Advanced Manufacturing Emerges at the Federal Level

2018 ◽  
Author(s):  
William B. Bonvillian ◽  
Peter L. Singer
Keyword(s):  
Great Recession ◽  
Structural Response ◽  
Advanced Manufacturing ◽  
Short Term ◽  
The Great Recession ◽  
Price Signals ◽  
Stabilization Policies ◽  
Economic Assets ◽  
Rates Of Growth

This chapter looks at how the new policy focus on advanced manufacturing developed following the Great Recession. Barack Obama faced the Great Recession with a 10 percent unemployment rate. In particular, the auto industry had collapsed, smashing a large part of the manufacturing supplier sector. Government efforts to return to tolerable growth levels were relying almost exclusively on short-term stabilization policies. Neoclassical economists were at the helm, pressing their menu of fiscal and monetary plans to coax the price signals that could restore investment to nurture positive rates of growth. The problem was that these stabilization policies were limited in their ability to offset long-term underinvestment in the economic assets and factors that create the larger growth multipliers needed. For a significant period, this longer-term underinvestment had led to declining U.S. competitiveness and slower rates of growth. In other words, short-term stabilization was simply not enough; the problems were deeply structural and required a structural response.

Liquidity versus Wealth in Household Debt Obligations: Evidence from Housing Policy in the Great Recession

2020 ◽  
Vol 110 (10) ◽  
pp. 3100-3138 ◽  
Author(s):  
Peter Ganong ◽  
Pascal Noel
Keyword(s):  
Housing Policy ◽  
Great Recession ◽  
Regression Discontinuity ◽  
Short Term ◽  
Difference In Differences ◽  
The Great Recession ◽  
Consumption Decisions ◽  
Research Designs ◽  
The Impact

We exploit variation in mortgage modifications to disentangle the impact of reducing long-term obligations with no change in short-term payments (“wealth”), and reducing short-term payments with no change in long-term obligations (“liquidity”). Using regression discontinuity and difference-in-differences research designs with administrative data measuring default and consumption, we find that principal reductions that increase wealth without affecting liquidity have no effect, while maturity extensions that increase only liquidity have large effects. This suggests that liquidity drives default and consumption decisions for borrowers in our sample and that distressed debt restructurings can be redesigned with substantial gains to borrowers, lenders, and taxpayers. (JEL E21, G21, G51, R38)

Disruptive Soft Law and Post-Crisis US Reform

2018 ◽  
Author(s):  
Abraham L. Newman ◽  
Elliot Posner
Keyword(s):  
Financial Markets ◽  
Great Recession ◽  
Regulatory Reform ◽  
The United States ◽  
Soft Law ◽  
Long Term Effects ◽  
The Great Recession ◽  
The Us ◽  
International Interaction

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

scholarly journals Taiwan's budgetary responses to COVID-19: the use of special budgets

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Wei-Jie Liao ◽  
Nai-Ling Kuo ◽  
Shih-Hsien Chuang
Keyword(s):  
Lessons Learned ◽  
Fiscal Sustainability ◽  
Short Term ◽  
Content Type ◽  
The Great Recession ◽  
News Reports ◽  
Economic Stimulus ◽  
Fiscal Implications ◽  
Taiwanese Government

PurposeThe authors examine the Taiwanese government's budgetary responses to COVID-19, with a focus on the special budgets created for containing the virus, undertaking bailouts and providing economic stimulus. The authors assess the short-term and long-term fiscal implications of the budgetary measures and discuss how Taiwan's experiences could provide lessons for other countries for future emergencies.Design/methodology/approachThe authors collect data from Taiwan's official documents and news reports and compare the special budgets proposed by the Taiwanese government during the Great Recession and the COVID-19 pandemic. The authors discuss lessons learned from the 2008–09 special budget and possible concerns of the 2020 special budgets. In the conclusions, the authors discuss potential long-term implications for Taiwan's budgetary system as well as possible lessons for other countries based on Taiwan's experiencesFindingsThe authors found that the 2008–09 special budgets focused only on economic stimulus, whereas the 2020 special budgets covered COVID-19 treatments, bailouts and economic stimulus. In 2020, the Taiwanese government devised targeted bailout plans for industries and individuals most affected by the pandemic and created the Triple Stimulus Vouchers to boost the economy. Since the special budgets were largely funded through borrowing, the authors pointed out concerns for fiscal sustainability and intergenerational equity.Originality/valueCOVID-19 has changed how the world functions massively. This work adds to the literature on COVID-19 by providing Taiwan's budgetary responses to the pandemic. This work also identifies ways for Taiwan to improve the existing budgetary system and discusses lessons for other countries.

