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Andrei Zlate - One of the best experts on this subject based on the ideXlab platform.
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macroprudential policy results from a Tabletop Exercise
Social Science Research Network, 2019Co-Authors: Denise J Duffy, Emily Yang, Joseph G Haubrich, Anna Kovner, Alex Musatov, Edward Simpson Prescott, Richard J Rosen, Thomas D Tallarini, Alexandros Vardoulakis, Andrei ZlateAbstract:This paper presents a Tabletop Exercise designed to analyze macroprudential policy. Several senior Federal Reserve officials were presented with a hypothetical economy as of 2020:Q2 in which commercial real estate and nonfinancial debt valuations were very high. After analyzing the economy and discussing the use of monetary and macroprudential policy tools, participants were then presented with a hypothetical negative shock to commercial real estate valuations that occurred in the second half of 2020. Participants then discussed the use of the tools during an incipient downturn. Some of the findings of the Exercise were that during an asset boom, there were limits to the effectiveness of U.S. macroprudential tools in controlling narrow risks and that changes to the fed funds rate may not always simultaneously meet macroeconomic and financial stability goals. Some other findings were that during a downturn, it would be desirable to use high-frequency indicators for deciding when to release the countercyclical capital buffer (CCyB) and that tensions exist between microprudential and macroprudential goals when using the CCyB and the stress test.
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macroprudential policy a case study from a Tabletop Exercise
Federal Reserve Bank of New York Economic policy review, 2017Co-Authors: Tobias Adrian, Patrick De Fontnouvelle, Emily Yang, Andrei ZlateAbstract:1.INTRODUCTIONSince the global financial crisis of 2007-09, policymakers around the world have advocated the use of prudential policy tools to promote financial stability-that is, to reduce risks that could inhibit the financial sector's ability to intermediate credit (Bernanke 2008; Bank of England 2009; Basel Committee on Banking Supervision 2010; Tarullo 2013). Prudential policy tools are rules or requirements that enhance the safety and soundness of specific firms, sectors, or practices. The use of such prudential policy tools for financial stability purposes is often called macroprudential policy. Academic work on the implementation of macroprudential methods has flourished recently,1 and even prior to the crisis, some researchers and policymakers argued for a macroprudential approach to financial regulation.2This article describes a "Tabletop" inquiry into macroprudential tools that was conducted by members of the Financial Stability Subcommittee of the Conference of Presidents (COP) of the Federal Reserve Banks in June 2015.3 In the Tabletop Exercise, Federal Reserve Bank presidents were presented with a plausible, albeit hypothetical, scenario of financial market overheating. They were asked to identify the risks to financial stability present in the scenario, and to review a variety of possible macroprudential and monetary responses to those risks. In exploring the actions and tools available to policymakers, the participants drew conclusions about the advantages and the limitations of the different approaches.Before describing the hypothetical scenario, the available policy tools, and their transmission mechanism in detail, we define the macroprudential objectives that guided the Exercise and the framework used in assessing financial vulnerabilities.In the Tabletop Exercise, the primary macroprudential objective is to reduce the occurrence and severity of major financial crises and the possible adverse effects on employment and price stability. The macroprudential objective, because it focuses on economy-wide financial stability, differs from the Federal Reserve's monetary policy objectives of full employment and stable prices and goes beyond its microprudential objective of ensuring the safety and soundness of individual firms. However, the objectives and transmission mechanisms of microprudential, macroprudential, and monetary policies are intertwined, generating the potential for trade-offs among objectives. For example, trade-offs may arise between preemptive macroprudential actions and the cost of financial intermediation, because preemptive macroprudential actions that reduce vulnerabilities may slow economic performance in the short term.4 Furthermore, the trade-off between macroprudential and microprudential objectives might be more severe in busts than in booms, while the trade-off between macroprudential and monetary policy objectives might be more severe in booms than in busts. Therefore, a secondary objective is to manage such trade-offs-in other words, to mitigate the side effects of macroprudential policy actions through time. Financial system disruptions that macroprudential objectives aim to avoid include fire sales in financial markets, destabilizing runs on banking and quasi-banking institutions, shortages of money-like assets, disruptions in credit availability to the nonfinancial business sector, spikes in risk premia, disorderly dissolution of systemically important financial institutions, excessive spillovers from disruptions in international funding and currency markets, and disruptions of the payments system.Our assessment framework of financial vulnerabilities follows Adrian, Covitz, and Liang (2013). The framework is a forward-looking monitoring program designed to identify and track the sources of systemic risk over time and to facilitate the development of policies to promote financial stability. Under this framework, macroprudential tools and actions can be classified according to whether they serve preemptive or resilience goals. …
