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Working Paper
Global versus country-specific productivity shocks and the current account
For G-7 countries over the period 1961-1990, there appears to be a strong and stable negative correlation between annual changes in the current account and investment. Here we explore this correlation using a highly tractable empirical model that distinguishes between global and country-specific shocks. This distinction turns out to be quite important empirically, as global shocks account for roughly fifty percent of the overall variance of productivity. An apparent puzzle, however, is that the current account seems to respond by much less than investment to country-specific productivity ...
Journal Article
Foreign financial institutions in Japan
Journal Article
Japan's stock market
Journal Article
Emerging markets and macroeconomic volatility: conference summary
This Economic Letter summarizes the papers presented at the conference on "Emerging Markets and Macroeconomic Volatility: Lessons from a Decade of Financial Debacles" held at the Federal Reserve Bank of San Francisco on June 4-5, 2004, under the joint sponsorship of the Bank's Center for Pacific Basin Studies and the University of Maryland's Center for International Economics. The papers are listed at the end and are available at http://www.frbsf.org/economics/conferences/0406/index.html
Journal Article
What’s different about the latest housing boom?
After peaking in 2006, the median U.S. house price fell about 30%, finally hitting bottom in late 2011. Since then, house prices have rebounded strongly and are nearly back to the pre-recession peak. However, conditions in the latest boom appear far less precarious than those in the previous episode. The current run-up exhibits a less-pronounced increase in the house price-to-rent ratio and an outright decline in the household mortgage debt-to-income ratio?a pattern that is not suggestive of a credit-fueled bubble.
Conference Paper
Monetary policy, intervention, and exchange rates in Japan
Journal Article
1989 Fall Academic Conference