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 ...
Inflation Targeting and the Anchoring of Inflation Expectations in the Western Hemisphere*
Jan 01, 2007; ... We investigate the extent to which long-run inflation expectations are well anchored in three Western Hemisphere countries-Canada, Chile, and the United States-using a high-frequency event-study analysis. Specifically, we use daily data on far-ahead forward inflation compensation-the difference ...
Conferences
Jan 01, 2006; ... Fiscal and Monetary Policy The San Francisco Fed's Research Department organized three conferences and a symposium in 2005. Revived Bretton Woods System: A New Paradigm for Asian Development? The Department's annual macroeconomic conference explored the interaction ...
Agendas
Jan 01, 2006; ... Fiscal and Monetary Policy Federal Reserve Bank of San Francisco March 4-5, 2005 Sponsored by the Federal Reserve Bank of San Francisco Papers presented at this conference can be found on the website ...
Fiscal and Monetary Policy: Conference Summary
Jan 01, 2006; ... Reprinted from FRBSF Economic Letter 2005-12, June 10, 2005 This Economic Letter summarizes the papers presented at a conference on "Fiscal and Monetary Policy" held at the Federal Reserve Bank of San Francisco on March 4 and 5, 2005. This year's conference brought together six ...
Financial Market Signals and Banking Supervision: Are Current Practices Consistent with Research Findings?*
Jan 01, 2006; ... The trend toward incorporating information derived from financial markets into the bank supervision process has gained momentum over the past several years. This in part reflects an evolution in the thinking about how private market information can contribute to the process. In light of the ...
Current Account Adjustment with High Financial Integration: A Scenario Analysis*
Jan 01, 2006; ... A narrowing of the U.S. current account deficit through exchange rate movements is likely to entail a substantial depreciation of the dollar. We assess how the adjustment is affected by the high degree of international financial integration, with exchange rate movements having a direct valuation ...
Working Papers Series Abstracts
Jan 01, 2006; ... Complete texts of papers in this series are available on the Bank's website at http://www.frbsf.org/publications/economics/papers/index.php Electronic subscriptions are available through this site; paper copies are no longer available. WP 2005-01 The Welfare Consequences ...
External Imbalances and Adjustment in the Pacific Basin: Conference Summary
Jan 01, 2006; ... Reprinted from FRBSF Economic Letter 2006-04, March 10, 2006 This Economic Letter summarizes the papers presented at the conference on "External Imbalances and Adjustment in the Pacific Basin" held at the Federal Reserve Bank of San Francisco on September 22-23, 2005, under the ...
Abstracts of Articles Accepted in Journals, Books, and Conference Volumes*
Jan 01, 2006; ... Optimal Policy in Rational Expectations Models: New Solution Algorithms Richard Dennis Forthcoming in Macroeconomic Dynamics. This paper develops methods to solve for optimal discretionary policies and optimal commitment policies in rational expectations models. These ...
Productivity Growth: Causes and Consequences, Conference Summary
Jan 01, 2006; ... Reprinted from FRBSF Economic Letter 2006-02, February 24, 2006 This Economic Letter summarizes the papers presented at the conference "Productivity Growth: Causes and Consequences" held at the Federal Reserve Bank of San Francisco on November 18-19, 2005, under the sponsorship of the ...
Revived Bretton Woods System: A New Paradigm for Asian Development? Symposium Summary
Jan 01, 2006; ... Reprinted from "The Bretton Woods System: Are We Experiencing a Revival?" FRBSF Economic Letter 2005-32, November 25, 2005 This Economic Letter summarizes the papers presented at the symposium "Revived Bretton Woods System: A New Paradigm for Asian Development?" held at the Federal ...
Robust Estimation and Monetary Policy with Unobserved Structural Change*
Jan 01, 2006; ... This paper considers the joint problem of model estimation and implementation of monetary policy in the face of uncertainty regarding the process of structural change in the economy. I model unobserved structural change through time variation in the natural rates of interest and unemployment. I ...
Changes in Twelfth District Local Banking Market Structure during a Period of Industry Consolidation*
Jan 01, 2005; ... A main public policy concern regarding the massive consolidation of the banking industry between 1984 and 2003 is the consolidation's potential effect on competition in local banking markets. Examining this period for the Twelfth Federal Reserve District, I find, on the whole, moderate increases ...
Fiscal Sustainability and Contingent Liabilities from Recent Credit Expansions in South Korea and Thailand*
Jan 01, 2005; ... While South Korea and Thailand had relatively sustainable fiscal policies prior to the Asian crisis, the long-term cost of the bailout of their financial sectors amounted to an estimated 30 to 40 percent of output, which was largely financed by public borrowing. The recent credit expansions in ...
Performance of Urban Information Technology Centers: The Boom, the Bust, and the Future*
Jan 01, 2004; ... After being emblematic of the U.S. economic surge in the late 1990s, urban areas that specialize in information technology (IT) products have more recently been struggling with the aftermath of the IT spending bust. To what degree can they bounce back and reemerge as leaders of innovative ...