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Working Paper
Fixed-premium deposit insurance and international credit crunches
Spiegel, Mark M. (1994)
We introduce a monopolistically-competitive model of foreign lending in which both explicit and implicit fixed-premium deposit insurance increase the degree to which bank participation in relending to problem debtors falls below its globally optimal level. This provides a channel for fixed-premium deposit insurance to inhibit credit extension in bad states, resulting in an increase in the expected default percentage and an increase in the expected burden on the deposit insurance institution.
Working Papers in Applied Economic Theory , Paper 94-19

Journal Article
Fiscal headwinds: Is the other shoe about to drop?
Wilson, Daniel J.; Lucking, Brian (2013)
Federal fiscal policy during the recession was abnormally expansionary by historical standards. However, over the past 2 years it has become unusually contractionary as a result of several deficit reduction measures passed by Congress. During the next three years, we estimate that federal budgetary policy could restrain economic growth by as much as 1 percentage point annually beyond the normal fiscal drag that occurs during recoveries.
FRBSF Economic Letter

Journal Article
Monetary policy and the great crash of 1929: a bursting bubble or collapsing fundamentals?
Cogley, Timothy (1999)
FRBSF Economic Letter

Journal Article
Emerging Bond Markets and COVID-19: Evidence from Mexico
Christensen, Jens H. E.; Fischer, Eric; Shultz, Patrick (2020-08-17)
The pandemic caused by the coronavirus is depressing economic activity and severely straining government budgets globally. Without international support, the ability of emerging economies to weather this crisis will depend crucially on access to and the cost of borrowing in domestic government bond markets. Analyzing bond flows and risk premiums for Mexican government bonds during the pandemic gives some insights into a major emerging economy’s experience. Mexican risk premiums have increased more than 1 percentage point above predicted levels, pointing to tighter funding conditions for the ...
FRBSF Economic Letter , Volume 2020 , Issue 23 , Pages 01-05

Working Paper
Mortgage Choice in the Housing Boom: Impacts of House Price Appreciation and Borrower Type
Furlong, Frederick T.; Takhtamanova, Yelena; Lang, David (2014-01)
The U.S. housing boom during the first part of the past decade was marked by rapid house price appreciation and greater access to mortgage credit for lower credit-rated borrowers. The subsequent collapse of the housing market and the high default rates on residential mortgages raise the issue of whether the pace of house price appreciation and the mix of borrowers may have affected the influence of fundamentals in housing and mortgage markets. This paper examines that issue in connection with one aspect of mortgage financing, the choice among fixed-rate and adjustable-rate mortgages. This ...
Working Paper Series , Paper 2014-5

Working Paper
A tabular survey of selected regional econometric models
Chen, Dean T. (1972)
Working Papers in Applied Economic Theory , Paper 11

Journal Article
Child Care, COVID-19, and our Economic Future
Shrimali, Bina (2020-09-29)
Child care is important for cultivating the future workforce, and it also ensures that working parents of today can participate in the economy, helping to achieve the Federal Reserve’s mandate for full employment. While child care in the U.S. is a piece of critical infrastructure, it is often invisible and undervalued. Straddling the lines between parenting, education, and small business, child care does not get the full attention and resources of any particular domain, and its contribution to the economy has been overlooked.Longstanding and widespread constraints in the child care sector ...
Community Development Research Brief , Volume 2020 , Issue 05 , Pages 09

Journal Article
Efficiency of U.S. banking firms--an overview
Kwan, Simon H. (1997)
FRBSF Economic Letter

Journal Article
Age Discrimination and Age Stereotypes in Job Ads
Burn, Ian; Firoozi, Daniel; Ladd, Daniel; Neumark, David (2023-03-06)
Studies suggest that employers discriminate against older workers in hiring, responding less favorably to equally qualified job applicants who are older. Employers may also limit hiring of older workers by including age stereotypes in job ads that signal a preference for younger workers. Evidence from an experimental study shows that older workers are less likely to apply to job advertisements that contain language with ageist stereotypes. The results indicate that this impact is comparable to the direct effects of employer age discrimination in hiring decisions.
FRBSF Economic Letter , Volume 2023 , Issue 07 , Pages 5

Working Paper
Taylor Rule Estimation by OLS
Carvalho, Carlos; Nechio, Fernanda; Tristao, Tiago (2021-09-01)
Ordinary Least Squares (OLS) estimation of monetary policy rules produces potentially inconsistent estimates of policy parameters. The reason is that central banks react to variables, such as inflation and the output gap, that are endogenous to monetary policy shocks. Endogeneity implies a correlation between regressors and the error term – hence, an asymptotic bias. In principle, Instrumental Variables (IV) estimation can solve this endogeneity problem. In practice, however, IV estimation poses challenges, as the validity of potential instruments depends on various unobserved features of ...
Working Paper Series , Paper 2018-11

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