Open Access. Powered by Scholars. Published by Universities.®

Economic Policy Commons

Open Access. Powered by Scholars. Published by Universities.®

2,255 Full-Text Articles 2,005 Authors 1,254,225 Downloads 155 Institutions

All Articles in Economic Policy

Faceted Search

2,255 full-text articles. Page 1 of 66.

Economic Growth In Mountain West Metropolitan Areas, Ember Smith, Caitlin Saladino, William E. Brown 2019 University of Nevada, Las Vegas

Economic Growth In Mountain West Metropolitan Areas, Ember Smith, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet highlights trends in America’s economic progress, demonstrating how four metropolitan statistical areas (MSAs) in the Mountain West region (Salt Lake City, Phoenix-Mesa-Scottsdale, Las Vegas-Henderson-Paradise, and Denver-Aurora-Lakewood) fared from 2016 to 2017 and from 2007 to 2017 compared to the national economy and the 100 largest metropolitan economies.


Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter 2019 University of Pennsylvania

Improving Future Policy Responses To Foreseeable Bank Risk-Taking, Joao F. Gomes, Marco Grotteria, Jessica A. Wachter

Wharton Public Policy Initiative

This brief offers new perspectives on the behavior of banks during the financial crisis of 2007-08 and the limited success of unconventional monetary policies in stimulating bank credit to the private sector during the subsequent economic recovery. The common narrative about the financial crisis is that it was caused by a large credit expansion with overly risky loan-granting behavior by banks. We argue, however, that banks actually made optimal financial decisions in the lead-up to the crisis, based on their calculation of their franchise value. The brief explains the mechanics of franchise value—how it led banks to shift their ...


Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale H: Cross-Border Regulation, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM’s London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic ...


Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale G: Hedging Versus Proprietary Trading, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

In December 2013, the primary United States financial regulatory agencies jointly adopted final rules to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which is often referred to as the “Volcker Rule”. Section 619 prohibits banks from engaging in activities considered to be particularly risky, including proprietary trading and owning hedge funds or private equity funds. Banking regulators designed the final rule against proprietary trading in part to prevent losses like the $6 billion London Whale loss that took place in 2012 at JPMorgan Chase. Given the controversial nature of the Volcker Rule, it is ...


Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale E: Supervisory Oversight, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

As a diversified financial service provider and the largest United States bank holding company, JPMorgan Chase (JPM) is supervised by multiple regulatory agencies. JPM’s commercial bank subsidiaries hold a national charter and therefore are regulated by the Office of the Comptroller of the Currency (OCC). Since the bank’s Chief Investment Office (CIO) invested the surplus deposits of JPM’s commercial bank units, the OCC was also CIO’s primary regulator. During the critical period from late January through March 2012, when CIO traders undertook the failed derivatives strategy that ultimately cost the bank $6 billion, JPM did not ...


Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick 2019 Yale University

Jpmorgan Chase London Whale C: Risk Limits, Metrics, And Models, Arwin G. Zeissler, Andrew Metrick

Journal of Financial Crises

Value at Risk (VaR) is one of the most commonly used ways to measure and monitor market risk. At JPMorgan Chase (JPM), very large derivative positions established by Bruno Iksil in the Synthetic Credit Portfolio (SCP) caused the bank’s Chief Investment Office (CIO) to exceed its VaR limit for four days in a row in January 2012. In response, the CIO changed to a new VaR model on January 30, which appeared to immediately reduce VaR by half. However, JPM soon discovered that this new VaR model had not been properly implemented and the bank went back to using ...


The Temporary Liquidity Guarantee Program: A Systemwide Systemic Risk Exception, Lee Davison 2019 Federal Deposit Insurance Corporation

The Temporary Liquidity Guarantee Program: A Systemwide Systemic Risk Exception, Lee Davison

Journal of Financial Crises

In the fall of 2008, short-term credit markets were all but frozen, creating liquidity issues for banks and bank holding companies that could not rollover their debt at reasonable rates. Fearing that the situation would worsen if something was not done, the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board invoked, and the Secretary of the Treasury approved, the use of the “systemic risk exception” (SRE) under the Federal Deposit Insurance Corporation Improvement Act of 1991, to provide unprecedented broad-based relief to struggling banks. The SRE permitted the FDIC to depart from its “least-cost” requirement when addressing failing ...


A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin 2019 University of Pennsylvania Law School

A Tale Of Two Markets: Regulation And Innovation In Post-Crisis Mortgage And Structured Finance Markets, William W. Bratton, Adam J. Levitin

Faculty Scholarship at Penn Law

This Article takes the occasion of the tenth anniversary of the financial crisis to review recent developments in the structured products market, connecting the emergent pattern to post-crisis regulation.

