Publication:
Economic Letter (Federal Reserve Bank of San Francisco)
1973-2023
Economic analysis for a general audience
- Economic Letter
- FRBSF Economic Letter
- Federal Reserve Bank of San Francisco Economic Letter
- 1970s
- 1980s
- 1990s
- Farmer Mac and the Secondary Market
- Financing Social Security
- FIRREA and the Future of Thrifts
- Small California Banks Hold Their Own
- A Net Export-Led Downturn?
- Regional Economic Stability
- The Western Economy in the 80s
- Shared ATM Networks : An Uneasy Alliance
- Price Level Stability
- Unemployment and Inflation
- 1989 Fall Academic Conference
- Natural Resources and State Growth
- Is Rising Leverage a Problem?
- Counting the Poor
- The Equity Risk-Premium Puzzle
- The Burden of Reagan Debt
- Western Banks Outpace the Nation
- Japan's Experience with Flexible Exchange Rates
- Corporate Cash Flow and Investment
- Western Manufacturing : Bucking the National Trend?
- Global Interest Rate Linkages
- Banking and Venture Capital
- Mutual Deposit Insurance
- Shifting Shares
- Working Harder?
- German Economic Unification
- Real Estate Problems in the West?
- The Changing Role of the Prime Rate
- The Costs of Anticipated Inflation
- Interest Rate Competition
- Bank Failures, Danish Style
- European Financial Integration and Monetary Policy
- California's Recent Performance
- Is Tax Policy Hurting Venture Capital?
- Moral Hazard in Payment Systems
- Monetary Lessons of Hong Kong
- Regional Effects of the Thrift Bailout
- Costly Information and the CRA
- Interpreting Recent Money Growth
- Oil Prices and Inflation
- Early Warning Systems
- The Landing Was Harder Than We Thought!
- Banking Performance
- Hawaii and the Pacific Basin
- Lessons From the Oil Shocks of the 1970s
- Oil in the West
- Credibility, Commitment and Inflation Policy
- Earthquake Aftermath
- How to Close Troubled Banks
- Political Business Cycles
- Japanese Capital Outflows
- The Effects of Interstate Banking
- Why Home Prices Don't Fall (MUCH)
- Tapping the SPR
- Risk-Adjusted Deposit Insurance Premiums
- Slower Growth for Foreign Banks?
- Taiwan's Trade Surpluses
- Controlling Inflation
- District Agricultural Outlook
- Economic Reform in China
- Consumer Sentiment and the Economic Downturn
- Recapitalizing the Banking System
- Droughts and Water Markets
- Inflation and Economic Instability in China
- Banking and Commerce : The Japanese Case
- Probability of Recession
- Depositor Discipline and Bank Runs
- European Monetary Union : Costs and Benefits
- Record Earnings, But...
- The Credit Crunch and the Real Bills Doctrine
- Changing the $100,000 Deposit Insurance Limit
- Recession and the West
- Financial Constraints and Bank Credit
- Ending Inflation
- Using Consumption to Forecast Income
- Free Trade with Mexico?
- Is the Prime Rate Too High?
- Consumer Confidence and the Outlook for Consumer Spending
- Real Estate Loan Problems in the West
- Aerospace Downturn
- Public Preferences and Inflation
- Bank Branching and Portfolio Diversification
- The Gulf War and the U.S. Economy
- The Negative Effects of Lender Liability
- M2 and the Business Cycle
- International Output Comparisons
- Is Banking Really Prone to Panics?
- Deposit Insurance : Recapitalize or Reform?
- Earnings Plummet at Western Banks
- Bank Stock Risk and Return
- The False Hope of the Narrow Bank
- The Regional Concentration of Recessions
- Real Wages in the 1980s
- Solving the Mystery of High Credit Card Rates
- The Independence of Central Banks
- Taxpayer Risk in Mortgage Policy
- The Problem of Weak Credit Markets : A Monetary Policymaker's View
- Risk-Based Capital Standards and Bank Portfolios
- Investment Decisions in a Water Market
- Red Ink
- Presidential Popularity, Presidential Policies
- Progress in Retail Payments
- Services : A Future of Low Productivity Growth?
