section of Breonna’s Law. Lastly, this paper will contribute an informed assessment of the policy and further policy recommendations that can be taken into account to address the issue of violent confrontations and casualties, especially against people of color, during the execution of search warrants.

Improving Health Care In Nevada, Ember Smith, Kaylie Pattni

Policy Briefs and Reports

Across the United States, improvements in health outcomes lag while health care costs rapidly rise. Medical personnel and resource shortages combined with high underinsured and uninsured rates further complicate access to quality, affordable health care. In order to better understand state-level solutions, we explore factors that contribute to health care deficiencies and emphasize Nevada’s unique obstacles.

2020 October, Morehead State University. Office Of Communications & Marketing.

Morehead State Press Release Archive, 1961 to the Present

Press releases for October of 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.

Citizens Of Heaven Political Participation Of Undocumented Americans, Emily J. Erickson

eJournal of Public Affairs

Everyday life for undocumented Americans often entails coping with the fear, stress, and anxiety of potential deportation (Valenzuela & Erickson 2015; Fussell 2011). Yet despite this troubling emotional state, undocumented Americans are increasingly taking to the streets, social media, and the halls of government demanding their rights be upheld. This paper contributes to understandings of how the political participation of Undocumented Americans occurs in spite of the barriers this group faces. Through a comparative analysis of Catholic Parishes in Los Angeles and Albuquerque, I find that a sense of belonging and expanded opportunities to participate in political and civic activities …

A Global Welcome: Metro Chicago's Approach To Immigrant Inclusion, Paul Mcdaniel, Rob Paral

Faculty Articles

Global cities significantly shape our world by driving solutions across a range of challenges, including migration. A new Chicago Council report, A Global Welcome: Metro Chicago’s Approach to Immigrant Inclusion, provides an overview of greater Chicago’s immigrant community and highlights unique approaches taken to create a more inclusive city, while also emphasizing ways for Chicago and other cities to improve. The report is authored by Paul N. McDaniel, Associate Professor of Geography at Kennesaw State University, and Rob Paral, Nonresident Fellow at the Chicago Council.

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 …

2020 September, Morehead State University. Office Of Communications & Marketing.

Morehead State Press Release Archive, 1961 to the Present

Press releases for September of 2020.

Full Issue

The Foundation Review

No abstract provided.