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Bank:Federal Reserve Bank of San Francisco  Series:Proceedings 

Conference Paper
Uncertainty and the disappearance of international credit

Proceedings , Issue Sep

Conference Paper
Crowding out redefined: the role of reserve accumulation

It is well understood that investment serves as a shock absorber at the time of crisis. The duration of the drag on investment, however, is perplexing. For the nine Asian economies we focus on in this study, average investment/GDP is about 6 percentage points lower during 1998-2012 than its average level in the decade before the crisis; if China and India are excluded, the estimated decline exceeds 9 percent. We document how in the wake of crisis home bias in finance usually increases markedly as public and private sectors look inward when external financing becomes prohibitively costly, ...
Proceedings , Issue Nov , Pages 1-43

Conference Paper
Mismatch

This paper develops a dynamic model of mismatch. Workers and jobs are randomly assigned to labor markets. Each labor market clears at each instant but some labor markets have more workers than jobs, hence unemployment, and some have more jobs than workers, hence vacancies. As workers and jobs move between labor markets, some unemployed workers find vacant jobs and some employed workers lose or leave their job and become unemployed. The model is quantitatively consistent with the comovement of unemployment, job vacancies, and the rate at which unemployed workers find jobs over the business ...
Proceedings

Conference Paper
Alternative explanations of the 1982-1983 decline in velocity

Proceedings , Issue Dec , Pages 22-66

Conference Paper
The role of financial policies and institutions in Korea's economic development process

Proceedings , Issue Dec , Pages 115-136

Conference Paper
The role of foreign banks in domestic banking markets

Proceedings , Issue Dec , Pages 297-304

Conference Paper
Lessons from the Asian crisis

Proceedings

Conference Paper
Financial regulation after the crisis: how did we get here, and how do we get out?

Following the crisis of 2007, regulatory authorities either are or should be engaging in a fundamental reconsideration of how they approach financial regulation and supervision. This paper briefly summarizes the present international consensus on regulation as embodied in the Basel framework, looks at how we came to be in such a situation, and proposes a re-start of the process that has been organized by the Basel Committee on Bank Supervision. It reviews the flaws of that framework and concludes that its weaknesses are fundamental, in its neglect of the endogeneity of risk to the regulatory ...
Proceedings , Issue Nov , Pages 1-49

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