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Category Archives: Financial System

Manufacturing Job Loss – Trade Not Productivity Is the Culprit

Economic Policy Institute Brief by Robert E. Scott: “The United States lost 5 million manufacturing jobs between January 2000 and December 2014. There is a widespread misperception that rapid productivity growth is the primary cause of continuing manufacturing job losses over the past 15 years. Instead, as this report shows, job losses can be tracedContinue Reading

Corporate Governance and Hedge Fund Activism

Goodwin, Shane C, Corporate Governance and Hedge Fund Activism (August 2015). Available for download at SSRN: http://ssrn.com/abstract=2646293 “Over the past 25 years, hedge fund activism has emerged as new form of corporate governance mechanism that brings about operational, financial and governance reforms to a corporation. Many prominent business executives and legal scholars are convinced thatContinue Reading

Minutes of Federal Open Market Committee July 28-29, 2015

“The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 28-29, 2015. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’sContinue Reading

Harmonisation of the Unique Transaction Identifier – consultative report

“G20 Leaders agreed in 2009 that all over-the-counter (OTC) derivatives contracts should be reported to trade repositories (TRs) as part of their commitment to reform OTC derivatives markets in order to improve transparency, mitigate systemic risk and protect against market abuse. Aggregation of the data reported across TRs is necessary to help ensure that authoritiesContinue Reading

Basel III: The standardised approach for measuring counterparty credit risk exposures

“The Basel Committee on Banking Supervision has received a number of interpretation questions related to the Standardised Approach for measuring counterparty credit risk (SA-CCR), as published in March 2014 (and revised in April 2014). The SA-CCR will replace both current non-internal model approaches, the Current Exposure Method (CEM) and the Standardised Method (SM). To help ensureContinue Reading

Regulation of Emerging Risks

Wansley, Matthew, Regulation of Emerging Risks (August 17, 2015). Vanderbilt Law Review, Forthcoming. Available for download at SSRN: http://ssrn.com/abstract=2646316 “Why has the EPA not regulated fracking? Why has the FDA not regulated e-cigarettes? Why has NHTSA not regulated autonomous vehicles? This Article argues that administrative agencies predictably fail to regulate emerging risks when the politicalContinue Reading

NY Fed – Liquidity during Flash Events

Liberty Street Economics August 18, 2015. Liquidity during Flash Events – Ernst Schaumburg and Ron Yang – Second in a five-part series: “Flash events,” extremely large price moves and reversals over just a few minutes, have occurred in some of the world’s most liquid markets in recent years. What’s made these events remarkable is thatContinue Reading

Federal Reserve issues FOMC statement August 18 2015

“The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on July 28-29, 2015. The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board’sContinue Reading

Who Is Actually Forming New Households?

Terner Center for Innovative Housing, UC Berkeley: “For several quarters, the Census has reported an increase in household formation. This is the turnaround that the housing market has been waiting years for. During the recession, the number of households grew slowly, as young adults increasingly stayed in their parents’ homes and others doubled up, too,Continue Reading

Investigating Monte Carlo Variation in a Dynamic Microsimulation Model

Investigating Monte Carlo Variation in a Dynamic Microsimulation Model from Congressional Budget Office. Michael Simpson, Principal Analyst in CBO’s Health, Retirement, and Long-Term Analysis Division, will present CBO’s findings to the Fifth World Congress of the International Microsimulation Association on September 2, 2015.

NY Fed – U.S. Economy in a Snapshot August 2015

“U.S. Economy in a Snapshot is a monthly presentation designed to give you a quick and accessible look at developments in the economy. Overview of the August 2015 Snapshot Consumer spending rebounded from a weak first quarter, although the pattern of monthly growth remains choppy. Real consumption expenditures were flat in June., but they grewContinue Reading

Why Didn’t Higher Education Protect Hispanic and Black Wealth?

William R. Emmons, Bryan J. Noeth – Federal Reserve Bank of St. Louis, August 2015 “College-educated families usually earn significantly higher incomes and accumulate more wealth than families headed by someone who does not have a four-year college degree. The income- and wealth-boosting effects of education apply within all racial and ethnic groups. Higher educationContinue Reading