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This paper divides the current financial crisis into three phases and describes the policy responses to each. In Phase Ⅰ policy makers misdiagnosed it as a traditional liquidity crisis. Phase Ⅱ was a triage period as policy make...
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This paper divides the current financial crisis into three phases and describes the policy responses to each. In Phase Ⅰ policy makers misdiagnosed it as a traditional liquidity crisis. Phase Ⅱ was a triage period as policy makers addressed the significant solvency problems that became apparent in the country's largest financial institutions. Phase Ⅲ was the pronounced slowdown in the real U.S. economy during which the Federal Reserve expanded its balance sheet by purchasing long term Treasuries and newly issued mortgage backed securities from GSEs. This paper describes the financial market conditions that characterized each of the three phases, describes the policy responses, and finally, attempts to sort out what we have learned and not learned from this crisis and how to handle it so far.
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It is always motivating to read success stories from our Agricultural Education .colleagues and witness the perseverance to create learning opportunities for students. After reading about the work of Mr. Manuel Zacarias Ixmata Gua...
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It is always motivating to read success stories from our Agricultural Education .colleagues and witness the perseverance to create learning opportunities for students. After reading about the work of Mr. Manuel Zacarias Ixmata Guar-chaj and his efforts to develop work-based learning opportunities in rural Guatemala, I was quickly reminded about one of the most powerful lines in FFA Opening Ceremonies. Mr. Guar-chaj embodied the phrase, "without labor, neither knowledge nor wisdom can accomplish much." It is evident that this endeavor required hours of effort and planning. Nonetheless, the goal of providing experiential learning prevailed so students could apply knowledge and wisdom learned in the classroom in a real-life setting to prepare for future careers.
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The United States has experienced many financial crises, but the Great Depression, the prolonged thrift crisis of the 1980s, and the most recent Great Recession stand out. In this paper, the focus is on the differences the three c...
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The United States has experienced many financial crises, but the Great Depression, the prolonged thrift crisis of the 1980s, and the most recent Great Recession stand out. In this paper, the focus is on the differences the three crises exhibited in terms of the economic environment leading up to each crisis, the effects on financial institutions and financial markets, and the policy responses and how those responses evolved. The post-World War I macro environment leading up to the Great Depression was radically different than either the inflation environment of the 1970s and early 1980s or the housing collapse and role that subprime lending played in the Great Recession. Additionally, the financial institution failure experience was different in all three crises, as were the regulatory and legislative responses that followed. Perhaps most striking are two important differences. In the Great Depression, many very small rural banks failed. In the 1980s, the first round of failures hit mainly thrifts followed by largely smaller regional and community banks. In the Great Recession, the nation's largest institutions were the main ones affected. Second, the runs on the institutions were also significantly different.
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Large-screen televisions have gained prominence in the marketplace. Focus groups and a national survey were used to investigate viewing of large-screen televisions as they relate to attitudes toward advertising and the way adverti...
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Large-screen televisions have gained prominence in the marketplace. Focus groups and a national survey were used to investigate viewing of large-screen televisions as they relate to attitudes toward advertising and the way advertising and programming are viewed. Results indicate that larger screens positively impact how advertising and television programming are consumed. Large-screen television viewers were less skeptical of advertising than small-screen viewers; more positive toward advertising; and paid more attention to both commercials and programming. Aiso, large-screen viewers were more absorbed in television programming-a phenomenon that mediates the impact of screen size on attention, evaluation, and skepticism toward television advertising.
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The Federal Reserve has been assigned the goal of fostering financial stability along with its monetary policy goals of maximum employment and stable prices. This paper considers whether the financial stability and monetary policy...
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The Federal Reserve has been assigned the goal of fostering financial stability along with its monetary policy goals of maximum employment and stable prices. This paper considers whether the financial stability and monetary policy goals have consistent policy implications both in theory and in practice. It also considers how the implementation of monetary policy might conflict with financial stability and vice versa.
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Purpose - The purpose of this paper is to examine the events leading up to the Great Recession, the US Federal Reserve's response to what it perceived to be a short-term liquidity problem, and the programs it put in place to addre...
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Purpose - The purpose of this paper is to examine the events leading up to the Great Recession, the US Federal Reserve's response to what it perceived to be a short-term liquidity problem, and the programs it put in place to address liquidity needs from 2007 through the third quarter of 2008. Design/methodology/approach - These programs were designed to channel liquidity to some of the largest institutions, most of which were primary dealers. We describe these programs, examine available evidence regarding their effectiveness and detail which institutions received the largest amounts under each program. Findings - We argue that increasing financial fragility and potential insolvencies in several major institutions were evident prior to the crisis. While it is inherently difficult to disentangle issues of illiquidity from issues of insolvency, failure to recognize and address those insolvency problems delayed necessary adjustments, undermined confidence in the financial system and may have exacerbated the crisis. Research limitations/implications - Disentangling issues of illiquidity from issues of insolvency is inherently difficult and so it is not possible to specify a definitive counterfactual scenario. Nonetheless, failure to recognize and address the insolvency problems in several major institutions until more than a year after the crisis had begun delayed the necessary adjustment and undermined confidence in the financial system. Originality/value - This paper is among the first to analyze data showing the amounts of lending and the distribution of these loans across institutions under the Fed's special liquidity facilities during the first 18 months of the financial crisis.
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Agriculture programs are known for equipping students with problem-solving abilities, industry experience, and communication skills through classroom instruction, FFA, and SAE programs. The hallmark of Agriculture Education is inc...
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Agriculture programs are known for equipping students with problem-solving abilities, industry experience, and communication skills through classroom instruction, FFA, and SAE programs. The hallmark of Agriculture Education is incorporating hands-on activities into our curriculum that allow students to apply content knowledge in a practical way that connects to the real world. Classrooms frequently utilize open-ended problems and weave various levels of inquiry-based instruction into student projectsallowing students to construct their own understanding of technical content knowledge. However, the majority of these skills are learned at the local level (i.e. in our own programs) and students may not get to see the regional, state, or national perspective for a given topic or issue. Integrating a Citizen Science project into the local Agriculture program has the possibility to allow students to experience agriculture in other regions, states, and even across the globe while learning how to communicate professionally and collaborate with other students in a scientific environment.
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