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macroprudential policy a case study from a Tabletop Exercise
Social Science Research Network, 2017Co-Authors: Tobias Adrian, Patrick De Fontnouvelle, Emily Yang, Andrei ZlateAbstract:Since the global financial crisis of 2007-09, policymakers and academics have advocated the use of prudential policy tools to reduce the risks that could inhibit the financial sector’s ability to intermediate credit. The use of such tools in the service of financial stability is often called macroprudential policy. This article describes a “Tabletop” Exercise in which Federal Reserve Bank presidents were presented with a hypothetical scenario of overheating markets and asked to consider the effectiveness of macroprudential policy approaches in averting or moderating the financial disruptions that were likely to follow. The prudential tools examined as part of this Exercise ranged from countercyclical capital buffers and sectoral capital requirements to liquidity requirements and leverage ratios, and from stress testing to supervisory guidance and moral suasion. In addition, participants were asked to consider the use of monetary policy tools to achieve financial stability ends. The participants found that implementation lags and a narrow scope of application limited the effectiveness of many prudential tools; the tools that posed the fewest implementation challenges, such as stress testing, margins on repo funding, and supervisory guidance, were the most favorably regarded. Interestingly, monetary policy emerged as an attractive supplemental tool for promoting financial stability. The Tabletop Exercise abstracted from governance issues within the Federal Reserve System, focusing instead on economic mechanisms of alternative tools.
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macroprudential policy case study from a Tabletop Exercise
Research Papers in Economics, 2015Co-Authors: Tobias Adrian, Patrick De Fontnouvelle, Emily Yang, Andrei ZlateAbstract:Since the global financial crisis of 2007-09, policy makers and academics around the world have advocated the use of prudential tools for macroprudential purposes. This paper presents a macroprudential Tabletop Exercise that aimed at confronting Federal Reserve Bank presidents with a plausible, albeit hypothetical, macro-financial scenario that would lend itself to macroprudential considerations. In the Tabletop Exercise, the primary macroprudential objective was to reduce the likelihood and severity of possible future financial disruptions associated with the hypothetical overheating scenario. The scenario provided a path for key macroeconomic and financial variables, which were assumed to be observed through 2016:Q4, as well as the corresponding hypothetical projections for the interval from 2017:Q1 to 2018:Q4. Prudential tools under consideration included capital-based tools such as leverage ratios, countercyclical capital buffers, and sectoral capital requirements; liquidity-based tools such as liquidity coverage and net stable funding ratios; credit-based tools such as caps on loan-to-value ratios and margins; capital and liquidity stress testing; as well as supervisory guidance and moral suasion. In addition, participants were asked to consider using monetary policy tools for financial stability purposes. Under the hypothetical scenario, participants found many prudential tools less attractive due to implementation lags and limited scope of application and favored those deemed to pose fewer implementation challenges, such as stress testing, margins on repo funding, and guidance. Also, monetary policy came more quickly to the fore as a financial stability tool than might have been thought before the Exercise. The Tabletop Exercise abstracted from governance issues within the Federal Reserve System, focusing instead on economic mechanisms of alternative tools.
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macroprudential policy case study from a Tabletop Exercise
Staff Reports, 2015Co-Authors: Tobias Adrian, Patrick De Fontnouvelle, Emily Yang, Andrei ZlateAbstract:Since the global financial crisis of 2007-09, policymakers and academics around the world have advocated the use of prudential tools for macroprudential purposes. This paper presents a macroprudential Tabletop Exercise that aimed at confronting Federal Reserve Bank presidents with a plausible, albeit hypothetical, macro-financial scenario that would lend itself to macroprudential considerations. In the Tabletop Exercise, the primary macroprudential objective was to reduce the likelihood and severity of possible future financial disruptions associated with the hypothetical overheating scenario. The scenario provided a path for key macroeconomic and financial variables, which were assumed to be observed through 2016:Q4, as well as the corresponding hypothetical projections for the interval from 2017:Q1 to 2018:Q4. Prudential tools under consideration included capital-based tools such as leverage ratios, countercyclical capital buffers, and sectoral capital requirements; liquidity-based tools such as liquidity coverage and net stable funding ratios; credit-based tools such as caps on loan-to-value ratios and margins; capital and liquidity stress testing; and supervisory guidance and moral suasion. In addition, participants were asked to consider using monetary policy tools for financial stability purposes. Under the hypothetical scenario, participants found many prudential tools less attractive owing to implementation lags and limited scope of application and favored those deemed to pose fewer implementation challenges, such as stress testing, margins on repo funding, and guidance. Also, monetary policy came more quickly to the fore as a financial stability tool than might have been thought before the Exercise. The Tabletop Exercise abstracted from governance issues within the Federal Reserve System, focusing instead on economic mechanisms of alternative tools.
