Report on a review of selected general and application controls over the Iowa Public Employees’ Retirement System (IPERS) I-Que Pension Administration System for the period March 24, 2009 through April 22, 2009

Report on a review of selected general and application controls over the Iowa Public Employees’ Retirement System (IPERS) I-Que Pension Administration System for the period March 24, 2009 through April 22, 2009

Is bank debt special for the transmission of monetary policy? Evidence from the stock market

We combine existing balance sheet and stock market data with two new datasets to studywhether, how much, and why bank lending to firms matters for the transmission of monetarypolicy. The first new dataset enables us to quantify the bank dependence of firms precisely,as the ratio of bank debt to total assets. We show that a two standard deviation increase inthe bank dependence of a firm makes its stock price about 25% more responsive to monetarypolicy shocks. We explore the channels through which this effect occurs, and find that thestock prices of bank-dependent firms that borrow from financially weaker banks display astronger sensitivity to monetary policy shocks. This finding is consistent with the banklending channel, a theory according to which the strength of bank balance sheets mattersfor monetary policy transmission. We construct a new database of hedging activities andshow that the stock prices of bank-dependent firms that hedge against interest rate riskdisplay a lower sensitivity to monetary policy shocks. This finding is consistent with aninterest rate pass-through channel that operates via the direct transmission of policy ratesto lending rates associated with the widespread use of floating-rates in bank loans and creditline agreements.

Special investigation of Iowa Association of Skills USA-VICA, for the period September 1, 2001 through September 30, 2008

Special investigation of Iowa Association of Skills USA-VICA, for the period September 1, 2001 through September 30, 2008

Special report on the Former Russell Community School District for the period July 1, 2007 through June 30, 2008

Special report on the Former Russell Community School District for the period July 1, 2007 through June 30, 2008

Sovereign debt markets in turbulent times: Creditor discrimination and crowding-out effects

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and lowspreads. Then the financial crisis erupted and pushed them into deep recessions, raising theirdeficits and debt levels. By 2010, they were facing severe debt problems. Spreads increased and,surprisingly, so did the share of the debt held by domestic creditors. Credit was reallocatedfrom the private to the public sectors, reducing investment and deepening the recessions evenfurther. To account for these facts, we propose a simple model of sovereign risk in which debtcan be traded in secondary markets. The model has two key ingredients: creditor discriminationand crowding-out effects. Creditor discrimination arises because, in turbulent times, sovereigndebt offers a higher expected return to domestic creditors than to foreign ones. This providesincentives for domestic purchases of debt. Crowding-out effects arise because private borrowingis limited by financial frictions. This implies that domestic debt purchases displace productiveinvestment. The model shows that these purchases reduce growth and welfare, and may lead toself-fulfilling crises. It also shows how crowding-out effects can be transmitted to other countriesin the Eurozone, and how they may be addressed by policies at the European level.

Report on a special investigation of the Keokuk County Sheriff’s Office for the period July 1, 2006 through April 15, 2009

Report on a special investigation of the Keokuk County Sheriff’s Office for the period July 1, 2006 through April 15, 2009

Schedule of Debt Service and Coverage for Iowa State University of Science and Technology for the Academic Building Revenue Bond Funds for the year ended June 30, 2009

Schedule of Debt Service and Coverage for Iowa State University of Science and Technology for the Academic Building Revenue Bond Funds for the year ended June 30, 2009

Reaudit report on the City of St. Charles, Iowa for the period July 1, 2005 through June 30, 2006

Reaudit report on the City of St. Charles, Iowa for the period July 1, 2005 through June 30, 2006

Reaudit letter to the City of Ottumwa for the period July 1, 2005 through June 30, 2006, as well as certain issues applicable to the year ended June 30, 2005 and subsequent periods

Reaudit letter to the City of Ottumwa for the period July 1, 2005 through June 30, 2006, as well as certain issues applicable to the year ended June 30, 2005 and subsequent periods

Report on the Unemployment Insurance Tax Redesign Project administered by Iowa Workforce Development for the period July 1, 2002 through June 30, 2009

Report on the Unemployment Insurance Tax Redesign Project administered by Iowa Workforce Development for the period July 1, 2002 through June 30, 2009

Audit report on the Honey Creek Resort operated by Central Group Management, LLC for the period from inception (September 18, 2008) to June 30, 2009

Audit report on the Honey Creek Resort operated by Central Group Management, LLC for the period from inception (September 18, 2008) to June 30, 2009

Report on a review of the funding for construction of the Lewis and Clark Interpretive Center at Lewis and Clark State Park in Monona County for the period February 25, 1999 through December 31, 2008

Report on a review of the funding for construction of the Lewis and Clark Interpretive Center at Lewis and Clark State Park in Monona County for the period February 25, 1999 through December 31, 2008

Report on payments made subsequent to recipients’ dates of death under the Medicaid program administered by the Department of Human Services for the period July 1, 2006 through December 31, 2008

Report on payments made subsequent to recipients’ dates of death under the Medicaid program administered by the Department of Human Services for the period July 1, 2006 through December 31, 2008

Special investigation of the City of Truro for the period January 1, 2003 through February 18, 2009

Special investigation of the City of Truro for the period January 1, 2003 through February 18, 2009

Report on the City of Hills Fire Department, also known as Hills Fire Fighters, for the period July 1, 2006 through September 30, 2009

Report on the City of Hills Fire Department, also known as Hills Fire Fighters, for the period July 1, 2006 through September 30, 2009