How The New Fed Municipal Bond Facility Capped Muni Treasury Yield Spreads In The Covid 19 Recession

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How the New Fed Municipal Bond Facility Capped Muni-Treasury Yield Spreads in the Covid-19 Recession

Author : Michael D. Bordo
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (124 download)

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Book Synopsis How the New Fed Municipal Bond Facility Capped Muni-Treasury Yield Spreads in the Covid-19 Recession by : Michael D. Bordo

Download or read book How the New Fed Municipal Bond Facility Capped Muni-Treasury Yield Spreads in the Covid-19 Recession written by Michael D. Bordo and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: For over two centuries, the municipal bond market has been a source of systemic risk, which returned early in the Covid-19 downturn when borrowing from securities markets became costly for many private and public entities, and some found it difficult to borrow at all. Indeed, just before the Fed announced its unprecedented intervention into the municipal (muni) bond market, spreads of muni over Treasury yields rose in line with the unemployment rate and appeared headed to levels not seen since the Great Depression, when real municipal gross investment plunged 35 percent below 1929 levels. To prevent a repeat, the Fed created the Municipal Liquidity Facility (MLF) to purchase newly issued, (near) investment grade state and local government bonds at normal ratings-based interest rate spreads over Treasury bonds plus a fee of 100 basis points, later reduced to 50 basis points. Despite a modest take-up, the MLF has effectively capped muni spreads at near normal levels plus the Fed fee and limited the extent to which interest rate spreads could have amplified the impact of the Covid pandemic. To establish the MLF the Fed needed Treasury indemnification against default losses. There are concerns about whether the creation of the MLF could undermine the efficiency of the bond market if the facility lasts too long and could induce moral hazard among borrowers. How the MLF will be unwound will affect these downside aspects and help answer the question whether the program's benefits exceed its costs.

Globalisation and COVID-19

Author : Manas Chatterji
Publisher : Emerald Group Publishing
ISBN 13 : 180262533X
Total Pages : 246 pages
Book Rating : 4.8/5 (26 download)

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Book Synopsis Globalisation and COVID-19 by : Manas Chatterji

Download or read book Globalisation and COVID-19 written by Manas Chatterji and published by Emerald Group Publishing. This book was released on 2023-07-10 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Globalisation and COVID-19 examines how the simultaneous immobilisation of billions created a temporary hold on the mobility which constitutes the very irrigation of globalisation.

Strained Relations

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 022605151X
Total Pages : 453 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis Strained Relations by : Michael D. Bordo

Download or read book Strained Relations written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2015-03-02 with total page 453 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the twentieth century, foreign-exchange intervention was sometimes used in an attempt to solve the fundamental trilemma of international finance, which holds that countries cannot simultaneously pursue independent monetary policies, stabilize their exchange rates, and benefit from free cross-border financial flows. Drawing on a trove of previously confidential data, Strained Relations reveals the evolution of US policy regarding currency market intervention, and its interaction with monetary policy. The authors consider how foreign-exchange intervention was affected by changing economic and institutional circumstances—most notably the abandonment of the international gold standard—and how political and bureaucratic factors affected this aspect of public policy.

The Great Inflation

Author : Michael D. Bordo
Publisher : University of Chicago Press
ISBN 13 : 0226066959
Total Pages : 545 pages
Book Rating : 4.2/5 (26 download)

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Book Synopsis The Great Inflation by : Michael D. Bordo

Download or read book The Great Inflation written by Michael D. Bordo and published by University of Chicago Press. This book was released on 2013-06-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.

Fintech with Artificial Intelligence, Big Data, and Blockchain

Author : Paul Moon Sub Choi
Publisher : Springer Nature
ISBN 13 : 9813361379
Total Pages : 306 pages
Book Rating : 4.8/5 (133 download)

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Book Synopsis Fintech with Artificial Intelligence, Big Data, and Blockchain by : Paul Moon Sub Choi

Download or read book Fintech with Artificial Intelligence, Big Data, and Blockchain written by Paul Moon Sub Choi and published by Springer Nature. This book was released on 2021-03-08 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book introduces readers to recent advancements in financial technologies. The contents cover some of the state-of-the-art fields in financial technology, practice, and research associated with artificial intelligence, big data, and blockchain—all of which are transforming the nature of how products and services are designed and delivered, making less adaptable institutions fast become obsolete. The book provides the fundamental framework, research insights, and empirical evidence in the efficacy of these new technologies, employing practical and academic approaches to help professionals and academics reach innovative solutions and grow competitive strengths.