- District Agricultural Outlook
- The Product Life Cycle and the Electronic Components Industry
- Japan's Recessions
- Will the Real "Real GDP" Please Stand Up?
- Foreign Direct Investment : Gift Horse or Trojan Horse?
- U.S. International Trade and Competitiveness
- Utah Bucks the Recession
- Monetary Announcements : The Bank of Japan and the Fed
- Causes and Effects of Consumer Sentiment
- California Banks' Problems Continue
- Is a Bad Bank Always Bad?
- An Unprecedented Slowdown?
- Agricultural Production's Share of the Western Economy
- Can Paradise Be Affordable?
- The Silicon Valley Economy
- EMU and the ECB
- Perspective on California
- Commercial Aerospace : Risks and Prospects
- Low Inflation and Central Bank Independence
- First Quarter Bank Results : Good News, Bad News
- Are Big U.S. Banks Big Enough?
- What's Happening to Southern California?
- Money, Credit, and M2
- Pegging, Floating, and Price Stability : Lessons From Taiwan
- Budget Rules and Monetary Union in Europe
- The Slow Recovery
- Ejido Reform and the NAFTA
- The Dollar : Short-Run Volatility and Long-Run Adjustment
- The European Currency Crisis
- Southern California Banking Blues
- Would a New Monetary Aggregate Improve Policy?
- Interest Rate Risk and Bank Capital Standards
- NAFTA and U.S. Banking
- A Note of Caution on Early Bank Closure
- Where's the Recovery?
- Diamonds and Water : A Paradox Revisited
- Sluggish Money Growth : Japan's Recent Experience
- Labor Market Structure and Monetary Policy
- An Alternative Strategy for Monetary Policy
- The Recession, the Recovery, and the Productivity Slowdown
- U.S. Banking Turnaround
- Competitive Forces and Profit Persistence in Banking
- The Sources of the Growth Slowdown
- GDP Fluctuations : Permanent or Temporary?
- The Twelfth District Agricultural Outlook
- Saving-Investment Linkages in the Pacific Basin
- A Single Market for Europe?
- Risks in the Swaps Market
- On the Changing Composition of Bank Portfolios
- Interest Rate Spreads as Indicators for Monetary Policy
- The Lonesome Twin
- Why Has Employment Grown So Slowly?
- Interpreting the Term Structure of Interest Rates
- California Banking Problems
- Is Banking on the Brink? Another Look
- European Exchange Rate Credibility before the Fall : The Case of Sterling
- Computers and Productivity
- Western Metal Mining
- Federal Reserve Independence and the Accord of 1951
- China on the Fast Track
- Interdependence : U.S. and Japanese Real Interest Rates
- NAFTA and U.S. Jobs
- Japan's Keiretsu and Korea's Chaebol
- Interest Rate Risk and Bank Capital Standards
- Whither California?
- Economic Impacts of Military Base Closings and Realignments
- Bank Lending and the Transmission of Monetary Policy
- Summer Special Edition : Touring the West
- The Federal Budget Deficit, Saving and Investment, and Growth
- Adequate's Not Good Enough
- Have Recessions Become Shorter?
- California's Neighborhood
- Inflation, Interest Rates, and Seasonality
- Difficult Times for Japanese Agencies and Branches
- Regional Comparative Advantage
- Real Interest Rates
- A Pacific Economic Bloc : Is There Such an Animal?
- NAFTA and the Western Economy
- Are World Incomes Converging?
