We produce a wide range of publications that share the latest data, analysis, and insights from various teams at the SF Fed. Our publications help inform and strengthen public understanding of economic issues and its impact on people and communities.

Latest Beige Book

Summary of Commentary on Current Economic Conditions: Federal Reserve Bank of SF

Economic Research Publications

FRBSF Economic Letter >

Economic analysis for general audiences

  • How Quickly Do Prices Respond to Monetary Policy?

    With inflation still above the Federal Reserve’s 2% objective, there is renewed interest in understanding how quickly federal funds rate hikes typically affect inflation. Beyond monetary policy’s well-known lagged effect on the economy overall, new analysis highlights that not all prices respond with the same strength or speed. Results suggest that inflation for the most responsive categories of goods and services has come down substantially from recent highs, likely due in part to more restrictive monetary policy. As a result, the contributions of these categories to overall inflation have fallen.

View all FRBSF Economic Letters

FedViews >

Analysis of current economic developments and the outlook

  • FedViews: March 7, 2024

    Brigitte Roth Tran, senior economist at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of March 7, 2024.

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Working Papers >

The latest in economic research

  • Inflation Expectations, Liquidity Premia and Global Spillovers in Japanese Bond Markets

    We provide market-based estimates of Japanese inflation expectations using an arbitrage-free dynamic term structure model of nominal and real yields that accounts for liquidity premia and the deflation protection afforded by Japanese inflation-indexed bonds, known as JGBi’s. We find that JGBi liquidity premia exhibit significant variation, and even switch sign. Properly accounting for them significantly lowers the estimated value of the indexed bonds’ deflation protection and affects inflation risk premium estimates. After liquidity adjustment, long-term Japanese inflation expectations have remained relatively stable at levels modestly exceeding one percent during the pandemic period. We then utilize our estimated liquidity measure to confirm the existence of statistically significant and economically meaningful spillovers to the JGBi market from global bond market illiquidity, as proxied by periods of low U.S. Treasury market depth.

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Community Development Publications

Community Development Innovation Review >

The Community Development Innovation Review focuses on bridging the gap between theory and practice, from as many viewpoints as possible. The goal of this journal is to promote cross-sector dialogue around a range of emerging issues and related investments that advance economic resilience and mobility for low- and moderate-income communities.

  • Fintech, Racial Equity, and an Inclusive Financial System

    Fintech, Racial Equity, and an Inclusive Financial System

    This issue of the Community Development Innovation Review examines the promise and pitfalls of financial technology, or fintech, for fostering racial equity and greater financial inclusion. Edited in partnership with the SF Fed’s Fintech team and Aspen Institute’s Financial Security Program, this issue brings together a broad set of voices from people working in various roles—including in technology, community development, economic inclusion, regulation, and investment—to contextualize gaps in the financial system and consider ways to address them.

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Community Development Research Briefs >

Research Briefs feature data and commentary on community development trends and issues.

Community Development Working Papers >

Working papers provide in-depth analysis of emerging community development issues from practitioners and scholars.

  • Housing Market Interventions and Residential Mobility in the San Francisco Bay Area

    Housing Market Interventions and Residential Mobility in the San Francisco Bay Area

    Limited evaluation research exists on which housing solutions are most effective in stabilizing communities so that those who wish to stay are able to do so in the midst of an influx of newcomers. This study seeks to fill this gap by assessing patterns of individual and household mobility related to specific housing interventions in the nine-county San Francisco Bay Area. Specifically, this study examines impacts of market-rate and subsidized development, and tenant protections, including rent stabilization and just cause for evictions protections.

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    View all Community Development Working Papers

Banking Publications

First Glance 12L >

These quarterly reports highlight key indicators of 12th District banking conditions.

Supervision in Brief >

This publication offers observations by the Head of Supervision of Financial Institution Supervision and Credit (FISC) on current banking and regulatory issues facing 12th District institutions.

Archived Publications

Asia Focus (Banking) >

Banks at a Glance >

District Circular Letters >

Fintech Edge >

Real Estate Lending Monitor >