Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Journal Article
External imbalances and adjustment in the Pacific Basin: conference summary
Glick, Reuven; Spiegel, Mark M. (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 sponsorship of the Bank's Center for Pacific Basin Studies.
FRBSF Economic Letter

Working Paper
Monetary Policy Effectiveness in China: Evidence from a FAVAR Model
Fernald, John G.; Spiegel, Mark M.; Swanson, Eric T. (2014-02-24)
We use a broad set of Chinese economic indicators and a dynamic factor model framework to estimate Chinese economic activity and inflation as latent variables. We incorporate these latent variables into a factor-augmented vector autoregression (FAVAR) to estimate the effects of Chinese monetary policy on the Chinese economy. A FAVAR approach is particularly well-suited to this analysis due to concerns about Chinese data quality, a lack of a long history for many series, and the rapid institutional and structural changes that China has undergone. We find that increases in bank reserve ...
Working Paper Series , Paper 2014-7

Journal Article
British central bank independence and inflation expectations
Spiegel, Mark M. (1997)
FRBSF Economic Letter

Working Paper
Assessing Abenomics: Evidence from Inflation-Indexed Japanese Government Bonds
Christensen, Jens H. E.; Spiegel, Mark M. (2019-10-15)
We assess the impact of news concerning the reforms associated with ?Abenomics? using an arbitrage-free term structure model of nominal and real yields. Our model explicitly accounts for the deflation protection enhancement embedded in Japanese inflation-indexed bonds issued since 2013, which pay their original nominal principal when deflation has occurred from issue to maturity. The value of this enhancement is sizable and time-varying, with substantive impacts on estimates of expected inflation compensation. After properly accounting for deflation protection, our results suggest that ...
Working Paper Series , Paper 2019-15

Working Paper
Who drove the boom in euro-denominated bond issues?
Hale, Galina; Spiegel, Mark M. (2008)
We make use of micro-level data for over 45,000 private bonds issued by over 5000 firms from 22 countries in 1990-2006 to analyze the impact that the launch of the EMU had on the currency denomination of the bond issues. To our knowledge, ours is the first systematic analysis of issue at the micro level. The use of the micro data allows us to distinguish between the response to the advent of the euro by new and seasoned bond issuers, and to condition on other issue characteristics. We find that the impact on new issuers is larger than on seasoned issuers and that most of the increase in the ...
Working Paper Series , Paper 2008-20

Report
China in the global economy. SF Fed President John Williams talks with Zheng Liu, Mark Spiegel, and Fernanda Nechio of the international research team about China's economic slowdown and how it's affecting global economic activity
Nechio, Fernanda; Liu, Zheng; Williams, John C.; Spiegel, Mark M. (2015)
In the 2015 annual report, What We've Learned...and why it matters, we share our research findings about the slowdown in China's economic growth and its effects on the U.S. economy, emerging market economies, and global commodity markets. Cyclical and structural factors underlie the slowdown. We discuss the impact of trends in exports and investment, and the country's transformation from a manufacturing-based economy to a service-based economy. We believe China's days of 10 percent economic growth likely are over.
Annual Report

Journal Article
How Persistent Are the Effects of Sentiment Shocks?
Shapiro, Ben; Spiegel, Mark M.; Benhabib, Jess (2018)
People?s feelings about the economy have been shown to be strongly connected to a state?s current economic health over short horizons. So, how well do such consumer sentiment measures coincide with economic growth over a longer period? Sentiment shocks are associated with large and statistically significant changes in state economic output over as long as a three-year horizon. While the sentiment shocks initially affect state consumption expenditures to a smaller degree, the impact tends to be more persistent, continuing as long as five years after the initial shock.
FRBSF Economic Letter

Working Paper
Capital Controls and Income Inequality
Spiegel, Mark M.; Zhang, Jingyi; Liu, Zheng (2020-04-14)
We examine the distributional implications of capital account policy in a small open economy model with heterogeneous agents and financial frictions. Households save through deposits in both domestic and foreign banks. Entrepreneurs finance investment with borrowed funds from domestic banks and foreign investors. Domestic banks engage in costly intermediation of deposits from households and loans to entrepreneurs. Government capital account policy consists of taxes on outflows and inflows. Given policy, a temporary decline in the world interest rate leads to a surge in inflows, benefiting ...
Working Paper Series , Paper 2020-14

Working Paper
Cross-country causes and consequences of the 2008 crisis: early warning
Spiegel, Mark M.; Rose, Andrew K. (2009)
This paper models the causes of the 2008 financial crisis together with its manifestations, using a Multiple Indicator Multiple Cause (MIMIC) model. Our analysis is conducted on a cross-section of 107 countries; we focus on national causes and consequences of the crisis, ignoring crosscountry "contagion" effects. Our model of the incidence of the crisis combines 2008 changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these manifestations of the crisis and a number of its possible causes from 2006 and earlier. We include over ...
Working Paper Series , Paper 2009-17

Journal Article
Asia’s role in the post-crisis global economy
Glick, Reuven; Spiegel, Mark M. (2012)
In the wake of the global financial crisis of 2007?08, Asia has emerged as a pillar of financial stability and economic growth. A recent San Francisco Federal Reserve Bank conference focused on Asia?s changing role in the global economy. Asia?s relative strength is allowing it to play an expanded part in multilateral responses to the European sovereign debt crisis. And the reforms put in place following the 1997 Asian financial crisis offer models for countries currently trying to stabilize their economies.
FRBSF Economic Letter

show more (37)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords