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Bank:Federal Reserve Bank of San Francisco 

Journal Article
Lessons for a new context: workforce development in an era of economic challenge

Community Investments , Volume 21 , Issue Spr

Journal Article
Northwest timber dilemma

FRBSF Economic Letter

Journal Article
3 for the economists

FRBSF Economic Letter

Journal Article
The path of wage growth and unemployment

After the Great Recession, the fraction of U.S. workers whose wages were frozen reached a record high. Many employers would have preferred to cut wages, but couldn?t do so because of the reluctance of workers to accept reduced compensation. These pent-up wage cuts initially propped up wage growth, reduced hiring, and pushed up unemployment. But, over the past 2 years, inflation has eroded the real value of frozen wages, slowing wage growth and reducing the unemployment rate. This is similar to, but more pronounced than, the pattern observed in past recessions.
FRBSF Economic Letter

Journal Article
Bank regulation and the public interest

Economic Review , Issue Spr , Pages 55-71

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 ...
Proceedings , Issue Jun

Conference Paper
Importing technology

We look at disaggregated imports of various types of equipment to make inferences on cross-country differences in the composition of equipment investment. We make three contributions. First, we document large differences in investment composition. Second, we explain these differences as being based on each equipment type's intrinsic efficiency, as well as on its degree of complementarity with other factors whose abundance differs across countries. Third, we examine the implications of investment composition for development accounting, i.e., explaining the cross-country variation in income per ...
Proceedings , Issue Nov

Conference Paper
Near-rationality and inflation in two monetary regimes, comments


Conference Paper
An incentive based theory of bank regulation

Proceedings , Issue Nov

Working Paper
Macroeconomic implications of changes in the term premium

Linearized New Keynesian models and empirical no-arbitrage macro-finance models offer little insight regarding the implications of changes in bond term premiums for economic activity. We investigate these implications using both a structural model and a reduced-form framework. We show that there is no structural relationship running from the term premium to economic activity, but a reduced-form empirical analysis does suggest that a decline in the term premium has typically been associated with stimulus to real economic activity, which contradicts earlier results in the literature.
Working Paper Series , Paper 2006-46



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anonymous 223 items

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