Economic Review

An annual publication of the Economic Research Department

Federal Reserve Bank of San Francisco
July 26, 1999

Cosponsored by the Federal Reserve Bank of San Francisco and the Association for University Business and Economic Research

Monetary Policy and the U.S. Economy	Jack Beebe, FRB San Francisco
Outlook for East Asia	Ramon Moreno, FRB San Francisco
Recent Developments in High-tech Manufacturing	Mary Daly, FRB San Francisco
Western Outlook Overview (Western Blue Chip)	Yolanda Strozier, Arizona State University
California Outlook	Ted Gibson, California State Department of Finance Esmael Adibi, Chapman University
Western Outlook: Arizona, Utah, Idaho, Montana	Marshall Vest, University of Arizona Kelly Matthews, First Security Corporation Thayne Robson, University of Utah Paul Polzin, University of Montana
Western Outlook: Colorado, Nevada, New Mexico	Rich Wobbekind, University of Colorado Keith Schwer, University of Nevada, Las Vegas Lee Reynis, University of New Mexico

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Opinions expressed in the Economic Review do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or the Board of Governors of the Federal Reserve System. This publication was edited, compiled, and produced by Judith Goff, Senior Editor, and Anita Todd, Assistant Editor. Permission to reprint portions of articles or whole articles must be obtained in writing. Permission to photocopy is unrestricted.