Spring 2021 Conference

Total Page:16

File Type:pdf, Size:1020Kb

Spring 2021 Conference Spring 2021 Conference Thursday, March 25, 2021 All times are in Eastern Standard Time. Registration page: https://www.brookings.edu/events/bpea-spring-2021-conference/ 10:00 AM The Sustainability of State and Local Government Pensions: A Public Finance Approach Authors: Jamie Lenney, Bank of England; Byron Lutz, Federal Reserve Board of Governors; Finn Schüle, Brown University; and Louise Sheiner, Brookings Institution Discussants: Deborah Lucas, Massachusetts Institute of Technology; and Josh Rauh, Stanford Graduate School of Business 11:00 AM Break 11:05 AM Panel: COVID-19 and Economic Policy after One Year “Behavior and the Dynamic of Epidemics” Andrew Atkeson, University of California, Los Angeles “The Macroeconomic Policy Response to the Pandemic: The Good, The Bad, and the Ugly” Christina Romer, University of California, Berkeley “Supporting Workers and Families in the Pandemic Recession: Results in 2020 and Suggestions for 2021” Krista Ruffini and Abigail Wozniak, Federal Reserve Bank of Minneapolis 12:05 PM Break 12:10 PM Congruent Financial Regulation Authors: Andrew Metrick, Yale School of Management; and Daniel Tarullo, Harvard Law School Discussants: Viral Acharya, New York University Stern School of Business; and Hyun Song Shin, Bank for International Settlements 1:10 PM Lunch Break 2:00 PM Panel: 50 years of Brookings Papers’ Contributions to Macroeconomics and Policy “BPEA and Monetary Policy Over 50 Years” Alan Blinder, Princeton University “Productivity and Growth Over the Years at BPEA” Robert Gordon, Northwestern University “The Brookings Panel’s Contributions to Research on Labor Markets” Robert Hall, Stanford Hoover Institution 3:00 PM Break 3:05 PM The Economic Costs of Pretrial Detention Authors: Will Dobbie and Crystal Yang, Harvard University Discussants: Conrad Miller, University of California, Berkeley; and Justin Wolfers, University of Michigan 4:10 PM Advanced Cognitive Skills Deserts in the United States Author: Caroline Hoxby, Stanford University Discussants: Erik Hurst, University of Chicago; and Brian Jacob, University of Michigan 5:10 PM Conference ends .
Recommended publications
  • Fed Leadership Transition Looms
    Issue: The Federal Reserve Short Article: Fed Leadership Transition Looms By: Victoria Finkle Pub. Date: April 10, 2017 Access Date: September 28, 2021 DOI: 10.1177/237455680311.n5 Source URL: http://businessresearcher.sagepub.com/sbr-1863-102582-2776875/20170410/short-article-fed-leadership-transition-looms ©2021 SAGE Publishing, Inc. All Rights Reserved. ©2021 SAGE Publishing, Inc. All Rights Reserved. “Uneasy politician” Yellen likely to be replaced Executive Summary President Trump will have the opportunity to reshape the leadership of the U.S. Federal Reserve by naming a new chair and appointing several members to the central bank’s governing board. A key takeaway: The departure of Governor Daniel Tarullo will allow the president to name a vice chairman for supervision, the official in charge of bank regulation at the Fed. Full Article Federal Reserve Chair Janet Yellen discusses the central bank’s decision to raise its benchmark interest rate at a news conference in March. (Chip Somodevilla/Getty Images) The Federal Reserve is bracing for a significant transformation of its top brass over the next few years. The biggest change will be at the helm: the likely replacement of Janet Yellen as Fed chair. President Trump has indicated that he will name someone else to fill the job when Yellen’s term expires next February. “She is not a Republican. When her time is up, I would most likely replace her because of the fact that I think it would be appropriate,” he said in May 2016, during the campaign. 1 Ending Yellen’s tenure after just one term would be a departure from how the White House has operated in recent decades: President Barack Obama reappointed Ben S.
