“ … Thank you to my advisor, Prof. FundaDogruer, my family, friends, and my roomates who put up … ”
Abstract
This poster examines the impact of the Federal Reserve's unconventional monetary policy actions in response to the Great Recession, and specifically how Large-Scale Asset Purchases (LSAPs) affected bank lending behavior from 2009-2012. Ultimately, I find that the purchasing of Treasury Securities along with MBS (Mortgage-Backed Securities) significantly and positively impacts bank lending, largely through the channel of portfolio rebalancing and increased leverage.
“ … below there for formatting purposes Model 3: Advisor: Funda Dogruer rutkinc@union.edu Chart 1. … ”
Abstract
This paper explores how growing the number of SNAP recipients during recessions and the period following. Specifically this paper looks at how SNAP impacts the growth of private establishments and vice versa. SNAP, the Supplemental Nutritional Assistance Program, tends to increase in recipient size during recessions. This paper specifically looks at the counties where the ten largest cities in the United States are located. The number of SNAP recipients has risen during every one of the last three recessions in every one of these counties except in one instance. That's 29/30 times. By looking at private establishments, this paper aims to examine two impacts. The first is how increasing SNAP participation impacts the ability of private businesses to recover from a recessions; the second is how protecting private businesses impacts the return to pre-recession SNAP levels.
“ … Thank you to my advisor, Prof. FundaDogruer, my family, friends, and my roomates who put up … ”
Abstract
Previously thought to be a phenomena of the past, the past two decades have marked a triumphant return of the liquidity trap as a key monetary policy obstacle for Central banks. Especially since the Global Financial Crisis of 2008, developed economies across the world have been challenged by the Zero Lower Bound of interest rates. During the crisis, Central Banks began to use unconventional monetary policy measures in order to stimulate stagnant economies that had already reached the Zero Lower Bound. These large scale asset purchases, colloquially known as Quantitative Easing, attempt to provide stimulus to the economy without applying further downward pressure to the short rate, which is already near or at the ZLB. My researchattempts to show the impact that these asset purchases have on the lending habits of banks. The bank lending channel of conventional monetary policy is well known, with monetary expansions increasing bank reserves and liquidity, allowing banks to provide more loan funding to firms and households. My research attempts to provide evidence for a similar increase in the issuance of bank loans as a result of the Federal Reserve's Quantitative Easing measures beginning in November 2008. This paper finds that Federal Reserve MBS purchases significantly increased loan activity through portfolio rebalancing and re-establishing leverage. This suggests that by taking on bad assets from banks, the Federal Reserve was able to stimulate loan facility from banks and provide an injection of liquidity into the American economy in a time of recession.
“ … below there for formatting purposes Model 3: Advisor: Funda Dogruer rutkinc@union.edu Chart 1. … ”
Abstract
This paper studies the relationship between participation in the Supplemental Nutritional Assistance Program (SNAP) to the number of private establishments and new housing structure permits in America's largest cities. During the last three nationwide recessions (pre-COVID), the number of SNAP participants rose in America's ten largest cities over ninety-six percent of the time. This paper specifically looks at the counties where the ten largest cities in the United States are located. By looking at private establishments, this paper aims to examine the impact increasing SNAP participation has on recovery of small private businesses from a recession. It also examines how small business closures can impact SNAP participation. Ideally this research will help economists think about policy concerning SNAP and similar programs. As stated above, there tends to be more need and demand for SNAP during recessions, due to the increased number of people facing food insecurity. But many remain SNAP participants long after recessions are over. Thus, this papers tries to better understand how SNAP participation affects the surrounding economy and vice versa.
“ … the Role It Played in Their Growth March 2019 . ADVISOR: [ Funda Dogruer ] For over two decades, China has enjoyed … ”
Abstract
For over two decades, China has enjoyed sustained economic growth, going from a country that was falling behind regional neighbors to quickly emerging among the world’s economic powers. The roots of China’s economic ambitions can be traced back to 1953 with the creation of “The Five Year Plan”, a list of economic and industrial initiatives set out by Mao and the government. 1978 saw China’s economy undergo significant upheaval as it began its transition to a free market economy. The government realized that on top of the need to move away from state-owned enterprises they would also have to cease their isolationism and begin global integration through trade and investment. By 1992 China’s economy was one of the ten largest in the world, the remarkable growth continued late into the second decade of the 21st Century. As their economy grew a constant remained the goal of their monetary policy strategy, which pledged to keep the value of the currency stable and enable growth. The Chinese central bank, The People’s Bank of China, under the government’s recommendation is in charge of implementing monetary policy in accordance with the goals. As China is now undeniably a global superpower, much research has been conducted on all facets of Chinese monetary policy. Chinese monetary policy is unconventional, differing from western developed countries and as a result, the effectiveness of the People’s Bank of China and their policies is an explored topic. This study analyzes how monetary policy tools used by the People’s Bank of China impact the GDP of China as well as key economic indicators. Through the use of OLS regressions and Vector Auto regressions, this paper finds that monetary policy has been utilized effectively to help control inflation, invite foreign investment, and increase exports, thus spurring economic growth.
