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Bank:Federal Reserve Bank of San Francisco  Series:Economic Review 

Journal Article
Taylor's rule and the Fed, 1970-1997

This paper estimates a simple model of the Federal Reserve's "reaction function" - that is, the relationship between economic developments and the fed's response to them. We focus on how this estimated reaction function has changed over time. Such changes are not surprising given compositional changes in the Federal Open Market Committee, and we consider three subsamples delineated by the terms of recent fed Chairmen. We find that the estimated reaction functions for each period vary in ways that seem broadly consistent with the success or failure during the period at controlling ...
Economic Review

Journal Article
Short-run monetary control under alternative reserve accounting rules

Economic Review , Issue Sum suppl

Journal Article
Are exchange rates macroeconomic phenomena?

This paper argues that macroeconomic variables are relatively unimportant determinants of exchange rates. The argument hinges on the fact that bilateral exchange rate volatility differs widely across pairs of countries, but macroeconomic volatility is much more similar across countries, at least at short- and medium-term frequencies. For instance, the French Franc/German Deutschemark exchange rate has dramatically lower volatility than the Canadian dollar/German Deutschemark rate, although France and Canada have approximately equal macroeconomic volatility vis-a-vis Germany.
Economic Review

Journal Article
Financial intermediation, monetary policy, and equilibrium business cycles

Economic Review , Issue Fall , Pages 19-28

Journal Article
Pricing federal power in the Pacific Northwest: an efficiency approach

Economic Review , Issue Win , Pages 40-63

Journal Article
Inflation, growth and exchange rates

Economic Review , Issue Fall , Pages 5-7

Journal Article
Is mortgage lending by savings associations special?

In this paper, we investigate whether elimination of the savings association charter might reduce lending to "nontraditional" (e.g., low-income) mortgage borrowers. We present a theoretical model of lender portfolio choice, in which nontraditional lenders have some market power and traditional lenders are price-takers in the mortgage market. The comparative statics indicate differences between nontraditional and traditional lenders in terms of their asset allocation responses to changes in borrower income and house prices. Empirical tests indicate the absence of such differences between ...
Economic Review

Journal Article
Recession probability indexes: a survey

Economic Review , Issue Fall , Pages 31-40

Journal Article
Fiscal policy: influence on money, saving and exchange rates

Economic Review , Issue Win , Pages 5-6

Journal Article
Dynamic adjustment in the demand for money: tests of alternative hypotheses

Economic Review , Issue Fall , Pages 19-30




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