- Monetary Policy and Long-Term Real Interest Rates
- Banks and Mutual Funds
- Inflation and Growth
- Market Risk and Bank Capital : Part 1
- Market Risk and Bank Capital : Part 2
- The Real Effects of Exchange Rates
- Banking Market Structure in the West
- Is There a Cost to Having an Independent Central Bank?
- Stock Prices and Bank Lending Behavior in Japan
- Taiwan at the Crossroads
- 1994 District Agricultural Outlook
- Monetary Policy in the 1990s
- The IPO Underpricing Puzzle
- New Measures of the Work Force
- Industry Effects in the Stock Returns of Banks and Nonfinancial Firms
- Monetary Policy in a Low Inflation Regime
- Measuring the Gains From International Portfolio Diversification
- Interstate Banking in the West
- California Banks Playing Catch-Up
- California Recession and Recovery
- Just-In-Time Inventory Management : Has It Made a Difference?
- GATS and Banking in the Pacific Basin
- The Persistence of the Prime Rate
- A Market-Based Approach to CRA
- Manufacturing Bias in Regional Policy
- An "Intermountain Miracle"?
- Trade and Growth : Some Recent Evidence
- Should the Central Bank Be Responsible for Regional Stabilization?
- Interstate Banking and Risk
- A Primer on Monetary Policy Part 1 : Goals and Instruments
- A Primer on Monetary Policy Part 11 : Target and Indicators
- Linkages of National Interest Rates
- Regional Income Divergence in the 1980s
- Exchange Rate Arrangements in the Pacific Basin
- How Bad Is the "Bad Loan Problem" in Japan?
- Measuring the Cost of "Financial Repression"
- The Recent Behavior of Interest Rates
- Risk-Based Capital Requirements and Loan Growth
- Growth and Government Policy : Lessons From Hong Kong and Singapore
- Bank Business Lending Bounces Back
- Explaining Asia's Low Inflation
- Crises in the Thrift Industry and the Cost of Mortgage Credit
- International Trade and U.S. Labor Market Trends
- EU + Austria + Finland + Sweden + ?
- The Development of Stock Markets in China
- Effects of California Migration
- Gradualism and Chinese Financial Reforms
- The Credibility of Inflation Targets
- A Look Back at Monetary Policy in 1994
- Why Banking Isn't Declining
- Economy Boosts Western Banking in '94
- What Are the Lags in Monetary Policy?
- Central Bank Credibility and Disinflation in New Zealand
- Western Update
- Reduced Deposit Insurance Risk
- Rules vs. Discretion in New Zealand Monetary Policy
- Mexico and the Peso
- Regional Effects of the Peso Devaluation
- 1995 District Agricultural Outlook
- Has the Fed Gotten Tougher on Inflation?
- Responses to Capital Inflows in Malaysia and Thailand
- Financial Liberalization and Economic Development
- Central Bank Independence and Inflation
- Western Banks and Derivatives
- Monetary Policy in a Changing Financial Environment
- Inflation Goals and Credibility
- The Economics of Merging Commercial and Investment Banking
- Financial Fragility and the Lender of Last Resort
- Understanding Trends in Foreign Exchange Rates
- Federal Reserve Policy and the Predictability of Interest Rates
- New Measures of Output and Inflation
- Rebound in U.S. Banks' Foreign Lending
- Is State and Local Competition for Firms Harmful?
- Productivity and Labor Costs in Newly Industrializing Countries
- Using Consumption to Track Movements in Trend GDP
- Unemployment
- Gaiatsu
- Output-Inflation Tradeoffs and Central Bank Independence
- Inflation-Indexed Bonds
- California Dreamin' : A Rebound in Net Migration?
- Interest Rate Smoothing and Inflation, Then and Now
- Russian Banking
- Consolidation : California Style
- Is Pegging the Exchange Rate a Cure for Inflation? East Asian Experiences
- Monetary Policy in a Dynamic Global Environment
- The Rhyme and Reason of Bank Mergers
- New Estimates of the Recent Growth in Potential Output
- Raising Reserve Requirements in Response to Asian Capital Inflow Surges
- Budget Deficit Cuts and the Dollar
- Bank Stock Repurchases
- Innovations and Recent Developments in Mortgage-Backed Securities
- What Do Wages Tell Us About Future Inflation?
