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Bank:Federal Reserve Bank of San Francisco 

Periodic Essay
Japan's new consumer finance law

Asia Focus , Issue Feb

Working Paper
A correspondence principle for the uniqueness of the price level in rational expectations models

Working Papers in Applied Economic Theory , Paper 101

Journal Article
The financial crisis and inflation expectations

One measure of a successful monetary policy is its ability to anchor expectations about future inflation rates. Financial crises, such as that of 2008?09, can be considered natural experiments that test this anchoring. The effects of the crisis on inflation expectations were largely temporary in the United States, but longer-lasting in the United Kingdom. That is surprising because the United Kingdom had a formal inflation target during this period. Expectations may have been affected more because inflation stayed above the central bank?s target for extended periods following the crisis.
FRBSF Economic Letter

Journal Article
Can international patent protection help a developing country grow?

FRBSF Economic Letter

Journal Article
Long-run impact of the crisis in Europe: reforms and austerity measures

The euro area faces its first sovereign debt crisis, highlighting the fiscal imbalances of member countries. Troubled countries are implementing austerity measures, with adjustments focusing on the short and medium run. However, a long-run solution to Europe's problems requires economic reforms that increase competitiveness and reduce labor costs in the peripheral countries. Such reforms would promote convergence of the euro-area economies and enhance the long-run sustainability of monetary union.
FRBSF Economic Letter

Journal Article
Trade liberalization in the Pacific Basin

FRBSF Economic Letter

Journal Article
The response of real output and inflation to monetary policy

Economic Review , Issue Sum , Pages 45-70

Journal Article
The Reagan economic plan--discussion

Economic Review , Issue Fall suppl

Journal Article
An intersectoral analysis of the secular productivity slowdown

Economic Review , Issue Fall , Pages 7-28

Journal Article
Do interest rates still affect housing?

Economic Review , Issue Sum , Pages 3-14

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