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.
Economic Research Publications
FRBSF Economic Letter >
Economic analysis for general audiences
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Tracking Business Sentiment in the Western United States
Information the San Francisco Fed collects from businesses and community sources for the Beige Book provides timely insights into economic activity at both the national and regional levels. Two new indexes based on Beige Book questionnaire responses track business sentiment across the western United States. The indexes track data on economic activity and inflation, serving as early indicators of official data releases and helping improve near-term forecasting accuracy. The latest index readings suggest weakening economic growth and intensifying inflationary pressures over the coming months.
SF FedViews >
Analysis of current economic developments and the outlook
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SF FedViews: July 17, 2025
Thomas M. Mertens, vice president at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of July 17, 2025.
Working Papers >
The latest in economic research
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A Tale of Two Tightenings
Both the magnitude and the pace of monetary policy tightening in the euro area during 2022-23 were historically large and fast. Yet, the real economy proved to be resilient. In this paper, we analyze the pass through of the ECB’s changes in the policy rate to mortgage rates in Finland during the post-pandemic period of 2022-23, when the policy liftoff began at the negative interest rate territory, using the normal tightening cycle in 2006-08 as control. We use monthly data and three different empirical methodologies: event studies, high-frequency identification, and exposure-measure regressions. Our evidence suggests that the post-pandemic monetary policy transmission was significantly less effective than during the control period, implying that for the same amount of tightening in financial conditions, a bigger increase in the policy rate is needed. The loss in monetary transmission during the negative interest rate policy is also playing out when monetary policy changes course. Thus, while monetary policy remains effective in the negative interest rate territory, it creates headwind for policy normalization down the road.
Community Engagement and Analysis Publications
Community Development Research Briefs >
Research briefs feature data and commentary on community development trends and issues.
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Homeownership Opportunities Beyond Single-Family: Quantifying the Current Landscape
Although homeownership is commonly portrayed as a single household living in a detached house, homeownership in the U.S. includes an array of opportunities, some of which provide more affordable entry points into owning a home.
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.