Understanding housing demand dynamics through two indicators, income growth and population growth, provides important ...

Using administrative data from France, we document that within the same detailed occupation, industry, and commuting zone, workers who work from home earn on ...

Recessions are periods where the labor market deteriorates rapidly. Supporting business conditions to prevent such deterioration is a core objective of policymakers. In this paper we construct a labor ...

We document evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange (FX) reserve holdings in response to a U.S. interest rate increase. Countries with ...

Robert G. Valletta is senior vice president and associate director of research in the Economic Research Department of the Federal Reserve Bank of San Francisco.

The natural rate of interest is an elusive concept in theory and practice. However, it is essential for central banks’ calibration of the policy rate. Model consistent measures are often too extreme ...

The fraction of men working in the United States has declined consistently since the 1950s. This has contributed to slower labor force growth and resulted in considerable gaps between labor force ...

We review the “production approach” to estimating markups—the ratio of price to marginal cost. Paired with increasingly rich microdata and advances in production function estimation, the method ...

We show that the underlying source of inflation impacts financial market perceptions of the persistence of monetary policy tightening. Investors expect policy tightening to be more persistent ...

In this paper we exploit 150 years of tariff policy in the US and abroad to estimate the short-run effects of tariff shocks on macro aggregates. A careful review of the major changes in US tariff ...

Internal migration has been cited as a key channel by which societies will adapt to climate change. We show in this paper that this process has already been happening in the United States. Over the ...

Understanding housing demand dynamics through two indicators, income growth and population growth, provides important insights into housing affordability. Research shows that average U.S. income ...