The Great Contraction, 1929-1933

Author : Milton Friedman
Publisher : Princeton University Press
ISBN 13 : 1400846854
Total Pages : 299 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Great Contraction, 1929-1933 by : Milton Friedman

Download or read book The Great Contraction, 1929-1933 written by Milton Friedman and published by Princeton University Press. This book was released on 2012-12-27 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.

Financial Markets and Financial Crises

Author : R. Glenn Hubbard
Publisher : University of Chicago Press
ISBN 13 : 9780226355887
Total Pages : 420 pages
Book Rating : 4.3/5 (558 download)

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Book Synopsis Financial Markets and Financial Crises by : R. Glenn Hubbard

Download or read book Financial Markets and Financial Crises written by R. Glenn Hubbard and published by University of Chicago Press. This book was released on 1991-08-13 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: Warnings of the threat of an impending financial crisis are not new, but do we really know what constitutes an actual episode of crisis and how, once begun, it can be prevented from escalating into a full-blown economic collapse? Using both historical and contemporary episodes of breakdowns in financial trade, contributors to this volume draw insights from theory and empirical data, from the experience of closed and open economies worldwide, and from detailed case studies. They explore the susceptibility of American corporations to economic downturns; the origins of banking panics; and the behavior of financial markets during periods of crisis. Sever papers specifically address the current thrift crisis—including a detailed analysis of the over 500 FSLIC-insured thrifts in the southeast—and seriously challenge the value of recent measures aimed at preventing future collapse in that industry. Government economists and policy makers, scholars of industry and banking, and many in the business community will find these timely papers an invaluable reference.

Notes from the Underground

Author : Fyodor Dostoyevsky
Publisher :
ISBN 13 : 1606800809
Total Pages : 115 pages
Book Rating : 4.6/5 (68 download)

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Book Synopsis Notes from the Underground by : Fyodor Dostoyevsky

Download or read book Notes from the Underground written by Fyodor Dostoyevsky and published by . This book was released on 2008 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Stress Test

Author : Timothy F. Geithner
Publisher : Crown
ISBN 13 : 0804138605
Total Pages : 610 pages
Book Rating : 4.8/5 (41 download)

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Book Synopsis Stress Test by : Timothy F. Geithner

Download or read book Stress Test written by Timothy F. Geithner and published by Crown. This book was released on 2014-05-12 with total page 610 pages. Available in PDF, EPUB and Kindle. Book excerpt: New York Times Bestseller Washington Post Bestseller Los Angeles Times Bestseller Stress Test is the story of Tim Geithner’s education in financial crises. As president of the Federal Reserve Bank of New York and then as President Barack Obama’s secretary of the Treasury, Timothy F. Geithner helped the United States navigate the worst financial crisis since the Great Depression, from boom to bust to rescue to recovery. In a candid, riveting, and historically illuminating memoir, he takes readers behind the scenes of the crisis, explaining the hard choices and politically unpalatable decisions he made to repair a broken financial system and prevent the collapse of the Main Street economy. This is the inside story of how a small group of policy makers—in a thick fog of uncertainty, with unimaginably high stakes—helped avoid a second depression but lost the American people doing it. Stress Test is also a valuable guide to how governments can better manage financial crises, because this one won’t be the last. Stress Test reveals a side of Secretary Geithner the public has never seen, starting with his childhood as an American abroad. He recounts his early days as a young Treasury official helping to fight the international financial crises of the 1990s, then describes what he saw, what he did, and what he missed at the New York Fed before the Wall Street boom went bust. He takes readers inside the room as the crisis began, intensified, and burned out of control, discussing the most controversial episodes of his tenures at the New York Fed and the Treasury, including the rescue of Bear Stearns; the harrowing weekend when Lehman Brothers failed; the searing crucible of the AIG rescue as well as the furor over the firm’s lavish bonuses; the battles inside the Obama administration over his widely criticized but ultimately successful plan to end the crisis; and the bracing fight for the most sweeping financial reforms in more than seventy years. Secretary Geithner also describes the aftershocks of the crisis, including the administration’s efforts to address high unemployment, a series of brutal political battles over deficits and debt, and the drama over Europe’s repeated flirtations with the economic abyss. Secretary Geithner is not a politician, but he has things to say about politics—the silliness, the nastiness, the toll it took on his family. But in the end, Stress Test is a hopeful story about public service. In this revealing memoir, Tim Geithner explains how America withstood the ultimate stress test of its political and financial systems.

