The credit channel of monetary policy transmission: evidence from stock returns

This paper offers a novel test of the credit view of the monetary policy transmission mechanism using stock market returns. We identify Fed policy shocks using newspaper accounts and track daily stock prices immediately following the shocks. If the credit channel is important, then firms that are dependent on bank credit and internal funds should receive a relatively greater benefit (loss) from a Fed easing (tightening) than firms with access to nonbank credit at favorable terms. We identify ten policy shocks during the expansion of 1993-94 and the 'credit crunch' period of the 1990-91 recession and find little evidence supportive of an operative credit channel.     

Point of engagement: reducing disproportionality and improving child and family outcomes

This paper describes an innovative service delivery model to reduce the number of children entering the child welfare system. Point of Engagement (POE) is a collaborative family- and community-centered approach initiated in Compton, a regional office in Los Angeles County that serves south Los Angeles, a predominantly African American and Hispanic/Latino area. Over the past two years, the POE has been implemented in the Compton area by providing more thorough investigations, engaging families, and delivering needed services to children and families within their homes and communities. POE has demonstrated a reduction in the number of children removed from their families, an increase in the number of children returned to their families within one year, and an increase in the number of children finding legal permanency.