Recently added articles from Economic Review - Federal Reserve Bank of San Francisco:
Information and Communications Technology as a General Purpose Technology: Evidence from U.S. Industry Data*
Jan 01, 2008; ... Many people point to information and communications technology (ICT) as the key for understanding the acceleration in productivity in the United States since the mid-1990s. Stories of ICT as a general purpose technology (GPT) suggest that measured total factor productivity (TFP) should rise in ...
The Role of Relative Performance in Bank Closure Decisions*
Jan 01, 2008; ... This paper studies a banking industry subject to common and idiosyncratic shocks. We compare two types of regulatory closure rules: (1) an "absolute closure rule," which closes banks when their asset-liability ratios fall below a given threshold, and (2) a "relative closure rule," which closes ...
The Quantity and Character of Out-of-Market Small Business Lending*
Jan 01, 2008; ... Most small business lending from banks originates with institutions that have a local branch, but "out-of-market" lending does not. Supporting the view that proximity is conducive to lending, I find that only about 10 percent of small business lending is from banks with no branch in the local ...
Educational Attainment, Unemployment, and Wage Inflation*
Jan 01, 2007; ... We investigate the impact of rising educational attainment on wage inflation and the equilibrium (non-inflationary) rate of unemployment. Rising educational attainment may reduce wage pressures by shifting the composition of the labor force towards groups with lower equilibrium unemployment ...
Inflation Targeting under Imperfect Knowledge*
Jan 01, 2007; ... A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an ...