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Showing results 1 to 10 of approximately 19.
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Speech
Guiding Principles for Financial Regulation; Panel Remarks at \"The Future of Global Finance: Populism, Technology, and Regulation\" Conference, Columbia University, New York, NY
At times, the regulatory framework that has arisen since the global financial crisis can seem like the game of fizzbin (appeared in the original Star Trek TV Show) ? very complicated, seemingly without rationale, and constantly changing. In such an environment, sometimes it helps to take a step back and focus on some underlying principles that should serve as a foundation for any financial regulatory framework, and that can help guide any potential changes to strengthen the framework and promote cross-country harmonization.
Speech
The evolving first line of defense: keynote address at the 1LoD Summit, New York City
Keynote address at the 1LoD Summit, New York City.
Speech
Reforming culture for the long term : Remarks at the Banking Standards Board, London, United Kingdom
Remarks at the Banking Standards Board, London, United Kingdom .
Journal Article
Are CEOs Overpaid?
Feature article on: Are CEOs Overpaid? Incentives for chief executives have important economic implications
Journal Article
How Much Do Work Interruptions Reduce Mothers’ Wages?
Women experience large and persistent declines in earnings after having children, which in part reflects fewer hours worked while children are young. Recent studies of large policy-induced changes in mothers’ work experience in the 1990s quantify the impact of avoiding lengthy work interruptions after childbirth. The analysis shows that mothers who return to work a year sooner after childbirth earn 5-6% higher wages 10 to 20 years later. Thus, policies that encourage mothers’ return to work can lead to large improvements in their lifetime earnings.
Working Paper
Who Has the Time? Community College Students’ Time-Use Response to Financial Incentives
We evaluate the effect of performance-based scholarship programs for postsecondary students on student time use and effort and whether these effects are different for students we hypothesize may be more or less responsive to incentives. To do so, we administered a time-use survey as part of a randomized experiment in which community college students in New York City were randomly assigned to be eligible for a performance-based scholarship or to a control group that was only eligible for the standard financial aid. This paper contributes to the literature by attempting to get inside the ...
Report
Banks' incentives and the quality of internal risk models
This paper investigates the incentives for banks to bias their internally generated risk estimates. We are able to estimate bank biases at the credit level by comparing bank-generated risk estimates within loan syndicates. The biases are positively correlated with measures of regulatory capital, even in the presence of bank fixed effects, consistent with an effort by low-capital banks to improve regulatory ratios. At the portfolio level, the difference in borrower probability of default is as large as 100 basis points, which can improve the typical loan portfolio?s Tier 1 capital ratio by as ...
Working Paper
Who Has the Time? Community College Students’ Time-Use Response to Financial Incentives
We evaluate the effect of performance-based scholarship programs for postsecondary students on student time use and effort and whether these effects are different for students we hypothesize may be more or less responsive to incentives. To do so, we administered a time-use survey as part of a randomized experiment in which community college students in New York City were randomly assigned to be eligible for a performance-based scholarship or to a control group that was only eligible for the standard financial aid. This paper contributes to the literature by attempting to get inside the ...
Report
Effect of constraints on Tiebout competition: evidence from a school finance reform in the United States
In 1994, Michigan enacted a comprehensive school finance reform that not only significantly increased state aid to low-spending districts, but also placed restraints on the growth of spending in high-spending districts. While a rich literature studies the impact of school finance reforms on resource equalization, test scores, and residential sorting, there is no literature yet on the impact of such reforms on resource allocation by school districts. This study begins to fill this gap. The Michigan reform affords us a unique opportunity to study the impacts of such reforms on resource ...
Speech
Opening remarks at Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue, Federal Reserve Bank of New York, New York City
Remarks at Reforming Culture and Behavior in the Financial Services Industry: Expanding the Dialogue, Federal Reserve Bank of New York, New York City.