The Article tells a tale of two markets. The financial crisis stemmed from excessive risk-taking and shabby practice in the subprime home mortgage market, a market that owed its existence to the private-label, originate to securitize model. But the pre-crisis boom in private label subprime mortgage-backed securities could never have happened absent back up financing from an array of structured products and vehicles created in the capital markets—the CDOs that ...


Property Rights And The Efficient Extraction Of Common Pool Resources: Evidence From West Coast Groundfish, Keith S. Evans, Carl Lian, Quinn Weninger 2019 University of Maine

Property Rights And The Efficient Extraction Of Common Pool Resources: Evidence From West Coast Groundfish, Keith S. Evans, Carl Lian, Quinn Weninger

Economics Working Papers

Evaluating efficiency gains from adopting property rights-based fisheries management is data intensive, complicated by delays in adjusting to economic incentives implicit in output control regulations, and potentially confounded by the effects of changing stock abundance and other fundamentals. This paper evaluates harvesting efficiency for the universe of vessel participants in the West Coast groundfish trawl fishery two years prior to and six years following introduction of individual fishing quota (IFQ) regulations. Our methods control for delayed fleet restructuring and confounding effects of changing groundfish stock abundance. We find that under IFQs, redundant vessel capital exited the groundfish fishery at a ...


Automation Potential And Artificial Intelligence, Ember Smith, Caitlin Saladino, William E. Brown 2019 University of Nevada, Las Vegas

Automation Potential And Artificial Intelligence, Ember Smith, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet highlights the automation potential in the Mountain West states (Nevada, Utah, Arizona, New Mexico, and Colorado) and its metropolitan statistical areas using the findings of Automation and Artificial Intelligence: How machines are affecting people and places, a report by the Brookings Institution.


Chmura Economic Diversity Index: Nevada Counties And Southwest Metros, Madison Frazee-Bench, Caitlin Saladino, William E. Brown 2019 University of Nevada, Las Vegas

Chmura Economic Diversity Index: Nevada Counties And Southwest Metros, Madison Frazee-Bench, Caitlin Saladino, William E. Brown

Economic Development & Workforce

This Fact Sheet highlights Nevada and Mountain West data from the 2018 Economic Diversity Index (EDI), prepared by Chmura Economics & Analysis the economic diversity data details the disparities within counties in Nevada. The tables below show the different levels of economic diversity that exist in Nevada’s counties and other relevant metropolitan statistical areas (MSAs).


Economic Innovation Group (Eig) 2018 Distressed Communities Index (Dci): Nevada Counties, Lauren Fousek, Caitlin Saladino 2019 University of Nevada, Las Vegas

Economic Innovation Group (Eig) 2018 Distressed Communities Index (Dci): Nevada Counties, Lauren Fousek, Caitlin Saladino

Economic Development & Workforce

This Fact Sheet highlights the Economic Distress Indicators (EDI) for the 17 counties within Nevada. Using the Economic Innovations Group1 DCI (Distressed Communities Index),2 the Tables that follow report EDI for each of the 17 counties in Nevada, grouped within two time-frames (2007-2011 and 2012-2016), and showing change over time. The data provides the opportunity to compare how the Great Recession affected communities across the nation and how the ongoing recovery is reshaping the economies and social networks of our nation.


Pay For Success Financing: Diffusion Dynamics In The U.S., Vanessa R. Fry 2019 Boise State University

Pay For Success Financing: Diffusion Dynamics In The U.S., Vanessa R. Fry

Boise State University Theses and Dissertations

Across the United States (U.S.), communities struggle with numerous social and environmental issues while the funding to provide programmatic services to address these issues continues to diminish. As such, actors both inside and outside of government are seeking new policy solutions that both effectively and efficiently address these issues. Significant hurdles to embarking on a new policy approach exist, however, including a lack of up-front funding and a reluctance to take on the risk inherent in implementing new programs. A recent innovation in the policy domain, Pay for Success (PFS) financing, has been specifically designed to overcome these hurdles ...


State Level Revenue Analysis Of The Market Facilitation Program, Anil Giri, Sankalp Sharma, Kyle Lovercamp, Iuliia Tetteh, Dhruba Dhakal, Rudra Baral 2019 University of Central Missouri

State Level Revenue Analysis Of The Market Facilitation Program, Anil Giri, Sankalp Sharma, Kyle Lovercamp, Iuliia Tetteh, Dhruba Dhakal, Rudra Baral

Online Journal of Rural Research & Policy

To compensate the US producers affected by the “trade war” with China, the United States Department of Agriculture (USDA) offered direct payments to producers using 2018 production levels under the Market Facilitation Program (MFP). Results of the revenue efficiency analysis of the MFP payments show the average producers in 12 out of 14 major corn and soybean producing states were compensated such that their 2018 per acre revenue was more than their 2017 per acre revenue. Conversely, an average producer in those states that experienced drought was under-compensated, as their total per acre revenue after the MFP payment was less ...


