We produce a wide range of publications that share the latest data, analysis, and insights from various teams at the SF Fed. Our publications help inform and strengthen public understanding of economic issues and its impact on people and communities.
Summary of Commentary on Current Economic Conditions: Federal Reserve Bank of SF
Economic Research Publications
FRBSF Economic Letter >
Economic analysis for general audiences
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Wildfires and Real Estate Values in California
Wildfires have been a concern in California for decades. The intensity of these events has increased recently, with particularly large and destructive fire seasons between 2018 and 2021. Analysis shows that distance from high fire-risk zones had little impact on residential housing values in the past. However, that has changed since the late 2010s, coinciding with more extensive fire damage to land and structures across the state. Insurance availability appears to help little in preserving home values in areas that are considered more at risk.
FedViews >
Analysis of current economic developments and the outlook
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FedViews: July 18, 2024
Òscar Jordà, senior policy advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of July 18, 2024.
Working Papers >
The latest in economic research
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Corporate Debt Maturity Matters for Monetary Policy
We provide novel empirical evidence that firms’ investment is more responsive to monetary policy when a higher fraction of their debt matures. In a heterogeneous firm New Keynesian model with financial frictions and endogenous debt maturity, two channels explain this finding: (1.) Firms with more maturing debt have larger roll-over needs and are therefore more exposed to fluctuations in the real interest rate (roll-over risk). (2.) These firms also have higher default risk and therefore react more strongly to changes in the real burden of outstanding nominal debt (debt overhang). Unconventional monetary policy, which operates through long-term interest rates, has larger effects on debt maturity but smaller effects on output and inflation than conventional monetary policy.
Community Development Publications
Community Development Innovation Review >
The Community Development Innovation Review focuses on bridging the gap between theory and practice, from as many viewpoints as possible. The goal of this journal is to promote cross-sector dialogue around a range of emerging issues and related investments that advance economic resilience and mobility for low- and moderate-income communities.
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Fintech, Racial Equity, and an Inclusive Financial System
This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them.
View all Community Development Innovation Review Publications
Community Development Research Briefs >
Research Briefs feature data and commentary on community development trends and issues.
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Assessing the Durability of COVID-Era Capacity Gains Among Community-Based Organizations: Lessons from the Emergency Rental Assistance Program
To better understand the impact of the Emergency Rental Assistance Program’s conclusion on community-based organizations and on their scope and scale of work after ERAP, this brief draws on interviews conducted with practitioners involved with nearly two dozen ERA programs across the country. These interviews help shed light on how the dwindling and, in many cases, cessation of ERAP funds is affecting organizations’ capacity along multiple dimensions as they scale back, reorient, and move on post ERAP.
Community Development Working Papers >
Working papers provide in-depth analysis of emerging community development issues from practitioners and scholars.
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Housing Market Interventions and Residential Mobility in the San Francisco Bay Area
Limited evaluation research exists on which housing solutions are most effective in stabilizing communities so that those who wish to stay are able to do so in the midst of an influx of newcomers. This study seeks to fill this gap by assessing patterns of individual and household mobility related to specific housing interventions in the nine-county San Francisco Bay Area. Specifically, this study examines impacts of market-rate and subsidized development, and tenant protections, including rent stabilization and just cause for evictions protections.
Banking Publications
First Glance 12L >
These quarterly reports highlight key indicators of 12th District banking conditions.
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Third Quarter 2023: Strains on Banks’ Funding and Margins Eased
The 3Q23 issue of First Glance 12L notes that the pace of net interest margin compression and nonmaturity deposit attrition eased among the District’s banks. But rising interest rates increased net unrealized losses on banks’ bond investments. Commercial real estate remained an area of focus given lending concentrations and market conditions.
Supervision in Brief >
This publication offers observations by the Head of Supervision of Financial Institution Supervision and Credit (FISC) on current banking and regulatory issues facing 12th District institutions.
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New Vice Chair Barr Talks Existing and Emerging Risks
This July, the Federal Reserve System welcomed its new Vice Chair for Supervision, Michael Barr. Since then, the Supervision + Credit (S+C) group at the SF Fed has worked diligently with our Board colleagues to inform his agenda and priorities, which he recently delivered at The Brookings Institution.