Federal Reserve Bank of San Francisco

Economic Research

Publications and Research Working Papers

FRBSF Economic Letters

Economic analysis and research summaries for a general audience.


Enrico Moretti and Daniel J. Wilson
2014-37

Financial incentives from state governments are part of a growing trend of policies designed to spur innovation clusters in specific regions. Biotechnology industry clusters in particular have benefited from these subsidies, which have boosted the number of star biotech scientists in those states by roughly 15%. Likewise, the number of biotech jobs overall has grown in states that offered incentives, although they have had little impact on salaries. Incentives have also spilled over to generate sizable effects in local service sectors.

View past FRBSF Economic Letters
Subscribe

Economic Review

An annual summary of Department research plus in-depth policy article.

FedViews

Analysis of current economic developments and the outlook.

Kevin J. Lansing, research advisor at the Federal Reserve Bank of San Francisco, states his views on the current economy and the outlook.

View past FedViews
Subscribe

SF Fed Forecast Preview

The SF Fed Forecast Preview is an advance release of the monthly SF Fed FedViews publication. Our forecasts of GDP, inflation, and unemployment will usually be released will usually be released on the second Tuesday of each month.

Western Economic Developments

Western Economic Developments is linked to via Fed in Print only.

  • Executive Summary
  • District Update
  • Nonresidential Real Estate and Construction
  • Alaska, Oregon, and Washington
  • Arizona, California, and Hawaii
  • Idaho, Nevada, and Utah

Executive Summary

  • California’s economy continued to expand at a strong pace in late 1996, and the state’s labor market tightened further.
  • Nevada, the fastest-growing state in the nation, continued to add jobs at more than a 6-1/2 percent average annual pace in recent months.

    View past Western Economic Developments

Working Papers

Preliminary versions of economic research.


Matthew Osborne and Adam Hale Shapiro

We examine a model of consumer learning and price signaling where price and quality are optimally chosen by a monopolist. We find that price signaling causes the firm to raise prices, lower quality, and dampen the degree to which it passes on cost shocks to price. We identify two mechanisms through which signaling affects pass-through and find that signaling can lead to asymmetric pass-through.

View past Working Papers
Subscribe