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Economic Research

Financial Crisis

Recent FRBSF research & analyses

Elements of the Crisis

Housing

Underwater Mortgages • Krainer • LeRoy • FRBSF Economic Letter 2010-31 • October 18, 2010

Mortgage Prepayments and Changing Underwriting Standards • Hedberg • Krainer • FRBSF Economic Letter 2010-22 • July 19, 2010

The Housing Drag on Core Inflation Hobijn • Eusepi • Tambalotti • FRBSF Economic Letter 2010-11 • April 5, 2010

Should the Central Bank Be Concerned about Housing Prices? • Jeske • Liu • FRBSF Working Paper 2010-05 • February, 2010

Mortgage Choice and the Pricing of Fixed-Rate and Adjustable-Rate Mortgages • Krainer • FRBSF Economic Letter 2010-03 • February 1, 2010

Global Household Leverage, House Prices, and Consumption • Glick • Lansing • FRBSF Economic Letter 2010-01 • January 11, 2010

Recent Developments in Mortgage Finance • Krainer • FRBSF Economic Letter 2009-33 • October 26, 2009

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Mortgage Loan Securitization and Relative Loan Performance • Krainer • Laderman • FRBSF Working Paper 2009-22

Mortgage Default and Mortgage Valuation • Krainer • LeRoy • O • FRBSF Working Paper 2009-20

Falling House Prices and Rising Time on the Market • Krainer • FRBSF Economic Letter 2008-11 • March 21, 2008

The Subprime Mortgage Market: National and Twelfth District Developments • RBSF 2007 Annual Report

Subprime Mortgage Delinquency Rates • Doms • Furlong • Krainer • FRBSF Working Paper 2007-33

The Mortgage Meltdown, Financial Markets, and the Economy • Yellen • FRBSF Economic Letter 2008-35-36 • November 7, 2008

House Prices and Bank Loan Performance • Krainer • FRBSF Economic Letter 2009-06 • February 6, 2009

Behavior of Libor in the Current Financial Crisis • Kwan • FRBSF Economic Letter 2009-04 • January 23, 2009

A Black Swan in the Money Market • Taylor • Williams • FRBSF Working Paper 2008-04 • April 2008

Credit Crunch

Can Structural Models of Default Explain the Credit Spread Puzzle? • Goldstein • FRBSF Economic Letter 2010-06 • February 22, 2010

Do Credit Constraints Amplify Macroeconomic Fluctuations? • Liu • Wang • Zha • FRBSF Working Paper 2009-28 • December, 2009

Bank Relationships and the Depth of the Current Economic Crisis • Caballero • Candelaria • Hale • FRBSF Economic Letter 2009-38 • December 14, 2009

Gauging Aggregate Credit Market Conditions • Lopez • FRBSF Economic Letter 2009-32 • October 19, 2009

Credit Market Conditions and the Use of Bank Lines of Credit • James • FRBSF Economic Letter 2009-27 • August 31, 2009

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Fighting Downturns with Fiscal Policy • Leduc • FRBSF Economic Letter 2009-20 • June 19, 2009

Issues Raised by the Credit Crunch and Global Recession • Yellen • Speech delivered May 5, 2009, UC Berkeley, California

Financial Turmoil and the Economy • Furlong • Kwan • Federal Reserve Bank of San Francisco Annual Report 2008

Labor Supply Responses to Changes in Wealth and Credit • Daly • Hobijn • Kwok • FRBSF Economic Letter 2009-05 • January 30, 2009

How Will a Credit Crunch Affect Small Business Finance? • Udell • FRBSF Economic Letter 2009-09 • March 6, 2009
 

Fed Response

Monetary Policy

The Fed's Exit Strategy for Monetary Policy• Rudebusch • FRBSF Economic Letter 2010-18 • June 14, 2010

The "Inflation" in Inflation Targeting• Dennis • FRBSF Economic Letter 2010-17 • June 7, 2010

Monetary Policy in a Low Inflation Economy with Learning • Williams • FRBSF Economic Review 2010

Simple and Robust Rules for Monetary Policy Taylor • Taylor • Williams • FRBSF Working Paper 2010-10 • April 2010

The Outlook for the Economy and Inflation, and the Case for Federal Reserve Independence • Yellen • FRBSF Economic Letter 2010-10 • March 29, 2010

Should the Central Bank Be Concerned About Housing Prices? • Jeske • Liu • FRBSF Working Paper 2010-05 • February 2010

Macro-Finance Models of Interest Rates and the Economy • Rudebusch • FRBSF Working Paper 2010-01 • January 2010

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Linkages between Monetary and Regulatory Policy: Lessons from the Crisis • Yellen • FRBSF Economic Letter 2009-36 • November 23, 2009

Talking about Tomorrow’s Monetary Policy Today • Chehal • Trehan • FRBSF Economic Letter 2009-35 • November 9, 2009

U.S. Monetary Policy: An Introduction

U.S. Monetary Policy Objectives in the Short and Long Run • Yellen • FRBSF Economic Letter 2009-01-02 • January 9, 2009

Heeding Daedalus: Optimal Inflation and the Zero Lower Bound • Williams • FRBSF Working Paper 2009-23

