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  1. Bank Disclosure and Incentives [Download]

    Title: Bank Disclosure and Incentives
    Author: Ray, Korok
    Description: In this working paper, Korok Ray proposes a microeconomic model of a bank that acts as a financial intermediary engaging in maturity transformation, borrowing short-term debt from a market of investors to fund a long term loan to a firm. The bank installs a manager who exerts costly effort to reduce the credit risk of the loan portfolio. Disclosing this credit risk to the market increases the manager’s incentives for risk management. The market rewards the manager’s early efforts to manage risk with a lower future cost of debt. When paid on bank equity, the manager is induced to better manage risk. Disclosure therefore helps resolve the moral hazard problem inside banks.
    Keywords: Regulation , Working Paper, Public Interest, Public Policy, Regulatory Studies, Banking
    Date Uploaded: 12/14/2017
  2. Improving Regulatory Accountability: Lessons from the Past and Prospects for the Future [Download]

    Title: Improving Regulatory Accountability: Lessons from the Past and Prospects for the Future
    Author: Dudley, Susan E.
    Description: This article examines efforts by the three branches of federal government to oversee regulatory policy and procedures. It begins with a review of efforts over the last century to establish appropriate checks and balances on regulations issued by the executive branch, and then evaluates current regulatory reforms that would hold the executive branch, the legislative branch, and the judicial branch more accountable for regulations and their outcomes.
    Keywords: Regulation , Working Paper, Public Interest, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  3. Achieving Regulatory Policy Objectives: An Overview and Comparison of U.S. and EU Procedures [Download]

    Title: Achieving Regulatory Policy Objectives: An Overview and Comparison of U.S. and EU Procedures
    Author: Dudley, Susan E.
    Description: This paper aims to provide a descriptive analysis of procedural differences in regulatory development between the United States and the European Union to serve as a factual basis for understanding the regulatory challenges and opportunities for transatlantic trade. It summarizes regulatory procedures in each jurisdiction, dividing the process for establishing regulations into four stages: 1) agenda setting, 2) regulatory development, 3) final determination and opportunities for challenge, and 4) implementation and enforcement. After presenting the procedures in the U.S. and EU, the paper compares how the shared goals for achieving a regulatory system that is evidence based, transparent, and accountable are achieved in the two jurisdictions.
    Keywords: Regulation , Working Paper, Public Policy, Regulatory Studies, Regulatory Policy, United States, European Union
    Date Uploaded: 12/14/2017
  4. Notice & Comment: How Agencies Use Advance Notices of Proposed Rulemaking [Download]

    Title: Notice & Comment: How Agencies Use Advance Notices of Proposed Rulemaking
    Author: Arumugam, Saayee
    Description: On June 4, 2015, Susan E. Dudley appeared before a Roundtable Discussion of the Senate Subcommittee on Regulatory Affairs and Federal Management and gave testimony on practical solutions for improving the federal regulatory process. During the discussion, members of the subcommittee mentioned the possibility of using advance notices of proposed rulemaking (ANPRMs) to improve public participation in the rulemaking process. For example, Congress is considering legislation that would require ANPRMs for all major regulations and rules that raise novel legal and policy issues. The Administrative Procedure Act does not require, or even mention, ANPRMs. ANPRMs are different from proposed rules in that they don’t typically present a particular policy proposal on which the public can comment. Instead, they might seek comments from the public on more general topics, such as what type of information hydraulic fracturing operations should report or how to subject grocery stores to implementation of the FDA Food Safety Modernization Act. These ANPRMs are intended to gather data or perspectives from the public before the agency has settled on a specific policy solution or group of specific policy solutions.
    Keywords: Regulation, Working Paper, Public Interest, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  5. Can Fiscal Budget Concepts Improve Regulation? [Download]

    Title: Can Fiscal Budget Concepts Improve Regulation?
    Author: Dudley, Susan E.
    Description: Despite efforts to ensure that new regulations provide net benefits to citizens, the accumulation of regulations threatens economic growth and well-being. As a result, the U.S. legislature is exploring the possibility that applying fiscal budgeting concepts to regulation could bring more accountability and transparency to the regulatory process. This paper examines the advantages and challenges of applying regulatory budgeting practices, and draws some preliminary conclusions based on successful experiences in other countries.
    Keywords: Regulation, Working Paper, Fiscal Budget, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  6. Whose Benefits Are They, Anyway? Examining the Benefits of Energy Efficiency Rules 2007 - 2014 [Download]

