FRBSF Economic Letter最新文献

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Job creation and destruction 创造和破坏就业机会
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.5860/choice.34-1653
Prakash Loungani, Bharat Trehan
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引用次数: 2
Competition and regulation in the airline industry 航空业的竞争与监管
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.4324/9780203119464
Gautam Gowrisankaran
{"title":"Competition and regulation in the airline industry","authors":"Gautam Gowrisankaran","doi":"10.4324/9780203119464","DOIUrl":"https://doi.org/10.4324/9780203119464","url":null,"abstract":"Regulations and deregulation Before deregulation of the airline industry began in 1979, the Civil Aeronautics Board controlled both the routes airlines flew and the ticket prices they charged, with the goal of serving the public interest. With deregulation, any domestically owned airline that was deemed “fit, willing, and able” by the Department of Transportation (DOT) could fly on any domestic route.The primary regulatory role of the DOT changed from approving whether an airline was operating in the public interest to deciding whether an airline was operating in accordance with safety standards and other operating procedures.","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"145 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122918301","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
What is liquidity risk 什么是流动性风险
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.1142/9789813147522_0007
Jose A. Lopez
{"title":"What is liquidity risk","authors":"Jose A. Lopez","doi":"10.1142/9789813147522_0007","DOIUrl":"https://doi.org/10.1142/9789813147522_0007","url":null,"abstract":"Increased financial globalization, the development of new financial instruments, and changing macroeconomic conditions have led to a renewed examination of liquidity risk. This Economic Letter highlights key elements of liquidity risk measurement and management.","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129476380","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 113
What is the Federal Reserve banks' imputed cost of equity capital? 美联储各银行的估算权益资本成本是多少?
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.24148/WP2001-01
M. Barnes, Jose A. Lopez
{"title":"What is the Federal Reserve banks' imputed cost of equity capital?","authors":"M. Barnes, Jose A. Lopez","doi":"10.24148/WP2001-01","DOIUrl":"https://doi.org/10.24148/WP2001-01","url":null,"abstract":"The Federal Reserve System is an important participant in the nation's payments system, which is the infrastructure used for transmitting and settling payments between individuals, firms, and government entities. For example, as reported in the Federal Reserve System's 2004 annual report, the twelve Federal Reserve Banks processed about 16 billion checks, or about 45%, of the 37 billion checks written in 2003. In addition, the Federal Reserve provides fully electronic payments services, such as automated clearing house services. Since the Federal Reserve is required to charge fees for these services, they are known collectively as \"priced services.\" Private sector firms, including some large banking organizations, also provide certain of these priced services, such as check processing. ; To promote efficiency and competition in the national payments system for these priced services, Congress passed the Monetary Control Act (MCA) of 1980, which requires the Federal Reserve Banks to set fees that, over the long run, recover all the direct and indirect costs of providing those services. In addition, the MCA requires that those fees recover imputed costs, such as taxes and a cost of capital, that would be incurred if the services were provided by a private firm. These imputed costs are known collectively within the Federal Reserve System as the private sector adjustment factor (PSAF). ; The methodology underlying the computation of the PSAF is reviewed periodically to ensure that it is appropriate and relevant in light of Reserve Banks' price services activities as well as current accounting standards, finance theory, and regulatory and business practices. Such a review was conducted and changes implemented in 2005 starting with the 2006 PSAF calculations; see Board of Governors (2005). In this Economic Letter, we focus specifically on the current decision to set the Reserve Banks' imputed cost of equity equal to that of the overall stock market. Our research shows that while many other methods exist for calculating this cost of equity measure, the choice made by the Federal Reserve is quite reasonable.","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"114 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122219948","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 10
Is There a Cost to Having an Independent Central Bank? 拥有一个独立的中央银行有代价吗?
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.4324/9780429270949-19
C. Walsh
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引用次数: 2
Staff of life 生活之杖
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.1056/nejm194606272342607
W. Burke
{"title":"Staff of life","authors":"W. Burke","doi":"10.1056/nejm194606272342607","DOIUrl":"https://doi.org/10.1056/nejm194606272342607","url":null,"abstract":"","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129776630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The nation's food 国家的食物
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.1016/s0140-6736(51)93422-8
Michael S. Gorham
{"title":"The nation's food","authors":"Michael S. Gorham","doi":"10.1016/s0140-6736(51)93422-8","DOIUrl":"https://doi.org/10.1016/s0140-6736(51)93422-8","url":null,"abstract":"","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114569824","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The role of fiscal policy 财政政策的作用
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.7551/mitpress/6838.003.0009
C. Walsh
{"title":"The role of fiscal policy","authors":"C. Walsh","doi":"10.7551/mitpress/6838.003.0009","DOIUrl":"https://doi.org/10.7551/mitpress/6838.003.0009","url":null,"abstract":"suggesting that the recovery of the U.S. economy from the recent recession is on a bumpy path.During the second quarter of 2002, real GDP grew at an anemic annual rate of barely over 1%, well below market expectations. Unemployment, after rising throughout 2001, has leveled off but has yet to show signs of declining.Adding some gloom to the general outlook, the stock market continued to drop through most of July and has remained volatile.","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115046412","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 11
The Goals of U.S. Monetary Policy 美国货币政策的目标
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.4324/9780429270949-27
J. Judd, Glenn D. Rudebusch
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引用次数: 17
Consequences of Rising Income Inequality 收入不平等加剧的后果
FRBSF Economic Letter Pub Date : 1900-01-01 DOI: 10.2307/j.ctvc776j0.14
Kevin J. Lansing, A. Markiewicz
{"title":"Consequences of Rising Income Inequality","authors":"Kevin J. Lansing, A. Markiewicz","doi":"10.2307/j.ctvc776j0.14","DOIUrl":"https://doi.org/10.2307/j.ctvc776j0.14","url":null,"abstract":"The increase in U.S. income inequality since 1970 largely reflects gains made by households in the top 20% of the income distribution. Estimates suggest that households outside this group have suffered significant losses from foregone consumption, measured relative to a scenario that holds inequality constant. A substantial mitigating factor for the losses has been the dramatic rise in government redistributive transfers, which have doubled as a share of U.S. output over the same period.","PeriodicalId":169480,"journal":{"name":"FRBSF Economic Letter","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127786978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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