Southwest Economy Archive 1988-2022

Fourth Quarter 2021
Print version

• Largest Texas Metros Lure Big-City, Coastal Migrants During Pandemic
  Wenli Li and Yichen Su
  Almost two years since the pandemic began, high-frequency data show that migration to Texas has accelerated, as the state’s four biggest metros experience an influx of migrants often from the nation’s largest metropolitan areas. The emergence of working from home has lessened both workers’ and some companies’ reliance on physical offices, clearing the way for the new wave of mobility.
• Texas Joblessness Persists Above U.S. Rate, Weighing on Black, Hispanic Workers
  Anil Kumar
  Texas lost proportionately fewer jobs than the nation during the pandemic, yet the unemployment rate rose above the national rate—a gap that has persisted. Women and minorities were affected disproportionately at the outset. While the gender unemployment gap has largely dissipated, the gaps between white workers and both Black and Hispanic workers have persisted above pre-COVID-19 levels.
• Semiconductors Key to Global Growth; Geographic Supply Risks Loom
  On the Record: A Conversation with Tyson Tuttle
  Tuttle, CEO of Silicon Labs in Austin, shares his insights on current issues in the semiconductor industry and the challenges and opportunities that lie ahead.
• Spotlight: Natural Gas Demand Recovers, Lifts Prices
  Jesse Thompson
  Global demand for U.S. natural gas has risen as many pandemic-induced limits on economic activity have been lifted, but domestic production has only slowly recovered
• Go Figure: Pandemic, Remote Learning Undo STAAR Test Gains; Texas Student Scores Slide
  Design: Justin Chavira, Olumide Eseyin; Content: Christopher Slijk, James Lee
  Hispanic and Black students’ scores on the 2021 exam fell more than those of white students and reversed previous years' gains.

Third Quarter 2021
Print version

• Once-Oil-Dependent Texas Economy to Keep Growing as Renewable Energy Expands
  Christopher Slijk and Keith R. Phillips
  The negative environmental impacts of global warming have motivated the beginnings of a global transition from traditional fossil fuels to renewable energy.
• Federal Support Keeps State Budgets (Including Texas’) Healthy amid Tumult from COVID-19-Induced Economic Ills
  Jason Saving
  An unprecedented federal fiscal response to the COVID-19-induced recession in early 2020 helped prop up state government finances even among states whose tax and finance structures put them at particular risk during a downturn. A variety of programs helped individuals, firms and jurisdictions avoid what some feared would be a catastrophic collapse.
• Technology Displaced Workers in Pandemic; Retraining Must Expand
  On the Record: A Conversation with Tamar Jacoby
  Tamar Jacoby, president of Opportunity America, discusses the pandemic, worker mobility and job training..
• Spotlight: Missteps Along U.S.–Mexico Border Hinder Movement of COVID-19 Biomedical Trade
  Keighton Hines and Roberto Coronado
  While most activity in the Paso del Norte region is concentrated in automotive parts and electronic components, a cluster of biomedical manufacturers has emerged in Juárez in recent years.
• Go Figure: Birth Rates Falling Faster in Texas than U.S.
  Design: Olumide Eseyin; Content: James Lee, Pia Orrenius, Ana Pranger
  Although birth rates in Texas remain higher than in the U.S., their decline since 2007 has been particularly noteworthy.
• Snapshot: U.S. Recessions Test Latino Advances
  Deep holes in the pandemic safety net further imperiled Latino progress in 2020 and almost surely will in 2021 as well.
• President’s Perspective
  Robert S. Kaplan

Second Quarter 2021
Print version

• Federal COVID-19 Relief Aided Consumer Debt, Though Immigrant Texans Derived Less Benefit
  Wenhua Di and Chloe Smith
  U.S. and Texas residents shored up their household finances during the COVID-19 recession. The prevalence of various federal-level assistance programs helped boost savings and broadly reduce debt. Among mostly immigrant groups, this tendency was less pronounced, likely due to legal and socioeconomic barriers.
• Texas Winter Deep Freeze Broke Refining, Petrochemical Supply Chains
  Jesse Thompson
  It may take the Texas petrochemical industry until year-end 2021 to fully recover from the record cold that triggered power outages and supply disruptions in mid-February. Production of basic petrochemical products used in a range of intermediate and consumer goods was interrupted, breaking supply chains already strained by COVID-19 and leading to price pressures and scores of product shortages.
• Texas Restaurants Find Change on Postpandemic Menu
  On the Record: Conversation with Emily Williams Knight
  Emily Williams Knight, president and CEO of the Texas Restaurant Association, discusses how the dining industry survived COVID-19 and the changes that have occurred.
• Banks Face New Challenges as Texas Rebounds from COVID-19 Shock
  Amy Chapel, Kory Killgo and Kelly Klemme
  The banking industry faced significant challenges from the COVID-19 pandemic in 2020, with profitability declining to levels not seen since the 2008–09 financial crisis. While strong economic growth during 2021 is expected as the economy reopens, some credit deterioration and losses are still possible as fiscal stimulus and national forbearance programs end.
• Spotlight: Oil Patch Productivity Rises; Jobs Vanish
  Garrett Golding and Sean Howard
  After major oil price busts in 2014 and 2020, the same engineering prowess that helped the oil and gas industry thrive has been driven to find efficiencies to lower operating costs. The result: Fewer workers are needed to produce the same oil and gas output.
• Go Figure: Women Took Brunt of Pandemic Job Loss as Priorities Shifted to Home
  Design: Olumide Eseyin; Content: Camila L. Holm, Yichen Su
  Working women fared worse than men in the pandemic—a reversal from the Great Recession
• President’s Perspective
  Robert S. Kaplan

