Journal Article
Global aging: more headwinds for U.S. stocks?
Wang, Bing; Spiegel, Mark M.; Liu, Zheng (2014)
The retirement of the baby boomers is expected to severely cut U.S. stock values in the near future. Since population aging is widespread across the world?s largest countries, this raises the question of whether global aging could adversely affect the U.S. equity market even further. However, the strong relationship between demographics and equity values in this country do not hold true in other industrial countries. This suggests that global aging is unlikely to create additional headwinds for U.S. equities.
FRBSF Economic Letter

Journal Article
The recent rise and fall of rapid productivity growth
Wang, Bing; Fernald, John G. (2015)
Information technology fueled a surge in U.S. productivity growth in the late 1990s and early 2000s. However, this rapid pace proved to be temporary, as productivity growth slowed before the Great Recession. Furthermore, looking through the effects of the economic downturn on productivity, the reduced pace of productivity gains has continued and suggests that average future output growth will likely be relatively slow.
FRBSF Economic Letter