- California's Community Banks in the 1990s
- New Evidence on State Economic Development Spending and Manufacturing Employment
- Are All Devaluations Alike?
- Has Job Security in the U.S. Declined?
- Why Central Bank Independence Helps to Mitigate Inflationary Bias
- Issues in the Inflation Outlook
- District Economic Developments
- Monetary Policy: Measurement and Management
- Integrating Banking Markets in the EC
- Models of Currency Speculation : Implications and East Asian Evidence
- Record 1995 for Western Banks
- Global Payments in the 21st Century : A Central Banker's View
- Economic Growth and Monetary Policy
- Recent Developments in Labor Force Participation
- Development of Financial Services in the Asia Pacific : Issues and Opportunities
- On the Relation between Stocks and Bonds – Part I
- On the Relation between Stocks and Bonds – Part II
- What's Behind Problem Credit Card Loans?
- Rising Economic Tide
- New Measures of Japanese Monetary Policy
- Collective Action Difficulties in Foreign Lending : Banks and Bonds
- Accountability in Practice : Recent Monetary Policy in New Zealand
- Evolution of the Quality of Life in the U.S.
- Banks and Foreign Exchange Exposure
- Is Opportunistic Monetary Policy Credible?
- The Minimum Wage
- Will the yen replace the dollar?
- The California "Rate Gap" since the BankAmerica-Security Pacific Merger
- Why Is the Philippines Repurchasing Its Brady Bonds?
- Pacific Basin Notes : Trade Liberalization in the Pacific Basin
- Capacity Utilization and Structural Change
- Post-1997 Hong Kong : A View from the Financial Markets
- Why Do Stock Prices Sometimes Fall in Response to Good Economic News?
- Effects of Welfare Reform on Western States
- The Slowing Exodus from California
- Nobel Views on Inflation and Unemployment
- Changes in Small Business Lending in the West
- Inequality in the United States
- Inflation Targeting
- Job Loss during the 1990s
- Efficiency of U.S. Banking Firms – An Overview
- The "Shrinking" Middle Class?
- Cracking the Glass-Steagall Barriers
- The Costs of Managing Speculative Capital Inflows in the Pacific Basin
- Dealing with Currency Speculation in the Asian Pacific Basin
- Should Monetary Policy Focus on "Core" Inflation?
- Getting the Jump on Interstate Branching
- Job Creation and Destruction
- Proposals for Reforming Social Security
- Does Singapore Invest Too Much?
- Bias in the CPI : "Roughly Right or Precisely Wrong"
- Dynamic Measures of Competitiveness : Are the Geese Still Flying in Formation?
- Interest Rates and Monetary Policy
- Deposits and Demographics?
- Government Intervention and The East Asian Miracle
- Recent Developments in Loan Loss Provisioning at U.S. Commercial Banks
- Banking System Developments in the Four Asian Tigers
- Fiscal Constraints in the EMU
- Labor Market Effects of Welfare Reform
- Rising Wage Inequality in the U.S.
- The Old Lady of Threadneedle Street Gets Her Independence
- What is the Optimal Rate of Inflation?
- Get Ready for Japanese Trade Deficits
- A New Paradigm?
- Assessing the Benefits of Economic Growth
- Federal Subsidies in Banking : The Link to Financial Modernization
- The October '87 Crash Ten Years Later
- Lessons from Thailand
- Job Security Update
- NAIRU: Is It Useful for Monetary Policy?
- British Central Bank Independence and Inflation Expectations
- Financial Crises and Bank Supervision : New Directions for Japan?