First Quarter 2021
Print version

• COVID-19 Slammed into Texas, Leaving Long-Lasting Impacts
  Emily Kerr, Judy Teng and Keith Phillips
  The economic road from the COVID-19 recession in Texas will likely feature a steeper, more rapid climb than the usual gradual rise associated with most recoveries. Some structural changes that the pandemic wrought will take longer to resolve, including those that will make work from home a longer-term occupational reality for some.
• COVID-19 Poses Stubborn Challenge to Economic Growth in Mexico
  Jesus Cañas and Chloe Smith
  Mexico, confronting a high rate of COVID-19 infection and an ineffectual medical response, recorded the largest decline in gross domestic product in a quarter century last year. While manufacturing trade with the U.S. provided economic support, the large and hard to reach off-the-books informal sector proved more troublesome and will play an important role in the nation’s performance in 2021.
• On the Record: A Conversation with Alan D. Viard
  Value-Added Tax Could Restrain Long-Term Federal Debt
  Alan D. Viard, a resident scholar at the American Enterprise Institute, studies tax and budget policy. A former senior economist at the Federal Reserve Bank of Dallas, Viard discusses how to address the U.S. budget deficit in the aftermath of the COVID-19 pandemic.
• Spotlight: Pandemic Pushes Texas Minority Unemployment Beyond Highs Reached During Great Recession
  Carlee Crocker and Pia Orrenius
  Recessions are hardest on minorities; the COVID-19 downturn is no different in that regard. Texas is a majority minority state—more than half of Texas’ population is Hispanic or Black—and the consequences are far-reaching if those groups lag behind economically.
• Go Figure: Collapsing Fuel Demand Tanks Texas Exports During Pandemic’s Peak
  Design: Justin Chavira; Content: Emma Marshall, Pia Orrenius
  The COVID-19 pandemic wreaked havoc on Texas energy exports. U.S. energy exports excluding Texas were dramatically less affected.
• Snapshot: Dining Out Picks Up in Texas, Houston
  The number of patrons dining at restaurants surged in Texas and Houston after the state thawed from a deep freeze in February and COVID-19 constraints on restaurants and bars were lifted March 10.
• President’s Perspective
  Robert S. Kaplan

Fourth Quarter 2020
Print version

• COVID-19 Fuels Sudden, Surging Demand for Suburban Housing
  Laila Assanie and Yichen Su
  Business interruption and social distancing mandates because of COVID-19 have disrupted what had been a period of sustained growth within city centers nationally and in Texas. The pandemic-related actions have helped propel a sudden, large shift from renting to homeownership and a concurrent movement to the suburbs and larger homes.
• Pandemic Unemployment Benefits Provided Much-Needed Fiscal Support
  Anil Kumar
  Recent analysis suggests that enhanced unemployment insurance benefits implemented in response to the COVID-19 pandemic have helped buttress spending among the unemployed and supported state and local economies. Their economic impact in Texas relative to the nation has been constrained by lower levels of participation in the unemployment aid programs and more modest per-capita payments from them.
• On the Record: A Conversation with Bill Gilmer
  Energy Woes to Weigh on Houston Recovery, Local Economist Says
  Bill Gilmer, director of the Institute for Regional Forecasting at the University of Houston’s Bauer College of Business, assesses the effect of the oil industry on the Houston economy and provides an outlook for 2021.
• Spotlight: Lower U.S. Crude Oil Production Decreases Output, Raises Price of Natural Gas
  Jesse Thompson and Camila Holm
  Natural gas futures plummeted to a historic low in June 2020 only to rebound by late October, mainly due to a decline in natural gas production from oil wells.
• Go Figure: Loan Delinquencies Start to Climb After Falling with Stimulus and Relief
  Design: Olu Eseyin; Content: Wenhua Di and Carlee Crocker
  COVID-19 stimulus and loan relief helped Texas borrowers avoid falling behind on loan payments in 2020's second quarter.
• President’s Perspective
  Robert S. Kaplan

