Publications
Publications
FRBSF Economic Letters
Economic analysis for a general audience
Inflation Expectations, the Phillips Curve, and Stock Prices
During the 1970s and early 1980s, rises in inflation tended to coincide with weaker economic activity and lower stock prices. But in more recent decades, rises in inflation have tended to coincide with stronger economic activity and higher stock prices. The emergence of a pattern where inflation, economic activity, and stock prices all move together over the business cycle can be traced to the beneficial effects of well-anchored inflation expectations.
FedViews
Analysis of current economic developments and the outlook
FedViews: September 7, 2023
Sylvain Leduc, executive vice president and director of research at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of September 7, 2023.
Western Economic Developments
Working Papers
The latest in economic research