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      <namePart>Federal Reserve Bank of San Francisco</namePart>
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    <abstract>&lt;p&gt;This conference featured seven papers that address the impact of innovations in the financial sector on
the real economy. The papers can be divided roughly into three groups. The first group examines how
innovations in financial markets affect consumer spending and borrowing. The second group focuses on
how new financial instruments may help firms mitigate risk but, in so doing, may also increase the risk
to the overall financial system. The third group explores how financial innovations affect business
borrowing behavior, and how that behavior may increase the volatility of financial variables but decrease
the volatility of real variables, such as employment and output.﻿&lt;/p&gt;</abstract>
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      <title>Financial Innovations and the Real Economy</title>
      <titlePartNumber>November 16-17, 2006</titlePartNumber>
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        <title>Financial Innovations and the Real Economy : Conference Summary</title>
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