Third Quarter 2020
Print version

• COVID-19’s Fiscal Ills: Busted Texas Budgets, Critical Local Choices
  Jason Saving
  COVID-19 and related economic shutdowns have raised concerns that state and local government revenues will fall short of expectations just as demand for services soars.
• Texas Economy Mends in Fits and Starts from Pandemic’s Onslaught
  Christopher Slijk
  A resurgent COVID-19 outbreak in Texas has stymied a state economic recovery, according to the Texas Business Outlook Surveys and high-frequency data that document activity on a more granular level.
• On the Record: A Conversation with Gary A. Hoover
  Looking to Economics for Help in Addressing Enduring Discrimination
  Gary A. Hoover holds a President’s Associates Presidential Professorship and is chairman of the Economics Department at the University of Oklahoma in Norman. He specializes in policy analysis of income distribution and poverty, public finance and ethics in economics.
• Spotlight: Energy Sector Slow to Recover from Malaise Arising from Effects of Global Pandemic
  Emma Marshall and Pia Orrenius
  After absorbing a big hit from the COVID-19 pandemic, the energy sector may take until 2022 to recover.
• Go Figure: Vehicle Sales Highlight Surprising Resilience in Spending During Pandemic
  Design: Olu Eseyin; Content: Christopher Slijk, Chloe N. Smith
  Texas truck/SUV sales held steady while car sales declined steeply amid the recession caused by COVID-19.
• Snapshot: Texas Employment Estimate Debuts
  The Federal Reserve Bank of Dallas’ new Texas Weekly Employment Estimate (TWEE) is a timely tool to monitor evolving economic conditions while awaiting release of the U.S. Bureau of Labor Statistics’ establishment survey of employment.
• President’s Perspective
  Robert S. Kaplan

Second Quarter 2020
Print version

• Small Business Hardships Highlight Relationship with Lenders in COVID-19 Era
  Wenhua Di, Nathaniel Pattison and Chloe Smith
  The COVID-19 crisis has disrupted normal small business operations and will likely limit the ability of many enterprises to stay financially afloat. Although lenders have become better equipped to evaluate risks and serve small businesses, the supply of credit tends to shrink during economic downturns.
• COVID-19, Oil Price Collapse, Dimming Outlook for Banks in 2020
  Amy Chapel and Kory Killgo
  Eleventh District banks face challenges from instability in the energy sector and economic fallout from the COVID-19 pandemic. While district banks finished 2019 on solid footing, and regulatory and monetary interventions will buffer some of the headwinds, we expect profitability, credit quality and bank capital to decline in 2020.
• On the Record: A Conversation with Janie Barrera
  LiftFund’s Microlending Customers Battle to Survive COVID-19 Shock
  Janie Barrera is the founding president and chief executive officer of San Antonio-based LiftFund. Created in 1994, LiftFund has one of the nation’s largest microlending portfolios. The nonprofit provides loans and management training to very small enterprises in Texas and seven other states.
• Spotlight: Black Workers at Risk for 'Last Hired, First Fired'
  Aquil Jones and Joseph Tracy
  The COVID–19-induced global economic downturn shuttered businesses that have begun slowly reopening and reassessing whether to recall laid-off employees. In the U.S., black unemployment rates have spiked much more than white jobless rates during recessions.
• Go Figure: COVID-19 Tanks U.S. Fuel Consumption, Prices
  Design: Olu Eseyin; Content: Jesse Thompson
  The effects of the pandemic, including working from home and reduced travel, dropped fuel consumption from mid-March to mid-April 2020.
• President’s Perspective
  Robert S. Kaplan

