Economic Letter

Permanent and Transitory Effects of the 2008–09 Recession

Separating GDP into permanent and transitory components can help explain the effects of recessions and expansions. GDP was substantially above trend before the 2008-09 recession. It then declined significantly, not recovering to its trend rate until 2017. The recession resulted in permanent losses. Without those permanent effects, GDP would have been about $380 billion or $1,460 per person higher.

Help Shape the Future of the Community Reinvestment Act

Systemic barriers to credit and financial services continue to hold many communities back. The Federal Reserve Board recently issued an Advance Notice of Proposed Rulemaking on how we can modernize the regulations that implement the CRA. Public comment on the proposal is now open—and it’s time to make your voice heard.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.