Report
Does college matter?
Williams, John C.; Cao, Yifan; Daly, Mary C.; Hoff, K. Jody (2014)
A series of essays authored by San Francisco Fed President and CEO John C. Williams, Senior Vice President and Associate Director of Research Mary C. Daly, Research Associate Yifan Cao, and Senior Economic Education Manager Jody Hoff, argue that the answer to the questions 'Does college matter?' is a resounding yes.
Annual Report , Issue 1 , Pages 1-24

Journal Article
Energy's impact on inflation expectations
Cao, Yifan; Shapiro, Adam Hale (2016)
Some closely watched measures of inflation expectations have been in gradual decline over the past five years. Over the same time, oil prices have fallen dramatically. Although the movements in energy prices are normally considered temporary, they appear to have played a large role in pushing down some longer-term forecasts for consumer price index inflation from professional forecasters. Analysis shows the drop in energy prices can explain about three-fourths of the decline in these professional inflation forecasts over the past five years.
FRBSF Economic Letter

Journal Article
Why do measures of inflation disagree?
Cao, Yifan; Shapiro, Adam Hale (2013)
Inflation as measured by the personal consumption expenditures price index is near historical low levels, below the Federal Reserve?s 2% longer-run goal. Another common inflation measure, the consumer price index, is also historically low, but remains closer to 2%. The recent gap between these two measures is due largely to the cost of shelter, which makes up a larger proportion of the CPI consumption basket. Based on history, the gap between the two inflation measures should close at a rate of 0.05 percentage point per month.
FRBSF Economic Letter

Journal Article
Will inflation remain low?
Cao, Yifan; Shapiro, Adam Hale (2014)
The well-known Phillips curve suggests that future inflation depends on current and past inflation and a measure of economic slack or resource utilization. Using the unemployment gap to measure slack, a simple Phillips curve currently predicts that inflation will remain quite low through 2015. Two variations of the model, which impose a higher anchor for inflation expectations or focus only on a short-term unemployment gap, still predict that inflation will remain low, albeit higher than implied by the basic model.
FRBSF Economic Letter