The U.S. Needs A National Vision For Housing Policy, Vincent Reina 2019 University of Pennsylvania School of Design

The U.S. Needs A National Vision For Housing Policy, Vincent Reina

Wharton Public Policy Initiative

Recent demographic changes—the sharp increase in single-person households, especially among single individuals over the age of 65, as well as racial disparities in homeownership and the increasing cost burden of home rentals—are underscoring the need for a new vision with respect to U.S. housing policy. This Issue Brief

lays out several policy prescriptions for improving housing affordability and fairness, both for renters and owners: modifying the federal Housing Choice Voucher program as well as local and state land-use regulations; investing in the maintenance of existing affordable housing stock; making good on HUD’s Affirmatively Furthering Fair Housing ...


Lands Of Opportunity: An Analysis Of The Effectiveness And Impact Of Opportunity Zones In The Tax Cuts And Jobs Act Of 2017, Joseph Bennett 2019 Notre Dame Law School

Lands Of Opportunity: An Analysis Of The Effectiveness And Impact Of Opportunity Zones In The Tax Cuts And Jobs Act Of 2017, Joseph Bennett

Journal of Legislation

No abstract provided.


Public Interests And Economic Regulation Of Gambling, Rein Halbersma, Joost Poort 2019 Netherlands Gambling Authority

Public Interests And Economic Regulation Of Gambling, Rein Halbersma, Joost Poort

International Conference on Gambling & Risk Taking

In the Netherlands, the Betting and Gaming Act from 1964 largely determines the current structure of gambling markets. The policy was to channel consumers to a limited number of licensed operators. This led to state-owned monopolies for lotteries, sports betting and casinos, a private monopoly for horse race betting, a limited number of privately owned charity lotteries, and a large number of private slot machines operators.

Pending legislation proposes an online market without a limit on the number of operators. Furthermore, state ownership will be phased out, and introduced legislation to privatizing and expanding the number of casinos. The current ...


Cultural Vs. Economic Investments Of Tribal Casinos In Historical Perspective, Yale D. Belanger Dr. 2019 University of Lethbridge

Cultural Vs. Economic Investments Of Tribal Casinos In Historical Perspective, Yale D. Belanger Dr.

International Conference on Gambling & Risk Taking

This presentation will elaborate how tribal community leaders originally envisioned utilizing gaming revenues to fund cultural investments such as language retention or elders’ programs, and whether they and their fellow community members assigned cultural investments a greater value than economic investments (e.g., infrastructure such as paved roads). Preliminary research suggests that leaders seeking casino or gaming site construction commonly identified cultural investments as an essential element of community development initiatives, and that they could be considered unique from and complementary to economic development initiatives. These and similar acts openly challenged the desires of state officials and national policy makers ...


What’S In Your Wallet (And What Should The Law Do About It?), Natasha Sarin 2019 University of Pennsylvania Law School

What’S In Your Wallet (And What Should The Law Do About It?), Natasha Sarin

Faculty Scholarship at Penn Law

In traditional markets, firms can charge prices that are significantly elevated relative to their costs only if there is a market failure. However, this is not true in a two-sided market (like Amazon, Uber, and Mastercard), where firms often subsidize one side of the market and generate revenue from the other. This means consideration of one side of the market in isolation is problematic. The Court embraced this view in Ohio v. American Express, requiring that anticompetitive harm on one side of a two-sided market be weighed against benefits on the other side.

Legal scholars denounce this decision, which, practically ...


Investigating The Effects Of Student Debt On Career Outcomes: An Empirical Approach, Gideon Moore 2019 Bowdoin College

Investigating The Effects Of Student Debt On Career Outcomes: An Empirical Approach, Gideon Moore

Honors Projects

High student debt has been hypothesized to affect career choice, causing students to desire stable, high paying jobs. To test this hypothesis, I rely on plausibly exogenous variation in debt due to a federal policy shift. In the summer of 2007, the Higher Education Reconciliation Act (or HERA) expanded the cap for federally subsidized student loans. I examine how variation in debt affects career choice and eventual salary of students using data from the National Longitudinal Survey of Youth 1979 Child and Young Adult Cohort of students who were of college age during the implementation of the policy. I find ...


Digital Commons powered by bepress