Journal Article
What's behind the low U.S. personal saving rate?
Marquis, Milton H. (2002)
FRBSF Economic Letter

Journal Article
Setting the interest rate
Marquis, Milton H. (2002)
FRBSF Economic Letter

Journal Article
Bank lending to businesses in a jobless recovery
Marquis, Milton H. (2003)
FRBSF Economic Letter

Journal Article
Inflation: the 2% solution
Marquis, Milton H. (2001)
FRBSF Economic Letter

Journal Article
Mortgage refinancing
Marquis, Milton H.; Krainer, John (2003)
FRBSF Economic Letter

Journal Article
What's different about banks - still?
Marquis, Milton H. (2001)
FRBSF Economic Letter

Journal Article
Shifting household assets in a bear market
Marquis, Milton H. (2003)
FRBSF Economic Letter

Journal Article
Banks, bonds, and the liquidity effect
Marquis, Milton H.; Einarsson, Tor (2002)
An "easing" of monetary policy can be characterized by an expansion of bank reserves and a persistent decline in the federal funds rate that, with a considerable lag, induces a pickup in employment, output, and prices. This article presents empirical evidence consistent with this depiction of the dynamic response of the economy to monetary policy actions and develops a theoretical model that exhibits similar dynamic properties. The decline in the federal funds rate is referred to as the "liquidity effect" of an expansionary monetary policy. A key feature of this class of theoretical ...
Economic Review

Working Paper
Relative Productivity Growth and the Secular “Decline” of U.S. Manufacturing
Marquis, Milton H.; Trehan, Bharat (2006-09-01)
There has been considerable debate about the causes of the "decline" of U.S. manufacturing over the post-war period. We show that the behavior of employment, prices and output in manufacturing relative to services over this period can be explained by a two-sector growth model in which productivity shocks are the only driving forces. The data also suggest that households are unwilling to substitute goods for services (the estimated elasticity of substitution is statistically indistinguishable from zero), so the economy adjusts to differential productivity growth entirely by reallocating labor ...
Working Paper Series , Paper 2005-18

Working Paper
The Role of Capital Service-Life in a Model with Heterogenous Labor and Vintage Capital
Tantivong, Wuttipan; Trehan, Bharat; Marquis, Milton H. (2009-10-01)
We examine how the economy responds to both disembodied and embodied technology shocks in a model with vintage capital. We focus on what happens when there is a change in the number of vintages of capital that are in use at any one time and on what happens when there is a change in the persistence of the shocks hitting the economy. The data suggest that these kinds of changes took place in the U.S. economy in the 1990s, when the pace of embodied technical progress appears to have accelerated. We find that embodied technology shocks lead to greater variability (of output, investment and labor ...
Working Paper Series , Paper 2009-24