Jessica L Franks - One of the best experts on this subject based on the ideXlab platform.
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extending the reach of pediatric emergency preparedness a virtual Tabletop Exercise targeting children s needs
Public Health Reports, 2019Co-Authors: Eric J Dziuban, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Georgina Peacock, Karen Cobhamowens, Steven E Krug, Sarita ChungAbstract:Objectives:Virtual Tabletop Exercises (VTTXs) simulate disaster scenarios to help participants improve their emergency-planning capacity. The objectives of our study were to (1) evaluate the effect...
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addressing children s needs in disasters a regional pediatric Tabletop Exercise
Disaster Medicine and Public Health Preparedness, 2018Co-Authors: Sarita Chung, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Eric J Dziuban, Georgina PeacockAbstract:Objective Preparing and responding to the needs of children during public health emergencies continues to be challenging. The purpose of this study was to assess the usefulness of a Tabletop Exercise in initiating pediatric preparedness strategies and assessing the impact of the Exercise on participants’ understanding of and confidence in their roles during pediatric public health emergencies. Methods A Tabletop Exercise was developed to simulate a public health emergency scenario involving smallpox in a child, with subsequent spread to multiple states. During the Exercise, participants discussed and developed communication, collaboration, and medical countermeasure strategies to enhance pediatric public health preparedness. Exercise evaluation was designed to assess participants’ knowledge gained and level of confidence surrounding pediatric public health emergencies. Results In total, 22 participants identified over 100 communication and collaboration strategies to promote pediatric public health preparedness during the Exercise and found that the most beneficial aspect during the Exercise was the partnership between pediatricians and public health officials. Participants’ knowledge and level of confidence surrounding a pediatric public health emergency increased after the Exercise. Conclusion The Tabletop Exercise was effective in identifying strategies to improve pediatric public health preparedness as well as enhancing participants’ knowledge and confidence surrounding a potential pediatric public health emergency. ( Disaster Med Public Health Preparedness . 2018;12:582–586)
Sarita Chung - One of the best experts on this subject based on the ideXlab platform.
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extending the reach of pediatric emergency preparedness a virtual Tabletop Exercise targeting children s needs
Public Health Reports, 2019Co-Authors: Eric J Dziuban, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Georgina Peacock, Karen Cobhamowens, Steven E Krug, Sarita ChungAbstract:Objectives:Virtual Tabletop Exercises (VTTXs) simulate disaster scenarios to help participants improve their emergency-planning capacity. The objectives of our study were to (1) evaluate the effect...
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addressing children s needs in disasters a regional pediatric Tabletop Exercise
Disaster Medicine and Public Health Preparedness, 2018Co-Authors: Sarita Chung, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Eric J Dziuban, Georgina PeacockAbstract:Objective Preparing and responding to the needs of children during public health emergencies continues to be challenging. The purpose of this study was to assess the usefulness of a Tabletop Exercise in initiating pediatric preparedness strategies and assessing the impact of the Exercise on participants’ understanding of and confidence in their roles during pediatric public health emergencies. Methods A Tabletop Exercise was developed to simulate a public health emergency scenario involving smallpox in a child, with subsequent spread to multiple states. During the Exercise, participants discussed and developed communication, collaboration, and medical countermeasure strategies to enhance pediatric public health preparedness. Exercise evaluation was designed to assess participants’ knowledge gained and level of confidence surrounding pediatric public health emergencies. Results In total, 22 participants identified over 100 communication and collaboration strategies to promote pediatric public health preparedness during the Exercise and found that the most beneficial aspect during the Exercise was the partnership between pediatricians and public health officials. Participants’ knowledge and level of confidence surrounding a pediatric public health emergency increased after the Exercise. Conclusion The Tabletop Exercise was effective in identifying strategies to improve pediatric public health preparedness as well as enhancing participants’ knowledge and confidence surrounding a potential pediatric public health emergency. ( Disaster Med Public Health Preparedness . 2018;12:582–586)
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a hazardous materials educational curriculum improves pediatric emergency department staff skills
