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Bank:Federal Reserve Bank of San Francisco  Series:Proceedings 

Conference Paper
The global financial crisis – impact on Asia and policy challenges ahead

Proceedings , Issue Oct , Pages 267-276

Conference Paper
Macroeconomic implications of changes in micro volatility - discussion

Proceedings , Issue Nov

Conference Paper
What have we learned about bank regulation over the economic cycle? evidence on interest rate risk

Proceedings , Issue 1 , Pages 140-174

Conference Paper
How do trade and financial integration affect the relationship between growth and volatility?

The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom - that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization - a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. We employ various econometric techniques and a comprehensive new dataset to analyze the link between growth and volatility. Our findings suggest that, while the basic negative ...
Proceedings , Issue Jun

Conference Paper
The Asian financial system: recovered and ready to play a significant global role

Proceedings , Issue Sep

Conference Paper
On the sources of the Great Moderation

The remarkable decline in macroeconomic volatility experienced by the U.S. economy since the mid-80s (the so-called Great Moderation) has been accompanied by large changes in the patterns of comovements among output, hours and labor productivity. Those changes are reflected in both conditional and unconditional second moments as well as in the impulse responses to identified shocks. That evidence points to structural change, as opposed to just good luck, as an explanation for the Great Moderation. We use a simple macro model to suggest some of the immediate sources which are likely to be ...
Proceedings , Issue Nov

Conference Paper
The 1981-1982 velocity decline: a structural shift in income

Proceedings , Issue Dec , Pages 67-107

Conference Paper
International capital mobility and U.S. international and macroeconomic policy strategies


Conference Paper
Closed and open economy models of business cycles with marked-up and sticky prices

Shifts in the extent of competition, which affect markup ratios, are possible sources of aggregate business fluctuations. markups are countercyclical, and booms are times at which the economy operates more efficiently. We begin with a real model in which markup ratios correspond to the prices of differentiated intermediate inputs relative to the price of undifferentiated final product. If the nominal prices of the differentiated goods are relatively sticky, then unexpected inflation reduces the relative price of intermediates and, thereby, mimics the output effects from an increase in ...
Proceedings , Issue Jun

Conference Paper
Monetary targeting in a zero balance world

Proceedings , Issue Nov , Pages 20-51




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