Economic Review

An annual publication of the Economic Research Department

2005 Economic Review

Download the entire 2005 Economic Review (PDF)

• Articles
  • Inflation Targeting under Commitment and Discretion (PDF)
    Richard Dennis
  • Changes in Twelfth District Local Banking Market Structure during a Period of Industry Consolidation (PDF) | Supplemental Appendix (PDF)
    Elizabeth S. Laderman
  • Fiscal Sustainability and Contingent Liabilities from Recent Credit Expansions in South Korea and Thailand (PDF)
    Diego Valderrama
• Working Papers Series
• Abstracts of Articles Accepted in Journals, Books, and Conference Volumes (PDF)
• Conferences (PDF)
• FRBSF Economic Letter

2004 Issue
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2002 Issue
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2000 Issue
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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. The Economic Review is published annually by the Research Department under the supervision ofJohn Judd, Executive Vice President and Director of Research; Glenn Rudebusch, Senior Vice President and Associate Director of Research; John C. Williams, Senior Vice President and Advisor; Frederick Furlong, Group Vice President, Financial and Applied Microeconomic Research and Regional Developments, and Executive Director of the Center for the Study of Innovation and Productivity; Reuven Glick, Group Vice President, International Research; Mary Daly, Vice President, Applied Microeconomic Research and Regional Developments, and Director of the Center for the Study of Innovation and Productivity; John Fernald, Vice President, Macroeconomic Research; Simon Kwan, Vice President, Financial Research; Mark Spiegel, Vice President, International Research, and Director of the Center for Pacific Basin Studies.John Judd, Executive Vice President and Director of Research; Glenn Rudebusch, Senior Vice President and Associate Director of Research; John C. Williams, Senior Vice President and Advisor; Frederick Furlong, Group Vice President, Financial and Applied Microeconomic Research and Regional Developments, and Executive Director of the Center for the Study of Innovation and Productivity; Reuven Glick, Group Vice President, International Research; Mary Daly, Vice President, Applied Microeconomic Research and Regional Developments, and Director of the Center for the Study of Innovation and Productivity; John Fernald, Vice President, Macroeconomic Research; Simon Kwan, Vice President, Financial Research; and Mark Spiegel, Vice President, International Research, and Director of the Center for Pacific Basin Studies. The publication is edited, compiled, and produced by Anita Todd, Research Editor. Permission to reprint portions of articles or whole articles must be obtained in writing. Permission to photocopy is unrestricted.