Lessons in Spiritual Economics from the Bhagavad-Gita

Author : Dhanesvara Das
Publisher : Createspace Independent Publishing Platform
ISBN 13 : 9781451589719
Total Pages : 0 pages
Book Rating : 4.5/5 (897 download)

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Book Synopsis Lessons in Spiritual Economics from the Bhagavad-Gita by : Dhanesvara Das

Download or read book Lessons in Spiritual Economics from the Bhagavad-Gita written by Dhanesvara Das and published by Createspace Independent Publishing Platform. This book was released on 2010-04-21 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Spiritual Economics" is a cross-disciplinary study combining psychology, economics and the spiritual science of the Vedas to explain why there is vulture capitalism, cut-throat competition, unending economic hardship, exploitation, inequity, and struggle in this world. Spiritual Economics explains why present economic methods can do nothing to solve these problems, reveals the actual source of our economic problems, and explains the only factual solution that can create an economy that serves everyone. Spiritual Economics also explains the origin and solution of our ecological problems.There is a link between economic activity and human consciousness. Economics is not a physical science like electromagnetism that works according to natural laws. It is a set of ideas entirely created by human beings. The most important side of the economic equation therefore, is the human side, but this side is totally neglected in all discussions of economics. Since economics is a man-made creation, if we want to understand the economic problem and its solution we must understand how and why human beings act in this world. That will give us the insight needed to properly adjust all of the parameters of the economic calculus to get the desired result. Only Spiritual Economics explains the whys and wherefores of human behavior in relationship to their economic activity.

Counterpoints

Author : Anti-Eviction Mapping Project
Publisher : PM Press
ISBN 13 : 1629638447
Total Pages : 434 pages
Book Rating : 4.6/5 (296 download)

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Book Synopsis Counterpoints by : Anti-Eviction Mapping Project

Download or read book Counterpoints written by Anti-Eviction Mapping Project and published by PM Press. This book was released on 2021-08-03 with total page 434 pages. Available in PDF, EPUB and Kindle. Book excerpt: Counterpoints: A San Francisco Bay Area Atlas of Displacement and Resistance brings together cartography, essays, illustrations, poetry, and more in order to depict gentrification and resistance struggles from across the San Francisco Bay Area and act as a roadmap to counter-hegemonic knowledge making and activism. Compiled by the Anti-Eviction Mapping Project, each chapter reflects different frameworks for understanding the Bay Area’s ongoing urban upheaval, including: evictions and root shock, indigenous geographies, health and environmental racism, state violence, transportation and infrastructure, migration and relocation, and speculative futures. By weaving these themes together, Counterpoints expands normative urban-studies framings of gentrification to consider more complex, regional, historically grounded, and entangled horizons for understanding the present. Understanding the tech boom and its effects means looking beyond San Francisco’s borders to consider the region as a socially, economically, and politically interconnected whole and reckoning with the area’s deep history of displacement, going back to its first moments of settler colonialism. Counterpoints combines work from within the project with contributions from community partners, from longtime community members who have been fighting multiple waves of racial dispossession to elementary school youth envisioning decolonial futures. In this way, Counterpoints is a collaborative, co-created atlas aimed at expanding knowledge on displacement and resistance in the Bay Area with, rather than for or about, those most impacted.

Imagine Boston 2030

Author : City Of Boston
Publisher :
ISBN 13 : 9781389647642
Total Pages : pages
Book Rating : 4.6/5 (476 download)

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Book Synopsis Imagine Boston 2030 by : City Of Boston

Download or read book Imagine Boston 2030 written by City Of Boston and published by . This book was released on 2017-09-08 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Today, Boston is in a uniquely powerful position to make our city more affordable, equitable, connected, and resilient. We will seize this moment to guide our growth to support our dynamic economy, connect more residents to opportunity, create vibrant neighborhoods, and continue our legacy as a thriving waterfront city.Mayor Martin J. Walsh's Imagine Boston 2030 is the first citywide plan in more than 50 years. This vision was shaped by more than 15,000 Boston voices.

A Pound of Flesh

Author : Alexes Harris
Publisher : Russell Sage Foundation
ISBN 13 : 1610448553
Total Pages : 265 pages
Book Rating : 4.6/5 (14 download)

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Book Synopsis A Pound of Flesh by : Alexes Harris

