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Research and analysis of economic trends and developments

Dallas Fed Economics

Alexander W. Richter and Xiaoqing Zhou

The direct impact of higher mortgage rates on housing affordability has received much attention. We emphasize that housing affordability not only depends on mortgage rates but also on house prices, which have competing effects.

Jesus Cañas and Diego Morales-Burnett

A majority of Texas Business Outlook Surveys participants expect increasing demand over the next six months, signaling an improving business outlook, even as inflation and wage growth in Texas remain elevated.

Enrique Martínez García and Braden Strackman

The U.S. economy boasts robust growth and slowing inflation despite the highest interest rates in two decades. Such performance isn’t common globally, especially among other advanced economies, revealing crucial differences in the fundamental factors driving inflation and growth.

Anton Cheremukhin

At first glance, it seems unlikely that the unemployment rate would remain stable if the number of job vacancies decreased. However, such a scenario played out recently as the number of firms seeking to fill positions by poaching employees from other firms increased, while the ranks of the unemployed remained relatively stable.

Tyler Atkinson and Ron Mau

As money demand changes, and in particular as money velocity fluctuates with interest rates, this relationship can become unstable with money growth providing limited useful information for inflation forecasting.

Andrew J. Fieldhouse and Karel Mertens

Our estimates indicate that government-funded R&D accounts for roughly one quarter of all business sector productivity growth since World War II, including one quarter of the deceleration in productivity growth since the late 1960s.

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Dallas Fed Economics