    [Show full text]
  • Nomination of Janet L. Yellen
    S. HRG. 113–125 NOMINATION OF JANET L. YELLEN HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED THIRTEENTH CONGRESS FIRST SESSION ON NOMINATION OF JANET L. YELLEN, OF CALIFORNIA, TO BE CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM NOVEMBER 14, 2013 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.fdsys.gov/ U.S. GOVERNMENT PRINTING OFFICE 85–910 PDF WASHINGTON : 2014 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 14:24 Jan 30, 2014 Jkt 046629 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\HEARINGS 2013\11-14 NOMINATION OF YELLEN\HEARING\111413.TXT JASON COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS TIM JOHNSON, South Dakota, Chairman JACK REED, Rhode Island MIKE CRAPO, Idaho CHARLES E. SCHUMER, New York RICHARD C. SHELBY, Alabama ROBERT MENENDEZ, New Jersey BOB CORKER, Tennessee SHERROD BROWN, Ohio DAVID VITTER, Louisiana JON TESTER, Montana MIKE JOHANNS, Nebraska MARK R. WARNER, Virginia PATRICK J. TOOMEY, Pennsylvania JEFF MERKLEY, Oregon MARK KIRK, Illinois KAY HAGAN, North Carolina JERRY MORAN, Kansas JOE MANCHIN III, West Virginia TOM COBURN, Oklahoma ELIZABETH WARREN, Massachusetts DEAN HELLER, Nevada HEIDI HEITKAMP, North Dakota CHARLES YI, Staff Director GREGG RICHARD, Republican Staff Director LAURA SWANSON, Deputy
    [Show full text]
  • Monetary Policy and the State of the Economy Hearing
    MONETARY POLICY AND THE STATE OF THE ECONOMY HEARING BEFORE THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS FIRST SESSION FEBRUARY 25, 2015 Printed for the use of the Committee on Financial Services Serial No. 114–4 ( U.S. GOVERNMENT PUBLISHING OFFICE 95–048 PDF WASHINGTON : 2015 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 13:02 Aug 19, 2015 Jkt 095048 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\95048.TXT TERRI HOUSE COMMITTEE ON FINANCIAL SERVICES JEB HENSARLING, Texas, Chairman PATRICK T. MCHENRY, North Carolina, MAXINE WATERS, California, Ranking Vice Chairman Member PETER T. KING, New York CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California NYDIA M. VELA´ ZQUEZ, New York FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California SCOTT GARRETT, New Jersey GREGORY W. MEEKS, New York RANDY NEUGEBAUER, Texas MICHAEL E. CAPUANO, Massachusetts STEVAN PEARCE, New Mexico RUBE´ N HINOJOSA, Texas BILL POSEY, Florida WM. LACY CLAY, Missouri MICHAEL G. FITZPATRICK, Pennsylvania STEPHEN F. LYNCH, Massachusetts LYNN A. WESTMORELAND, Georgia DAVID SCOTT, Georgia BLAINE LUETKEMEYER, Missouri AL GREEN, Texas BILL HUIZENGA, Michigan EMANUEL CLEAVER, Missouri SEAN P. DUFFY, Wisconsin GWEN MOORE, Wisconsin ROBERT HURT, Virginia KEITH ELLISON, Minnesota STEVE STIVERS, Ohio ED PERLMUTTER, Colorado STEPHEN LEE FINCHER, Tennessee JAMES A. HIMES, Connecticut MARLIN A. STUTZMAN, Indiana JOHN C. CARNEY, JR., Delaware MICK MULVANEY, South Carolina TERRI A.
    [Show full text]
  • The Trading Game
    THE TRADING GAME Inside Lobbying for the North American Free Trade Agreement THE CENTER FOR JTUBLIPUBLICC INTEGRITL Y THE TRADING GAME Inside Lobbying for the North American Free Trade Agreement THE CENTER FOR PUBLIC INTEGRITY 1910 K Street N.W., Suite 802 Washington, D.C. 20006 (202) 223-0299 The Center for Public Integrity is an independent, nonprofit organization that examines public service and ethics-related issues. The Center's Reports combine the substantive study of government with in-depth journalism. The Center is funded by foundations, corporations, labor unions, individuals, and revenue from news organizations. Special thanks to the Bauman Foundation, the Deer Creek Foundation, and the Threshold Foundation, which provided vital support for this project. This study and the views expressed herein are those of the authors. What is written here does not necessarily reflect the views of individual members of the Center for Public Integrity's Board of Directors or the Advisory Board. Copyright (c) 1993 THE CENTER FOR PUBLIC INTEGRITY. All rights reserved. No part of this publication may be reproduced or used in any other form or by any other means, electronic or mechanical, including photocopying, recording, or by any information storage or retrieval system, without the written permission of the Center for Public Integrity. ISBN 1-882583-02-7 This is the thirteenth published study by the Center for Public Integrity. The following individuals researched, wrote, edited, or otherwise assisted in the preparation of the text. Bill Baldwin is a senior at the University of Southern California, where he is pursuing a bachelor of arts degree in English and a bachelor of science degree in public administration/urban and regional planning.