Download or read book A Pound of Flesh written by Alexes Harris and published by Russell Sage Foundation. This book was released on 2016-06-08 with total page 265 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over seven million Americans are either incarcerated, on probation, or on parole, with their criminal records often following them for life and affecting access to higher education, jobs, and housing. Court-ordered monetary sanctions that compel criminal defendants to pay fines, fees, surcharges, and restitution further inhibit their ability to reenter society. In A Pound of Flesh, sociologist Alexes Harris analyzes the rise of monetary sanctions in the criminal justice system and shows how they permanently penalize and marginalize the poor. She exposes the damaging effects of a little-understood component of criminal sentencing and shows how it further perpetuates racial and economic inequality. Harris draws from extensive sentencing data, legal documents, observations of court hearings, and interviews with defendants, judges, prosecutors, and other court officials. She documents how low-income defendants are affected by monetary sanctions, which include fees for public defenders and a variety of processing charges. Until these debts are paid in full, individuals remain under judicial supervision, subject to court summons, warrants, and jail stays. As a result of interest and surcharges that accumulate on unpaid financial penalties, these monetary sanctions often become insurmountable legal debts which many offenders carry for the remainder of their lives. Harris finds that such fiscal sentences, which are imposed disproportionately on low-income minorities, help create a permanent economic underclass and deepen social stratification. A Pound of Flesh delves into the court practices of five counties in Washington State to illustrate the ways in which subjective sentencing shapes the practice of monetary sanctions. Judges and court clerks hold a considerable degree of discretion in the sentencing and monitoring of monetary sanctions and rely on individual values—such as personal responsibility, meritocracy, and paternalism—to determine how much and when offenders should pay. Harris shows that monetary sanctions are imposed at different rates across jurisdictions, with little or no state government oversight. Local officials’ reliance on their own values and beliefs can also push offenders further into debt—for example, when judges charge defendants who lack the means to pay their fines with contempt of court and penalize them with additional fines or jail time. A Pound of Flesh provides a timely examination of how monetary sanctions permanently bind poor offenders to the judicial system. Harris concludes that in letting monetary sanctions go unchecked, we have created a two-tiered legal system that imposes additional burdens on already-marginalized groups.

Floating-Rate Securities

Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
ISBN 13 : 9781883249656
Total Pages : 250 pages
Book Rating : 4.2/5 (496 download)

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Book Synopsis Floating-Rate Securities by : Frank J. Fabozzi

Download or read book Floating-Rate Securities written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2000-06-15 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Floating-Rate Securities is the only complete resource on "floaters" that fills the information void surrounding these complex securities. It explains the basics of floating rate securities, how to value them, techniques to compute spread measures for relative value analysis, and much more.

The Bank of England

Author : Forrest Capie
Publisher : Cambridge University Press
ISBN 13 : 9781107621695
Total Pages : 0 pages
Book Rating : 4.6/5 (216 download)

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Book Synopsis The Bank of England by : Forrest Capie

Download or read book The Bank of England written by Forrest Capie and published by Cambridge University Press. This book was released on 2012-08-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This history of the Bank of England takes its story from the 1950s to the end of the 1970s. This period probably saw the peak of the Bank's influence and prestige, as it dominated the financial landscape. One of the Bank's central functions was to manage the exchange rate. It was also responsible for administering all the controls that made up monetary policy. In the first part of the period, the Bank did all this with a remarkable degree of freedom. But economic policy was a failure, and sluggish output, banking instability, and rampant inflation characterized the 1970s. The pegged exchange rate was discontinued, and the Bank's freedom of movement was severely constrained, as new approaches to policy were devised and implemented. The Bank lost much of its freedom of movement but also took on more formal supervision.

The Gnostic Empire Strikes Back

Author : Peter Jones
Publisher : Presbyterian & Reformed Publishing Company
ISBN 13 : 9780875522852
Total Pages : 112 pages
Book Rating : 4.5/5 (228 download)

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Book Synopsis The Gnostic Empire Strikes Back by : Peter Jones

Download or read book The Gnostic Empire Strikes Back written by Peter Jones and published by Presbyterian & Reformed Publishing Company. This book was released on 1992 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Golf Has Never Failed Me

Author : Donald J. Ross
Publisher : John Wiley & Sons
ISBN 13 : 1886947104
Total Pages : 277 pages
Book Rating : 4.8/5 (869 download)

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Book Synopsis Golf Has Never Failed Me by : Donald J. Ross

Download or read book Golf Has Never Failed Me written by Donald J. Ross and published by John Wiley & Sons. This book was released on 1996-01-29 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many years before his death in 1948, legendary golf course architect Donald Ross wrote a book that was never published. Within the manuscript, Ross offered many of his thoughts on the game that he so dearly loved. In the mid-1990s, the book was miraculously rediscovered and published to great acclaim. Golf Has Never Failed Meis an insightful look at the game by one of its most famous and beloved people. And what may surprise you is that many of the astute observations that he made so long ago still hold true today.