This paper analyzes the causes and consequences of offshore financial centers (OFCs). Since OFCs are likely to be tax havens and money launderers, they encourage bad behavior in source countries. Nevertheless, OFCs may also have unintended positive consequences for their neighbors, since they...

This paper develops a one-sector real business cycle model in which competitive firms allocate resources for the production of goods, investment in new capital, and maintenance of existing capital. Firms also choose the utilization rate of existing capital. A higher utilization rate leads to...

Presentation to the California Chamber of Commerce, San Francisco, CA, December 2, 2005

Presentation to the California Bankers Association, 121st Annual Convention, Dana Point, CA, May 4, 2012

Speech at Sacramento State University’s College of Business Administration Executive Speaker Series, Co-hosted with the Chartered Financial Analysts Society of Sacramento, Sacramento, California, February 23, 2007. ; President Janet L. Yellen presented similar remarks to the Silicon Valley...

Speech to the Silicon Valley Leadership Group, Santa Clara, California, February 21, 2007

Speech to the Money Marketeers of New York University, New York, New York, April 26, 2007

Speech before an Australian Business Economists luncheon, Sydney, Australia via satellite link from San Francisco, March 15, 2006

Speech to the California Independent Bankers Annual Convention, Laguna Beach, CA, October 9, 2006