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Series:Proceedings  Bank:Federal Reserve Bank of San Francisco 

Conference Paper
McKinnon's world money hypothesis: comment
AUTHORS: Hutchison, Michael M.
DATE: 1984

Conference Paper
Saving and interest rates in Japan: Why they have fallen and why they will remain low
This paper quantifies the role of alternative shocks in accounting for the recent declines in Japanese saving rates and interest rates and provides some projections about their future course. We consider three distinct sources of variation in saving rates and real interest rates: changes in fertility rates, changes in survival rates, and changes in technology. The empirical relevance of these factors is explored using a computable dynamic OLG model. We find that the combined effects of demographics and slower total factor productivity growth successfully explain both the levels and the magnitudes of the declines in the saving rate and the after-tax real interest rate during the 1990s. Model simulations indicate that the Japanese savings puzzle is over.
AUTHORS: Braun, R. Anton; Ikeda, Daisuke; Joines, Douglas H.
DATE: 2006

Conference Paper
The subsidy provided by the federal safety net: theory and measurement
Views about the value to depository institutions of the federal safety net differ widely. Resolution of the issue is important because defining the appropriate relationship between the federal safety net and financial institutions is central to the design of efficient financial modernization strategies. A model is presented of how the safety net subsidy affects the size of the banking system and the behavior of banks. The model suggests that banks should have lower capital ratios than similar nonbank financial firms. Evidence is presented that supports this prediction, and that banks have organized themselves in ways that take maximum advantage of safety net benefits.
AUTHORS: Kwast, Myron L.; Passmore, Wayne
DATE: 1998

Conference Paper
A quantitative analysis of China’s structural transformation
Between 1978 and 2003 the Chinese economy experienced a remarkable 5.7 percent annual growth of GDP per labor. At the same time, there has been a noticeable transformation of the economy: the share of workers in agriculture decreased from over 70 percent to less than 50 percent. We distinguish three sectors: private agriculture and nonagriculture and public nonagriculture. A growth accounting exercise reveals that the main source of growth was TFP in the private nonagricultural sector. The reallocation of labor from agriculture to nonagriculture accounted for 1.9 percent out of the 5.7 percent growth in output per labor. The reallocation of labor from the public to the private sector also accounted for a significant part of growth in the 1996-2003 period. We calibrate a general equilibrium model where the driving forces are public investment and employment, as well as sectorial TFP derived from our growth accounting exercise. The model tracks the historical employment share of agriculture and the labor productivities of all three sectors quite well.
AUTHORS: Dekle, Robert; Vandenbroucke, Guillaume
DATE: 2006

Conference Paper
Stock prices and fundamentals
AUTHORS: Heaton, John; Lucas, Deborah J.
DATE: 2000

Conference Paper
Private inflows when crises are anticipated: a case study of Korea - discussion
AUTHORS: Reinhart, Carmen M.
DATE: 1999

Conference Paper
Reserve Bank of New Zealand's quarterly macroeconomic model
AUTHORS: Sturm, Arthur B.
DATE: 1975

Conference Paper
Path dependence in aggregate output
AUTHORS: Durlauf, Steven N.
DATE: 1991

Conference Paper
The problem of financial stability: closing remarks
AUTHORS: Pierce, James L.; Pratt, Richard T.; Seger, Martha R.
DATE: 1985

Conference Paper
Agency costs, collateral, and business fluctuations
AUTHORS: Bernanke, Ben S.; Gertler, Mark
DATE: 1986

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anonymous 42 items

Dooley, Michael P. 10 items

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McKinnon, Ronald I. 8 items

Cheng, Hang-Sheng 7 items

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