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Working Paper
Un-Networking: The Evolution of Networks in the Federal Funds Market
Using a network approach to characterize the evolution of the federal funds market during the Great Recession and financial crisis of 2007-2008, we document that many small federal funds lenders began reducing their lending to larger institutions in the core of the network starting in mid-2007. But an abrupt change occurred in the fall of 2008, when small lenders left the federal funds market en masse and those that remained lent smaller amounts, less frequently. We then test whether changes in lending patterns within key components of the network were associated with increases in ...
Report
A Danger to Self and Others: Health and Criminal Consequences of Involuntary Hospitalization
Involuntary hospitalization of people experiencing a mental health crisis is a widespread practice, 2.4 times as common as death from cancer and as common in the U.S. as incarceration in state and federal prisons. The intent of involuntary hospitalization is to prevent individuals from harming themselves or others through incapacitation, stabilization and medical treatment over a short period of time. Does involuntary hospitalization achieve its goals? We leverage quasi-random assignment of the evaluating physician and administrative data from Allegheny County, Pennsylvania, to estimate the ...
Working Paper
The Government-Sponsored Enterprises and the mortgage crisis: the role of the affordable housing goals
The U.S. mortgage crisis that began in 2007 generated questions about the role played by Fannie Mae and Freddie Mac, the Government-Sponsored Enterprises (GSEs), in its causes. Some have claimed that the Affordable Housing Goals (AHGs), introduced by Congress through the GSE Act of 1992, and the resulting purchases of single-family mortgages the GSEs made to meet those goals, drove lending to high-risk borrowers. Using regression discontinuity analysis, I measure the effect of one of the goals, the Underserved Areas Goal (UAG), on the number of whole single-family mortgages purchased by the ...
Discussion Paper
A Danger to Self and Others: Consequences of Involuntary Hospitalization
Every state in the country has a law permitting involuntary hospitalization if a person presents a danger to themselves or others as a result of mental illness. If a person reaches this high bar, the logic goes, they should be confined in a psychiatric hospital for treatment until they are stabilized. (The process is also sometimes called involuntary commitment, involuntary psychiatric hold, or sectioning.) Although there is no definitive national accounting, it is estimated that about 1.2 million involuntary psychiatric hospitalizations occur every year (Lee and Cohen 2021). This puts the ...