    [Show full text]
  • Finreg@Wharton
    Agenda Thursday April 6, 2017 7:00pm Optional dinner for those in town, Co-op Restaurant, 20 S. 33rd Street, Philadelphia, 19104 Friday, April 7, 2017 All events at 3730 Walnut G60, unless otherwise marked 9:30am – 9:55am Breakfast 9:55am – 10:00am Welcome, Peter Conti-Brown and David Zaring 10:00am – 11:30am Panel #1: Supervision, Monitoring, and Accountability Speaker #1: Peter Conti-Brown, The Wharton School of the University of Pennsylvania, “The Banker’s Thumb: The History of Bank Supervision in the United States from the Civil War to Donald Trump” Commenter: Howell Jackson, Harvard Law School Speaker #2: Eric Hilt, Wellesley College (Economics), “Investment Banks as Corporate Monitors in the Early 20th Century United States.” Commenter: Vince Buccola, The Wharton School, of the University of Pennsylvania Speaker #3: Sean Vanatta, Princeton University, “Federalism and America’s Postwar Credit System” Commenter: Robert Hockett, Cornell Law School 11:30am – 11:45am Special guest commenter: Daniel Tarullo 11:45am – 12pm Break 12:00pm – 1:30pm Panel #2: Market Structure Speaker #1: Jack Bao, Board of Governors of the Federal Reserve System, “The Volcker Rule and Market-Making in Times of Stress” Commenter: Krista Schwarz, The Wharton School of the University of Pennsylvania Speaker #2: Anna Gelpern, Georgetown University Law Center, “Shadow Banking as Crisis Meme and Regulatory Heuristic” Commenter: Jeffrey Gordon, Columbia Law School Speaker #3: Christina Skinner, Brooklyn Law School, “Regulating Nonbanks” Commenter: David Zaring, The
    [Show full text]
  • Yale Law School 2014–2015
    BULLETIN OF YALE UNIVERSITY BULLETIN OF YALE BULLETIN OF YALE UNIVERSITY Periodicals postage paid New Haven ct 06520-8227 New Haven, Connecticut Yale Law School 2014–2015 Yale Law School Yale 2014–2015 BULLETIN OF YALE UNIVERSITY Series 110 Number 10 August 10, 2014 BULLETIN OF YALE UNIVERSITY Series 110 Number 10 August 10, 2014 (USPS 078-500) The University is committed to basing judgments concerning the admission, education, is published seventeen times a year (one time in May and October; three times in June and employment of individuals upon their qualifications and abilities and a∞rmatively and September; four times in July; five times in August) by Yale University, 2 Whitney seeks to attract to its faculty, sta≠, and student body qualified persons of diverse back- Avenue, New Haven CT 0651o. Periodicals postage paid at New Haven, Connecticut. grounds. In accordance with this policy and as delineated by federal and Connecticut law, Yale does not discriminate in admissions, educational programs, or employment against Postmaster: Send address changes to Bulletin of Yale University, any individual on account of that individual’s sex, race, color, religion, age, disability, PO Box 208227, New Haven CT 06520-8227 status as a protected veteran, or national or ethnic origin; nor does Yale discriminate on the basis of sexual orientation or gender identity or expression. Managing Editor: Kimberly M. Go≠-Crews University policy is committed to a∞rmative action under law in employment of Editor: Lesley K. Baier women, minority group members, individuals with disabilities, and protected veterans. PO Box 208230, New Haven CT 06520-8230 Inquiries concerning these policies may be referred to Valarie Stanley, Director of the O∞ce for Equal Opportunity Programs, 221 Whitney Avenue, 3rd Floor, 203.432.0849.
