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.


Sylvain Leduc and Dan Wilson
2014-25

Highway spending in the United States between 2008 and 2011 was flat, despite the serious need for improvements and the big boost to state highway funds from the Recovery Act of 2009. A comparison of how much different states received and spent shows that these federal grants actually boosted highway spending substantially. However, this was offset by pressures to reduce state highway spending due to plummeting tax revenues. In fact, analysis suggests national highway spending would have fallen roughly 20% over this period without federal highway grants from the Recovery Act.

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Economic Review

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

FedViews

Analysis of current economic developments and the outlook.

Michael Bauer, economist at the Federal Reserve Bank of San Francisco, states his views on the current economy and the outlook.

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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.

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Working Papers

Preliminary versions of economic research.


Eugenio Cerutti, Galina Hale, and Camelia Minoiu

We examine the composition and drivers of cross-border bank lending between 1995 and 2012, distinguishing between syndicated and non-syndicated loans. We show that on-balance sheet syndicated loan exposures, which account for almost one third of total cross-border loan exposures, increased during the global financial. We show that banks with lower levels of capital favor syndicated over other kinds of cross-border loans, that borrower country characteristics indicate a diversification motive for syndication, and that information asymmetries between lender and borrower countries became more binding during the recent crisis.

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