The paper “Interest Rates Under Falling Stars” by San Francisco Fed economists Glenn D. Rudebusch and Michael Bauer has been accepted for publication in the American Economic Review. This paper bridges the gap between macroeconomic and finance views of long-run trends. See more research by Glenn D. Rudebusch and by Michael Bauer.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.