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Bank:Federal Reserve Bank of San Francisco  Series:Proceedings 

Conference Paper
Foreign exchange rate regime and policy in Korea, 1980-1992

Proceedings , Issue Sep

Conference Paper
Financial reform in Australia

Proceedings , Issue Dec , Pages 69-88

Conference Paper
The burden of knowledge and the ‘death of the Renaissance man’: Is innovation getting harder?

This paper investigates, theoretically and empirically, a possibly fundamental aspect of technological progress. If knowledge accumulates as technology progresses, then successive generations of innovators may face an increasing educational burden. Innovators can compensate in their education by seeking narrower expertise, but narrowing expertise will reduce their individual capacities, with implications for the organization of innovative activity - a greater reliance on teamwork - and negative implications for growth. I develop a formal model of this ?knowledge burden mechanism? and derive ...
Proceedings

Conference Paper
Measuring trends in leisure

In this paper, we use five decades of time-use surveys to document trends in the allocation of time. We find that a dramatic increase in leisure time lies behind the relatively stable number of market hours worked (per working-age adult) between 1965 and 2003. Specifically, we show that leisure for men increased by 6-8 hours per week (driven by a decline in market work hours) and for women by 4-8 hours per week (driven by a decline in home production work hours). This increase in leisure corresponds to roughly an additional 5 to 10 weeks of vacation per year, assuming a 40-hour work week. ...
Proceedings

Conference Paper
Performance of operational policy rules in an estimated semi-classical structural model

Proceedings , Issue Mar

Conference Paper
China and the global economy

Proceedings , Issue Nov , Pages 213-229

Conference Paper
Central bank communication and expectations stabilization

This paper analyzes the value of communication in the implementation of monetary policy. The central bank is uncertain about the current state of the economy. Households and firms do not have a complete economic model of the determination of aggregate variables, including nominal interest rates, and must learn about their dynamics using historical data. When the central bank implements optimal policy, the Taylor principle is not sufficient for macroeconomic stability: for all reasonable parameterizations self-fulfilling expectations are possible. To mitigate this instability, three ...
Proceedings , Issue March , Pages 1-43

Conference Paper
No-arbitrage Taylor rules - comments

Proceedings

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