AEM education and training, 2018Co-Authors: Elizabeth K Hewett, Michele Morin, Mary Devine, Michelle Carestia, Michael C. Monuteaux, Joshua Nagler, Sarita ChungAbstract:Objective: Emergency department (ED) providers require competency in responding to hazardous materials (HAZMAT) events. The optimal strategies to teach HAZMAT response principles to ED providers and to ensure skill retention are not known. Our aim was to design, implement, and evaluate a multifaceted, interprofessional educational curriculum for pediatric ED staff to improve their skills, knowledge, and confidence in responding to a HAZMAT event. Methods: In this longitudinal cohort study, we created and assessed a 3-hour educational curriculum comprised of didactics, skills stations, a Tabletop Exercise, and a simulated multivictim disaster. Learning objectives included critical aspects of pediatric HAZMAT incident response with an emphasis on donning personal protective equipment (PPE). The primary outcome was the number of HAZMAT PPE donning steps correctly completed within 10 minutes at pre- and postcurriculum assessments measured using a 32-item checklist. Secondary outcomes included skill retention at 3 months, change in knowledge assessed using multiple-choice questions, and change in participant confidence. Results: Eighty-one of 84 participants (96%) completed the entire curriculum. Compared to the precurriculum assessment, participants completed more donning steps correctly after the intervention (mean increase = 58%, 95% confidence interval [CI] = 48%-70%). Relative to the baseline, more steps were also correctly completed at 3 months (mean increase = 49%, 95% CI = 38%-61%). Performance on multiple-choice knowledge questions and confidence in skills also significantly increased from the pre- to postcurriculum assessments. Conclusions: A newly developed HAZMAT educational curriculum improved skills-based performance, knowledge, and confidence in PPE and decontamination skills. Brief, multifaceted educational interventions for ED staff can effectively develop sustainable skills needed for uncommon emergency events.
Eric J Dziuban - One of the best experts on this subject based on the ideXlab platform.
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extending the reach of pediatric emergency preparedness a virtual Tabletop Exercise targeting children s needs
Public Health Reports, 2019Co-Authors: Eric J Dziuban, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Georgina Peacock, Karen Cobhamowens, Steven E Krug, Sarita ChungAbstract:Objectives:Virtual Tabletop Exercises (VTTXs) simulate disaster scenarios to help participants improve their emergency-planning capacity. The objectives of our study were to (1) evaluate the effect...
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addressing children s needs in disasters a regional pediatric Tabletop Exercise
Disaster Medicine and Public Health Preparedness, 2018Co-Authors: Sarita Chung, Aaron H Gardner, David J Schonfeld, Jessica L Franks, Eric J Dziuban, Georgina PeacockAbstract:Objective Preparing and responding to the needs of children during public health emergencies continues to be challenging. The purpose of this study was to assess the usefulness of a Tabletop Exercise in initiating pediatric preparedness strategies and assessing the impact of the Exercise on participants’ understanding of and confidence in their roles during pediatric public health emergencies. Methods A Tabletop Exercise was developed to simulate a public health emergency scenario involving smallpox in a child, with subsequent spread to multiple states. During the Exercise, participants discussed and developed communication, collaboration, and medical countermeasure strategies to enhance pediatric public health preparedness. Exercise evaluation was designed to assess participants’ knowledge gained and level of confidence surrounding pediatric public health emergencies. Results In total, 22 participants identified over 100 communication and collaboration strategies to promote pediatric public health preparedness during the Exercise and found that the most beneficial aspect during the Exercise was the partnership between pediatricians and public health officials. Participants’ knowledge and level of confidence surrounding a pediatric public health emergency increased after the Exercise. Conclusion The Tabletop Exercise was effective in identifying strategies to improve pediatric public health preparedness as well as enhancing participants’ knowledge and confidence surrounding a potential pediatric public health emergency. ( Disaster Med Public Health Preparedness . 2018;12:582–586)
Jennifer Leaning - One of the best experts on this subject based on the ideXlab platform.
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integration of academia and practice in preparedness training the harvard school of public health experience
Public Health Reports, 2005Co-Authors: Rebecca A Orfaly, Paul D Biddinger, Jonathan L Burstein, Jennifer LeaningAbstract:Given the need for public health professionals well trained in emergency preparedness and response, students in public health programs require ample practical training to prepare them for careers in public health practice. The Harvard School of Public Health Center for Public Health Preparedness has been instrumental in the creation and implementation of a course entitled, "Bioterrorism: Public Health Preparedness and Response." This course features lectures on specific applications of public health practice in emergency preparedness and response. In addition, it provides students the opportunity to operationalize and apply their knowledge during an interactive Tabletop Exercise. In light of their university affiliations and expertise in providing preparedness training, other Academic Centers for Public Health Preparedness have the opportunity to be instrumental in providing similar training to graduate students of public health.
