Economic Letter
Brief summaries of SF Fed economic research that explain in reader-friendly terms what our work means for the people we serve.
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The Financial Markets, Housing, and the Economy
Janet L. Yellen
These are challenging times for economic policymakers. The financial turmoil that has been unfolding since last summer raises fundamental questions about the structure of our financial system.
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Are Global Imbalances Due to Financial Underdevelopment in Emerging Economies?
Diego Valderrama
Though much of the current discussion about global imbalances focuses on the swelling current account deficit in the U.S., the other side of this imbalance itself presents a puzzle. Specifically, the increase in U.S. international liabilities must be matched by an increase in assets elsewhere, and, in the current environment, a prominent “elsewhere” is among emerging Asian economies.
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Falling House Prices and Rising Time on the Market
John Krainer
Much of the current trouble in the housing market has been attributed to the fact that house price appreciation—strong for many years—is finally slowing; indeed, in many markets now, house prices are falling. The mere fact that falling house prices are considered newsworthy is interesting in its own right. In other asset markets, such as the stock and bond markets, prices routinely fluctuate up and down every day.
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The Corporate Bond Credit Spread Puzzle
Jens Christensen
As of the end of the fourth quarter of 2006 the outstanding notional amount of U.S. corporate bonds totaled $8.2 trillion, the third largest asset class after equities and mortgage-backed securities in the U.S. Investors in the corporate bond market range from private individuals to banks and other institutional investors such as mutual funds and life insurance companies.
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Assessing Employment Growth in 2007
Tali Regev
In 2007, Federal Reserve policymakers and others who pay close attention to the health of the nation’s labor markets were seeing conflicting signals from two important data series on employment that often move largely in tandem. As expected, following fairly robust growth rates in 2006, both series showed reduced growth rates in 2007 as economic activity was slowing.
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The Economics of Private Equity Investments: Symposium Summary
Jose A. Lopez
This Economic Letter summarizes proceedings of a symposium held at the Federal Reserve Bank of San Francisco on October 19, 2007, sponsored by the Bank’s Center for the Study of Innovation and Productivity (CSIP). The symposium brought together academic researchers and private equity practitioners, including representatives of private equity firms, investors in private equity, and lenders.
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Economic Conditions in Singapore and Vietnam: A Monetary Policymaker’s Report
Janet L. Yellen
Each year, the President of the San Francisco Fed joins the Federal Reserve Board Governor responsible for liaison with Asia on a “fact-finding” trip to the region. These trips advance the Bank’s broad objectives of serving as a repository of expertise on economic, banking, and financial issues relating to the Pacific Basin and of building ties with policymakers and economic officials there.
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Recent Trends in Economic Volatility: Conference Summary
Charles Notzon and Dan Wilson
This Economic Letter summarizes the papers presented at a conference on “Recent Trends in Economic Volatility” held at the Federal Reserve Bank of San Francisco on November 2 and 3, 2007. The papers are listed at the end and are available online.
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Prospects for the Economy in 2008
Janet L. Yellen
This Economic Letter is adapted from a speech by Janet L. Yellen, president and chief executive officer of the Federal Reserve Bank of San Francisco, to the Chartered Financial Analysts of Hawaii in Honolulu, Hawaii, on February 7, 2008.
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2007 Annual Pacific Basin Conference: Summary
Reuven Glick
This Economic Letter summarizes the papers presented at the 2007 Annual Pacific Basin conference held at the Federal Reserve Bank of San Francisco on June 8-9, 2007, under the sponsorship of the Bank’s Center for Pacific Basin Studies. The papers are listed at the end and are online.