    [Show full text]
  • APPENDIX to PETITION for a WRIT of CERTIORARI ______SAM KAZMAN GREGORY JACOB COMPETITIVE ENTERPRISE (Counsel of Record) INSTITUTE [email protected] 1310 L St
    No. ______ IN THE Supreme Court of the United States ____________________ STATE NATIONAL BANK OF BIG SPRING, ET AL., Petitioners, v. STEVEN MNUCHIN, ET AL., Respondents. ____________________ On Petition for a Writ of Certiorari to the United States Court of Appeals for the District of Columbia Circuit ____________________ APPENDIX TO PETITION FOR A WRIT OF CERTIORARI ____________________ SAM KAZMAN GREGORY JACOB COMPETITIVE ENTERPRISE (Counsel of Record) INSTITUTE [email protected] 1310 L St. NW, 7th Floor O’MELVENY & MYERS LLP Washington, DC 20005 1625 Eye Street, N.W. (202) 331-1010 Washington, D.C. 20006 Co-Counsel for Petitioner (202) 383-5300 Competitive Enterprise Institute C. BOYDEN GRAY ADAM R.F. GUSTAFSON ANDREW R. VARCOE JAMES R. CONDE BOYDEN GRAY & ASSOCIATES 801 17th St., NW Suite 350 Washington, D.C. 20006 (202) 955-0620 Attorneys for Petitioners APPENDIX Court of Appeals Summary Affirmance (D.C. Cir. June 8, 2018) ................................ 1a District Court Judgment (D.D.C. Feb. 16, 2018) .................................. 3a District Court Summary Judgment Order (D.D.C. July 12, 2016) .................................. 5a U.S. Const. Art. I, Sec. 9, Cl. 7 (Appropriations Clause) ............................. 24a U.S. Const. Art. II, Sec. 2, Cl. 2 (Appointments Clause) ............................... 25a Excerpts of Dodd-Frank Wall Street Reform and Consumer Protection Act, Title X, §§ 1001-1037 ................................................ 26a Second Amended Complaint (D.D.C. Feb. 13, 2013) ...............................161a Opinion in PHH Corp. v. CFPB, No. 15-1177 (D.C. Cir. Jan. 31, 2018) ............................244a 1a APPENDIX A - COURT OF APPEALS’ SUMMARY AFFIRMANCE United States Court of Appeals FOR THE DISTRICT OF COLUMBIA CIRCUIT No. 18-5062 September Term, 2017 1:12-cv-01032-ESH Filed On: August 3, 2018 State National Bank of Big Spring, et al., Appellants State of South Carolina, et al., Appellees v.
    [Show full text]
  • Why American Banks Remain Too Big to Fail
    Boston College Law Review Volume 60 Issue 7 Article 8 10-30-2019 Breaking Up Is Hard to Do: Why American Banks Remain Too Big to Fail Logan D. Hovie Boston College Law School, [email protected] Follow this and additional works at: https://lawdigitalcommons.bc.edu/bclr Part of the Administrative Law Commons, Banking and Finance Law Commons, Law and Economics Commons, and the Legal History Commons Recommended Citation Logan D. Hovie, Breaking Up Is Hard to Do: Why American Banks Remain Too Big to Fail, 60 B.C.L. Rev. 2185 (2019), https://lawdigitalcommons.bc.edu/bclr/vol60/iss7/8 This Notes is brought to you for free and open access by the Law Journals at Digital Commons @ Boston College Law School. It has been accepted for inclusion in Boston College Law Review by an authorized editor of Digital Commons @ Boston College Law School. For more information, please contact [email protected]. BREAKING UP IS HARD TO DO: WHY AMERICAN BANKS REMAIN TOO BIG TO FAIL Abstract: The 2008 Financial Crisis pushed the American economy to the brink of disaster. Fearing Great Depression-like consequences, the federal government bailed out several banks deemed “too big to fail.” During the ensuing period of reform there were frequent calls to assure that taxpayers would never again be on the hook to save an institution because of the risk its size posed to the nation’s economic health. The Dodd-Frank Act of 2010 promised to end this “too big to fail” phenomenon and increased regulatory requirements for banks.
    [Show full text]
  • Pre-Inaugural Nominee Announcements: Trump-Clinton
    PRE-INAUGURAL NOMINEE ANNOUNCEMENTS: TRUMP-CLINTON Melanie Geller Drew Flanagan ABOUT THIS DOCUMENT The last four presidents announced 115 nominees for Senate-confirmed positions prior to taking office. Among these, 71, including 49 out of 56 Cabinet nominees, received pre-inauguration hearings.1 Only eight nominations by four presidents were withdrawn. This document contains tables listing each announcement sorted by president, along with key dates and speed of confirmation for each nominee. Secretaries of the 15 Cabinet departments are denoted in boldface. Preceding each table is a supplementary narrative discussing events and influences that affected each transition team and their pre- inaugural nominations. Summary • The Trump transition team announced 29 nominees during the transition period from election to inauguration, and the Senate confirmed 26. Fifteen nominees received pre-inaugural hearings. For a variety of reasons, including vetting, paperwork, controversy and a high number of procedural votes, the Trump nominees took much longer than the nominees of other presidents. The Senate confirmed Trump’s Cabinet secretaries in 23.9 days, on average. • The Obama transition team announced 42 nominees, including Secretary of Defense Gates, who stayed on from the George W. Bush administration. Twenty-five received pre-inaugural hearings. Obama’s Cabinet secretaries were confirmed in an average of 4.9 days. • Even with a truncated transition, the George W. Bush transition team announced 20 nominees during the transition, including Director of the CIA George Tenet, who remained in his position. Fourteen received pre-inaugural hearings. The Senate confirmed all except for one in about 3 days and confirmed Cabinet secretaries in 1.6 days, on average.