- Explaining Trading Volume in Foreign Exchange : Lessons from Tokyo
- Export Competition and Contagious Currency Crises
- Trends in Twelfth District Banking in 1997
- The Budget Deficit
- The New Output-Inflation Trade-off
- The 1997 Nobel Prize in Economics
- Prospects for the U.S. and California Economies
- Is It Time to Look at M2 Again?
- On the Transition to a Fully Funded Social Security System
- A Currency Board for Indonesia?
- East Asia's Effect on the Twelfth District
- Long-run Determinants of East Asian Real Exchange Rates
- Health Insurance and the U.S. Labor Market
- Bank Charters vs. Thrift Charters
- The Shadow of the Great Depression and the Inflation of the 1970s
- Financial Services in the New Century
- Reasons for Public Support of Research and Development
- Central Bank Inflation Targeting
- U.S. Inflation Targeting: Pro and Con
- Does the Stock Market Prefer Republican Administrations?
- The Baby Boom, the Baby Bust, and Asset Markets
- The Separation of Banking and Commerce
- Capital Flows and Exchange Rates in the Pacific Basin
- New View of Bank Consolidation
- What Caused East Asia's Financial Crisis?
- How Do Currency Crises Spread?
- Could Russia Have Learned from China?
- Cities and Growth
- The Natural Rate, NAIRU, and Monetary Policy
- Income Inequality and Mortality Risk in the United States: Is There a Link?
- Mortgage Interest Rates, Valuation, and Prepayment Risk
- How Fast Is Modern Economic Growth?
- Risk and Return of Banks' Section 20 Securities Affiliates
- Responding to Asia's Crises
- Contractionary Effects of Devaluation
- East Asia's Impact on Twelfth District Exports
- Slower Growth in California : The Role of Manufacturing
- Can the Stock Market Save Social Security?
- Describing Fed Behavior
- U.S. Monetary Policy: An Introduction
- East Asia's Impact on Regional Growth in California
- Small Business Lending Patterns in California
- The Goals of U.S. Monetary Policy
- A Better CPI
- Distribution and Employment Impacts of Raising the Minimum Wage
- How Frequently Should Banks Be Examined?
- How Did the Economy Surprise Us in 1998?
- Economic Activity and Inflation
- Monetary Policy and the Great Crash of 1929 : A Bursting Bubble or Collapsing Fundamentals?
- Dealing with Currency Crises
- Time for a Tobin Tax?
- Monetary Policy and Monetary Institutions
- The Shrinking of Japanese Branch Business Lending in California
- Employment and Wages in California's Financial Services Sector
- Changes in the Business Cycle
- Bank of Japan Purchases of Risky Assets : Lessons from Colonial America
- Output and Inflation: A 100-Year Perspective
- Using CAMELS Ratings to Monitor Bank Conditions
- Understanding the Social Security Debate
- Supply Shocks and the Conduct of Monetary Policy
- Recent Research on Job Stability and Security
- The Basel Proposal for a New Capital Adequacy Framework
- Hot and Cold Real Estate Markets in the San Francisco Bay Area
- A New View on Cost Savings in Bank Mergers
- Who Has Benefited from California's Recovery?
- Projecting Budget Surpluses
- Early Warning Indicators of Banking Sector Distress
- Dollarization in Argentina
- Depreciations and Recessions
- Living Wage Ordinances
- Rising Bank Risk?
- Risks in the Economic Outlook
- Rates of Return from Social Security
- Are We Globalized Yet?
- Why Attack a Currency Board?
- Is There a Case for an Asian Monetary Fund?
- Financial Modernization and Regulation
- 2000s
- 2010s
- 2020s
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1996-present available from the Federal Reserve Bank of San Francisco.
1973-2023
Research Department, Federal Reserve Bank of San Francisco
No Copyright - United States (NoC-US)
Federal Reserve Bank of San Francisco
- lcc: HC101.F47
- ddc: 330.973 F3175Sf
- oclc: 34526016
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