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Author:Daly, Mary C. 

From Gaps to Growth: Equity as a Path to Prosperity

Presentation to UCLA Anderson Forecast Webinar, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco, September 29, 2021

Journal Article
Steering Toward Sustainable Growth

The inflation outlook combined with a strong labor market leave no doubt that further monetary policy tightening is appropriate. The question is, how much and how quickly? The appropriate path of policy confronts the economic headwinds immediately ahead while also laying the groundwork for the economy we want in the future. The following is adapted from remarks by the president of the Federal Reserve Bank of San Francisco to the Center for Business and Economic Research, at the University of Nevada, Las Vegas, on April 20.
FRBSF Economic Letter , Volume 2022 , Issue 10 , Pages 6

Lessons from History, Policy for Today

Virtual Presentation at Economic Club of New York Virtual Webinar, New York, New York, by Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, Tuesday, March 2, 2021

Working Paper
Left behind: SSI in the era of welfare reform

SSI was established in 1972, born out of a compromise at the time between those wanting to provide a guaranteed income floor and those wishing to limit it to individuals not expected to work: the aged, blind, and disabled. SSI is now the largest federal means-tested program in the United States, serving a population dominated by low-income adults and children with disabilities. With other forms of federal support devolving to state programs (e.g., welfare), policymakers pressing to redefine social expectations about who should and should not work, and the Americans with Disabilities Act ...
Working Paper Series , Paper 2003-12

Journal Article
Economic impact of rising natural gas prices

FRBSF Economic Letter

A New Balancing Act: Monetary Policy Tradeoffs in a Changing World

Remarks at "Inflation Targeting ? Prospects and Challenges", Wellington, New Zealand, sponsored by the Reserve Bank of New Zealand and the International Monetary Fund, Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco, August 29, 2019.
Speech , Paper 197

Working Paper
Labor Markets in the Global Financial Crisis: The Good, the Bad and the Ugly

This note examines labor market performance across countries through the lens of Okun?s Law. We find that after the 1970s but prior to the global financial crisis of the 2000s, the Okun?s Law relationship between output and unemployment became more homogenous across countries. These changes presumably reflected institutional and technological changes. But, at least in the short term, the global financial crisis undid much of this convergence, in part because the affected countries adopted different labor market policies in response to the global demand shock.
Working Paper Series , Paper 2014-11

Journal Article
Policy Nimbleness Through Forward Guidance

Bringing inflation down is the Federal Reserve’s number one priority. The goal is to do that without crippling growth and stalling the labor market. This will not be easy, but the economy and the Fed’s policy toolkit have both evolved, which will help for meeting those goals.
FRBSF Economic Letter , Volume 2022 , Issue 17 , Pages 07

Journal Article
What the Moment Demands

When central banks are unsure about how the economy will evolve, what impact their policies will have, or how fundamental benchmarks in the economy are changing, the optimal strategy is a gradualist approach to policy. The challenge will be to respond rapidly when the situation requires and to resist the pressure to act quickly when patience is needed. The following is adapted from the closing keynote by the president of the Federal Reserve Bank of San Francisco to the 33rd Frankfurt European Banking Congress in Frankfurt, Germany, on November 17.
FRBSF Economic Letter , Volume 2023 , Issue 30 , Pages 6

Working Paper
Persistence of Regional Inequality in China

Regional inequality in China appears to be persistent and even growing in the last two decades. We study potential explanations for this phenomenon. After making adjustments for the difference in the cost of living across provinces, we find that some of the inequality in real wages could be attributed to differences in quality of labor, industry composition, labor supply elasticities, and geographical location of provinces. These factors, taken together, explain about half of the cross-province real wage difference. Interestingly, we find that inter-province redistribution did not help offset ...
Working Paper Series , Paper 2013-06


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