    [Show full text]
  • A Conversation with Duncan Kennedy
    Law on the Left: a Conversation with Duncan Kennedy Tor Krever, Carl Lisberger and Max Utzschneider* Did you grow up in a political family? I was born in 1942. I come from an upper-middle class, but not wealthy, family described by my mother as ‘impoverished gentry’. My father was an architect—not a firm architect; he was in business for himself—and my mother worked in a publishing house as a reader. That was her day job; she was also a poet and a painter. They were both cultivated Stevenson Democrats,1 both young and in their twenties during the New Deal and strongly committed to the idea of an anti-Communist model of progressive politics with a strong sense that class and poverty and race were the fundamental political issues. My political experiences began with these Stevenson-style Democratic commitments at home. I went to a progressive elementary school in Cambridge, Massachusetts and my first moments of political rebellion were rebellions against the various authoritarian undercurrents of this ultra-progressive participatory environment. This is important, as my whole political life has been much more organised against liberalism than against conservatism. I still see mainstream American liberalism, even in its decline, as only sporadically a positive political force and more often as deeply problematic. You also went to high school in Cambridge? No. In 1957, my parents sent me to Phillips Academy, Andover. I was a scholarship kid and I was also a nerd. To have a scholarship had important radicalising potential in the world of 1950s America. There was a real difference between the kids whose parents could afford an elite education and the kids whose parents could not afford it, but got in anyway.
    [Show full text]
  • Trust but Verify: Domestic Politics and International Coordination in U.S. Post-Crisis Financial Regulatory Policy
    TRUST BUT VERIFY: DOMESTIC POLITICS AND INTERNATIONAL COORDINATION IN U.S. POST-CRISIS FINANCIAL REGULATORY POLICY NICHOLAS KEAN TABOR* ABSTRACT After the 2008 financial crisis, reforms to financial regulation in the United States developed with an apparent contradiction at their core: While those reforms embraced cooperative international measures, they simultaneously imposed more stringent safeguards on foreign banks opening on American soil. In short, they both ceded and guarded domestic control over U.S. financial regulatory policy. This Comment examines that contradiction from 2008 to 2010, including through Basel III negotiations and the Dodd–Frank Wall Street Reform and Consumer Protection Act, and attempts to explain the contradiction using an extended rational institutionalist account of international policy development. The domestic actors responsible for U.S. foreign financial policy held distinct preferences for financial reform; when one actor exerted greater control over an institutional locus of the reform process, that actor’s preferences * JD/MBA, 2018, The Wharton School/University of Pennsylvania Law School. Former Senior Policy Advisor, National Economic Council, The White House (President Barack Obama). Former Chief of Staff, Promontory Financial Group. The Author wishes to thank Professors William Burke–White and Beth Sim- mons for their thoughtful guidance in developing this Comment; Eugene Ludwig, for his instruction, his mentorship, and his tireless lifelong work to improve the global financial system; and Sophia Yan, for her insightful comments. 889 Published by Penn Law: Legal Scholarship Repository, 2018 890 U. Pa. J. Int’l L. [Vol. 39:3 dominated. The resulting legislation provides a clear demonstration of the explanatory power of domestic politics for international legal and policy outcomes—even in the absence of public attention.
    [Show full text]
  • 2019019Pap.Pdf
    Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. New Financial Stability Governance Structures and Central Banks Rochelle M. Edge and J. Nellie Liang 2019-019 Please cite this paper as: Edge, Rochelle M., and J. Nellie Liang (2019). \New Financial Stability Gov- ernance Structures and Central Banks," Finance and Economics Discussion Se- ries 2019-019. Washington: Board of Governors of the Federal Reserve System, https://doi.org/10.17016/FEDS.2019.019. NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. New Financial Stability Governance Structures and Central Banks Rochelle M. Edge* J. Nellie Liang** February 19, 2019 We evaluate the institutional frameworks developed to implement time-varying macroprudential policies in 58 countries. We focus on new financial stability committees (FSCs) that have grown dramatically in number since the global financial crisis, and their interaction with central banks, and infer countries’ revealed preferences for effectiveness versus political economy considerations. Using cluster analysis, we find that only one-quarter of FSCs have both good processes and good tools to implement macroprudential actions, and that instead most FSCs have been designed to improve communication and coordination among existing regulators.
    [Show full text]