    Title: Whose Benefits Are They, Anyway? Examining the Benefits of Energy Efficiency Rules 2007 - 2014
    Author: Miller, Sofie E.
    Description: The Energy Policy and Conservation Act authorizes the Department of Energy (DOE) to establish energy efficiency standards for consumer appliances that are both technologically feasible and economically justified, while also resulting in a “significant conservation of energy.” To justify its regulations, DOE relies almost entirely on two specific types of regulatory benefits: the cost savings consumers are estimated to enjoy over the life of a more energy efficient appliance, and international benefits associated with reducing the impacts of climate change. To explore these benefits, this paper first examines the composition of benefits from energy efficiency regulations as reported by the Department of Energy over the past 10 years. It then examines arguments for and against inclusion of these benefits in regulatory impact analysis, including whether attributing large private benefits to energy efficiency rules is consistent with standard economic assumptions of consumer sovereignty, and the appropriateness of including international benefits in domestic rulemakings.
    Keywords: Regulation, Working Paper, Energy Efficiency, Public Interest, Public Policy , Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  7. Regulatory Science and Policy: A Case Study of the National Ambient Air Quality Standards [Download]

    Title: Regulatory Science and Policy: A Case Study of the National Ambient Air Quality Standards
    Author: Dudley, Susan E.
    Description: When it comes to environmental regulation, no one is immune to the temptation to put a spin on science to advance a policy goal. While the media will decry the politicization of science – when political decision-makers attempt to distort what scientific studies conclude, problems also arise when scientists and others attempt to exert influence on policy decisions by selectively presenting, or even distorting, scientific findings (scientization of policy). This paper focuses on the scientization of policy, and defines and examines two contributors: the “positive-normative fallacy” (not acknowledging that science alone is insufficient to resolve normative policy questions) and “hidden policy judgments” (not acknowledging the policy judgments inherent in assessments of risk). It examines the process by which the Environmental Protection Agency sets National Ambient Air Quality Standards (NAAQS) under the Clean Air Act to illustrate some of the perverse incentives involved in developing regulations, and offers possible mechanisms to improve those incentives and resulting policy.
    Keywords: Regulation , Working Paper, Environmental Policy, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  8. Learning from Experience: Retrospective Review of Regulations in 2014 [Download]

    Title: Learning from Experience: Retrospective Review of Regulations in 2014
    Author: Miller, Sofie E.
    Description: Through a series of Executive Orders, President Obama has encouraged federal regulatory agencies to review existing regulations “that may be outmoded, ineffective, insufficient, or excessively burdensome, and to modify, streamline, expand, or repeal them in accordance with what has been learned.” Evaluating whether the intended outcomes of regulations are met ex post can be challenging, so multiple government guidelines instruct agencies to incorporate retrospective review plans into their proposals during the rulemaking process. To support this effort, the George Washington University Regulatory Studies Center examined significant regulations proposed in 2014 to assess whether they included plans for retrospective review, and provided recommendations for how best to do so. This paper finds that, despite these guidelines, agencies are not planning prospectively for ex post analysis of their rules and provides agencies with three recommendations to facilitate transparency, public accountability, and measurement of their rules’ success.
    Keywords: Regulation, Working Paper, Public Interest, Public Policy, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  9. Identifying Regulations Affecting International Trade and Investment: Better Classification Could Improve Regulatory Cooperation [Download]

    Title: Identifying Regulations Affecting International Trade and Investment: Better Classification Could Improve Regulatory Cooperation
    Author: Pérez, Daniel R.
    Description: Although technological and political innovations have reduced many of the traditional barriers to international trade and investment flows, regulatory differences between countries persist as lingering barriers to trade. Countries agree that notifying each other of upcoming regulations that may affect international trade and investment is an important mechanism of international regulatory cooperation, which attempts to minimize the creation of unnecessary and costly regulatory divergence. Since 2008 regulatory agencies in the United States have been required to flag regulations they intend to issue that are likely to have an effect on international trade and investment. This paper quantifies how many of the thousands of rules published every year by U.S. agencies are likely to have a significant effect on international trade and investment and analyzes how well agencies are performing at flagging these rules. The results indicate that there is much room for improvement in notifying trade partners and expanding stakeholder participation to improve the outcomes of rulemaking.
    Keywords: Regulation, Working Paper, International Trade, Investment, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/14/2017
  10. Regulation, Innovation, & Entrepreneurship: A Review of the Literature [Download]

    Title: Regulation, Innovation, & Entrepreneurship: A Review of the Literature
    Author: Zárate Moreno, Ana Maria
    Description: The impact of regulation on innovation and entrepreneurship is a concern all over the world. The regulatory environment in which firms interact can hinder or contribute to the creation and early stage growth of new businesses as well as to the innovative process within a market. This document reviews the empirical literature that explores the relationship between regulation and innovation and regulation and entrepreneurship, focusing on the effects of regulatory quality across countries. As expected, most empirical analyses find a relationship between regulatory restrictions and entrepreneurship. Moreover, the analysis illustrates the complexity of the effect of regulation on innovation. The thematic analysis conducted in this literature review indicates that institutions matter for economic activities and that regulation, as an important part of the institutional environment, is a central aspect of the ecosystem for innovation and entrepreneurial engagement.
    Keywords: Regulation, Working Paper, Innovation, Entrepreneurship, Regulatory Studies, Regulatory Policy
    Date Uploaded: 12/12/2017