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Series:FRBSF Economic Letter  Bank:Federal Reserve Bank of San Francisco 

Journal Article
Fiscal headwinds: Is the other shoe about to drop?

Federal fiscal policy during the recession was abnormally expansionary by historical standards. However, over the past 2 years it has become unusually contractionary as a result of several deficit reduction measures passed by Congress. During the next three years, we estimate that federal budgetary policy could restrain economic growth by as much as 1 percentage point annually beyond the normal fiscal drag that occurs during recoveries.
FRBSF Economic Letter

Journal Article
Emerging Bond Markets and COVID-19: Evidence from Mexico

The pandemic caused by the coronavirus is depressing economic activity and severely straining government budgets globally. Without international support, the ability of emerging economies to weather this crisis will depend crucially on access to and the cost of borrowing in domestic government bond markets. Analyzing bond flows and risk premiums for Mexican government bonds during the pandemic gives some insights into a major emerging economy’s experience. Mexican risk premiums have increased more than 1 percentage point above predicted levels, pointing to tighter funding conditions for the ...
FRBSF Economic Letter , Volume 2020 , Issue 23 , Pages 01-05

Journal Article
Efficiency of U.S. banking firms--an overview

FRBSF Economic Letter

Journal Article
Age Discrimination and Age Stereotypes in Job Ads

Studies suggest that employers discriminate against older workers in hiring, responding less favorably to equally qualified job applicants who are older. Employers may also limit hiring of older workers by including age stereotypes in job ads that signal a preference for younger workers. Evidence from an experimental study shows that older workers are less likely to apply to job advertisements that contain language with ageist stereotypes. The results indicate that this impact is comparable to the direct effects of employer age discrimination in hiring decisions.
FRBSF Economic Letter , Volume 2023 , Issue 07 , Pages 5

Journal Article
Time-inconsistent monetary policies: recent research

This Economic Letter looks at time-inconsistency, describing why the same mechanisms that can lead to higher average inflation also can hamper policymakers' efforts to keep inflation stable.
FRBSF Economic Letter

Journal Article
State hiring credits and recent job growth

In response to job losses associated with the Great Recession, a number of states adopted hiring credits to encourage employers to create jobs. These credits provide tax breaks to employers that create jobs or expand payrolls, with the aim of increasing hiring by reducing labor costs. The evidence on their effects is mixed, although some of these credits appear to have succeeded in boosting job growth.
FRBSF Economic Letter

Journal Article
Climate Change and the Federal Reserve

Climate change describes the current trend toward higher average global temperatures and accompanying environmental shifts such as rising sea levels and more severe storms, floods, droughts, and heat waves. In coming decades, climate change?and efforts to limit that change and adapt to it?will have increasingly important effects on the U.S. economy. These effects and their associated risks are relevant considerations for the Federal Reserve in fulfilling its mandate for macroeconomic and financial stability.
FRBSF Economic Letter

Journal Article
Security analysts and regulatory reform

Just a few years ago, Wall Street was rocked by scandals about conflicts of interest involving stock analysts' reports. In response, the U.S. Securities and Exchange Commission (SEC) undertook investigations and filed a number of complaints against some major securities firms and analysts. These complaints cited evidence to suggest that some analysts' research was not designed to give investors an objective assessment of a company and its prospects, but rather was designed to attract and retain investment banking clients by giving "buy" or "hold" recommendations for that firm whether the ...
FRBSF Economic Letter

Journal Article
Takeovers: good or evil?

FRBSF Economic Letter

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