The Effects of the Great Recession on Family Structure and Fertility

2013 ◽  
Vol 650 (1) ◽  
pp. 214-231 ◽  
Author(s):  
Andrew Cherlin ◽  
Erin Cumberworth ◽  
S. Philip Morgan ◽  
Christopher Wimer
Keyword(s):  
Young Adults ◽  
Great Recession ◽  
Family Life ◽  
Recent Immigrants ◽  
Term Trend ◽  
Younger Women ◽  
The Great Recession ◽  
Intergenerational Coresidence ◽  
Long Term Trend

Recessions can alter family life by constraining the choices that individuals and couples make concerning their family lives and by activating the family’s role as an emergency support system. Both effects were visible during and after the Great Recession. Fertility declined by 9 to 11 percent, depending on the measure, and the decline was greater in states that experienced higher increases in unemployment. The decline was greater among younger women, which suggests postponement rather than forgoing of births. The fall in fertility was sharpest for Hispanics, a result the authors attribute to a drop in Mexican immigration, which reduced the number of recent immigrants, the group with the highest fertility. Substantial increases occurred in the percentage of young adults, single and married, who lived with their parents, augmenting a long-term trend toward intergenerational coresidence. There was a slight decline in divorce and separation in states with higher unemployment.

Social Movements

2020 ◽  
pp. 464-478
Author(s):  
Eduardo Romanos
Keyword(s):  
Social Movements ◽  
Collective Action ◽  
Social Movement ◽  
Great Recession ◽  
Model Building ◽  
Long Term Effects ◽  
National Surveys ◽  
The Great Recession ◽  
Cross National

According to cross-national surveys, Spaniards are among the Europeans who participate the most in street protests. At the same time, Spanish social movements have been generally understood as deploying a less radical protest repertoire and a relatively weak organizational model. Building upon central concepts in social movement studies, this chapter analyses these and other features of the Spanish activist tradition as compared to other Western countries. An especial attention is paid to the strongest protest cycles in Spanish recent history: the years of the democratic transition and the Great Recession. In doing so, this chapter aims to address the long-term effects of regime transition on domestic collective action and organized protest.

The Causes and Legacy of the Great Recession in Spain

2020 ◽  
pp. 115-131
Author(s):  
Sebastián Royo
Keyword(s):  
Economic Growth ◽  
Great Recession ◽  
Political System ◽  
Economic Consequences ◽  
The Political ◽  
The European Union ◽  
New Parties ◽  
Political Consequences ◽  
The Great Recession

After over two decades of prolonged economic growth, Spain suffered its worst economic crisis in decades between 2008 and 2014. The political, social, and economic consequences of this crisis were very severe: unemployment increased sharply reaching over 27 per cent; inequalities deepened; and the two-party political system was transformed by the emergence of new parties. The implementation of structural reforms, which intensified as a result of the European Union financial sector bailout of 2012, led to economic recovery. As a result, credit was restored, strong economic growth resumed, and the political system did not implode. Yet, persistently high unemployment (particularly as regards youth and long-term) as well as inequality (and to a certain extent poverty) still persist a decade after the crisis. This chapter looks at the genesis of the crisis and examines the responses to the crisis, as well as its economic, social, and political consequences.

scholarly journals Fertility Intentions in Times of Rising Economic Uncertainty: Evidence from Italy from a Gender Perspective

2020 ◽  
Author(s):  
Marco Novelli ◽  
Alberto Cazzola ◽  
Aurora Angeli ◽  
Lucia Pasquini
Keyword(s):  
Great Recession ◽  
Multilevel Models ◽  
Fertility Intentions ◽  
Individual Characteristics ◽  
Economic Uncertainty ◽  
Short Term ◽  
Economic Determinants ◽  
The Great Recession ◽  
Italian Women ◽  
The Individual

AbstractThis study analyses the socio-economic determinants of the short-term fertility plans of Italian women and men living as couples, before and shortly after the onset of the 2007/2008 Great Recession, which may have affected their reproductive plans through a climate of rising economic uncertainty. Using multilevel models, we investigate how fertility intentions are related to the individual characteristics of the respondents and their partners as well as to changes in the economic context. The findings confirm that the Great Recession modified the determinants of short-term fertility intentions differently for women and men. Among the most relevant issues, we outline the importance of couples’ working conditions and the contextual labour market indicators.

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