The Fed's Monetary Policy Response to the Current Crisis • Rudebusch • FRBSF Economic Letter 2009-17 • May 22, 2009

Monetary Policy and Asset Prices • Lansing • FRBSF Economic Letter 2008-34 • October 31, 2008

Monetary Policy and Asset Price Bubbles • Rudebusch • FRBSF Economic Letter 2005-18 • August 5, 2005

Unconventional Actions

Do Central Bank Liquidity Facilities Affect Interbank Lending Rates? • Christensen • Lopez • Rudebusch • FRBSF Working Paper 2009-13

Have the Fed Liquidity Facilities Had an Effect on Libor? • Christensen • FRBSF Economic Letter 2009-25 • August 10, 2009

A View of the Economic Crisis and the Federal Reserve's Response • Yellen • FRBSF Economic Letter 2009-22 • July 6, 2009

The Fed's Monetary Policy Response to the Current Crisis • Rudebusch • FRBSF Economic Letter 2009-17 • May 22, 2009
 

Economic Aftermath

Recession and Outlook

Is Structural Unemployment on the Rise? • Valletta • Kuang • FRBSF Economic Letter 2010-34 • November 8, 2010

TIPS and the Risk of Deflation • Christensen • FRBSF Economic Letter 2010-32 • October 25, 2010

Job Creation Tax Credits and Job Growth: Whether, When, and Where? • Chirinko • Wilson • FRBSF Working Paper 2010-25

Forecasting Growth over the Next Year with a Business Cycle Index • Lang • Lansing • FRBSF Economic Letter 2010-29 • September 27, 2010

Is the Recent Productivity Boom Over? • Wilson • FRBSF Economic Letter 2010-28 • September 20, 2010

Labor Force Participation and the Future Path of Unemployment • Kwok • Daly • Hobijn • FRBSF Economic Letter 2010-27 • September 13, 2010

The Shape of Things to Come • Weidner • Williams • FRBSF Economic Letter 2010-15 • May 17, 2010

FedViews • March 10, 2011 • Glick

Beige Book • March 2, 2011: Summary • 12th District • Full report (national)

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Extended Unemployment and UI Benefits • Valletta • Kuang • FRBSF Economic Letter 2010-12 • April 19, 2010

The Labor Market in the Great Recession • Elsby • Hobijn • Sahin • FRBSF Working Paper 2010-07 • March, 2010

Okun's Law and the Unemployment Surprise of 2009 • Daly • Hobijn • FRBSF Economic Letter 2010-07 • March 8, 2010

Diagnosing Recessions • Jordà • FRBSF Economic Letter 2010-05 • February 16, 2010

Inflation: Mind the Gap • Liu • Rudebusch • FRBSF Economic Letter 2010-02 • January 19, 2010

Inflation Expectations and the Risk of Deflation • Christensen • FRBSF Economic Letter 2009-34 • November 2, 2009

Disagreement about the Inflation Outlook • Leduc • Rudebusch • Weidner • FRBSF Economic Letter 2009-31 • October 5, 2009

New Highs in Unemployment Insurance Claims • Cleary • Kwok • Valletta • FRBSF Economic Letter 2009-28 • September 8, 2009

The Outlook for Recovery in the U.S. Economy • Yellen • Speech delivered September 14, 2009

Growth Accounting, Potential Output, and the Current Recession • Fernald • Matoba • FRBSF Economic Letter 2009-26 • August 17, 2009

The Risk of Deflation • Williams • FRBSF Economic Letter 2009-12 • March 27, 2009

Jobless Recovery Redux • Daly • Hobijn • Kwok • FRBSF Economic Letter 2009-18 • June 5, 2009

U.S. Household Deleveraging and Future Consumption Growth • Glick • Lansing • FRBSF Economic Letter 2009-16 • May 15, 2009

Real-time Analysis

Asia and the Global Financial Crisis: Conference Summary • Glick • Spiegel • FRBSF Economic Letter 2010-08 • February 15, 2010

Hong Kong and China and the Global Recession • Yellen • FRBSF Economic Letter 2010-04 • February 8, 2010

Predicting Crises, Part II: Did Anything Matter (to Everybody)? • Rose • Spiegel • FRBSF Economic Letter 2009-30 • September 28, 2009

Predicting Crises, Part I: Do Coming Crises Cast Their Shadows Before? • Trehan • FRBSF Economic Letter 2009-29 • September 21, 2009

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure • Rose • Spiegel • FRBSF Working Paper 2009-18

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning • Rose • Spiegel • FRBSF Working Paper 2009-17

How Big Is the Output Gap? • Weidner • Williams • FRBSF Economic Letter 2009-19 • June 12, 2009

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Sectoral Reallocation and Unemployment • Valletta • Cleary • FRBSF Economic Letter 2008-32 • October 17, 2008

Are Fiscal Stimulus Funds Going to the "Right" States? • Wilson • FRBSF Economic Letter • April 17

Unanchored Expectations? Interpreting the Evidence from Inflation Surveys • Huang • Trehan • FRBSF Economic Letter 2008-23 • July 25, 2008