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

Journal Article
Welfare and youth unemployment: evidence from a controlled experiment

Economic Review , Issue Win , Pages 26-39

Journal Article
Competition in the semiconductor industry

Economic Review , Issue Spr , Pages 41-56

Journal Article
Japan's policy of food security: an alternative strategy

Economic Review , Issue Sum , Pages 31-45

Journal Article
Financial development and reform in the Pacific Basin

Economic Review , Issue Win , Pages 5-7

Journal Article
Bank holding company stock risk and the composition of bank asset portfolios

In this paper, I conduct an empirical analysis of the behavior of bank holding company stock returns with the goal of identifying the effect of portfolio composition on the risks embodied in those returns. Using a modified arbitrage pricing theory model, I test for significant balance sheet effects on both the market and nonmarket components of bank stock systematic risk. I find that several categories of bank assets are significant in explaining bank stock risk profiles. Among other things, I discuss the importance of these findings in light of the risk-based capital standards and suggest ...
Economic Review

Journal Article
Real world risk and financial institutions

Economic Review , Issue Win , Pages 5-11

Journal Article
An examination of the Federal Reserve's strategy for controlling the monetary aggregates

Economic Review , Issue Fall , Pages 7-18

Journal Article
Undocumented workers and regional differences in apparel labor markets

Economic Review , Issue Win , Pages 53-63

Journal Article
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (detrended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent GDP in all countries. However, the strained sector becomes more important and as the elasticity of ...
Economic Review

Journal Article
Using a nominal GDP rule to guide discretionary monetary policy

Given doubts about the reliability of the monetary aggregates as intermediate targets of monetary policy, the Federal Reserve attempts to meet its dual goals--gradual reduction of inflation and mitigation of cyclical downturns in output--through purely discretionary adjustments of an interest rate instrument in response to myriad incoming data. A procedure in which the Fed would consult a nominal GDP feedback rule, while retaining the flexibility to use discretion in its monetary policy decisions, might contribute to achieving its long-run inflation goal without significantly ...
Economic Review




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