First Quarter 2020
Print version

• Mexico’s Higher Costs Under USMCA May Potentially Offset Gains from China-Related Trade Spurt with U.S.
  Daniel Chiquiar, Jesus Cañas, Armando Aguirre and Alfonso Cebreros
  Approval of the United States–Mexico– Canada Agreement (USMCA) could change trade within the North American region, affecting output and weakening North America’s global competitiveness. At the same time, while Mexico is achieving some temporary gains arising from trade tension between the U.S. and China, it stands to incur a substantial overall long-term economic cost.
• Mexico Seeks to Reduce Consumers' Longstanding Reliance on Cash
  Michael Perez
  Cash is king when it comes to completing transactions in Mexico. Unlike the U.S., where consumers opt to pay with debit and credit cards or via apps, Mexico and its large informal economy continue to rely on hard cash. A new digital payment platform from the nation’s central bank aims to reduce the role of currency.
• Groundwater Markets Slowly Evolve in Ever-Thirstier Texas
  Keith R. Phillips and Judy Teng
  Texas’ growing population is increasing the demand for water, a commodity that in many parts of the state is subject to wide swings from abundance during wet cycles to shortfall during droughts. Water markets offer one way to help meet some of the growing need. However, legal challenges and a variety of government entities overseeing water use complicate water markets’ applicability.
• On the Record: A Conversation with Fang Yang
  Policy Changes Could Boost Women’s Participation in U.S. Workforce
  Fang Yang, associate professor of economics at Louisiana State University in Baton Rouge, discusses the labor market impacts of tax policy, an evolving U.S. workforce, the effects of gender and an aging population.
• Spotlight: Permian Basin’s Shale-Era Oil Production Rises Even as Rig Count Falls
  Emma Marshall and Jesse Thompson
  A change in the number of active drilling rigs is no longer the reliable predictor for near-term oil production growth that it once was.
• Go Figure: Migrant Apprehensions at U.S.–Mexico Border Spike in 2019
  Design: Justin Chavira; Content: Carlee Crocker, Pia Orrenius and Chloe Smith
  Apprehensions of migrants at the U.S. southern border surged in spring 2019.
• Snapshot: COVID-19 Hits Manufacturers
  Texas factory activity declined sharply as the coronavirus (COVID-19) outbreak took hold in March, according to business executives responding to the Texas Manufacturing Outlook Survey.
• Fed Chairman Jerome Powell Comments on FOMC Rate Cut
  Excerpt from Federal Reserve Chairman Jerome Powell’s statement following the Federal Open Market Committee’s emergency reduction of the federal funds rate to a range of 0–0.25 percent, March 15, 2020.

Fourth Quarter 2019
Print version

• President’s Perspective
  Robert S. Kaplan
• Gentrification Transforming Neighborhoods in Big Texas Cities
  Yichen Su
  As an influx of new, affluent residents has descended on gentrifying neighborhoods around the centers of Texas’ four largest cities, neighborhood amenities have improved. Meanwhile, increasing housing costs have led some low-income households and at-risk populations to locate in more suburban areas.
• Texas Sees Job, Output Gains from 2018 U.S. Tax Cut
  Anil Kumar
  Texas is among the top 10 states in terms of tax stimulus received from the Tax Cuts and Jobs Act of 2017. The law likely played an important role in the state’s stronger subsequent job growth relative to the nation.
• On the Record: A Conversation with Paula Gold-Williams
  Rising Demand, Renewables Generate New Challenges for Electric Utilities
  Paula Gold-Williams, president and CEO of CPS Energy, offers her perspective on the electricity market in Texas.
• Spotlight: Banks Face Growing Cybercrime Threat
  John Suek and Michael Perez
  Cybercrime is on the rise in the Eleventh District, with reported incidents jumping 15 percent to 31,185 in 2018 and losses increasing 69 percent to about $220 million over the 12-month period, according to FBI data.
• Go Figure: Assessing the Cost of Longer Border Wait Times
  Design: Olumide Eseyin; Content: Chloe N. Smith and Jesus Cañas
  Wait times spiked in spring 2019 when Customs and Border Patrol resources were diverted away from border crossings.
• Snapshot: Energy Sector Sees More Weakness
  Softening oil prices and price expectations, negative stock market returns and tightening credit conditions are putting downward pressure on energy industry activity and employment.

Third Quarter 2019
Complete issue

• President’s Perspective
  Robert S. Kaplan
• Texas’ Energy Base Drives Climate Concerns as Renewables Expand
  Emma Marshall and Jesse Thompson
  The energy industry’s large presence in Texas—production and refining—is a key contributor to carbon emissions. At the same time, the state is a renewable energy leader, especially with its large share of wind-based electricity generation. Both trends place the state in the center of the debate about climate change and reducing greenhouse gases.
• On the Record: A Conversation with Katharine Hayhoe | Audio of Katharine Hayhoe's interview
  Texas Offers Perfect Setting to Study Impacts, Costs of Climate Change
  Katharine Hayhoe is an atmospheric scientist and professor at Texas Tech University in Lubbock, where she directs the Climate Science Center. She was a lead author of the Fourth National Climate Assessment, released in November 2018, which documents the extent of climate change. She also hosts Global Weirding, a video series produced by Lubbock’s PBS affiliate, KTTZ.
• Spotlight: Wind and Solar Power: Perfect When Paired in Texas
  Aquil Jones, Soojin Jo and Christopher Slijk
  As wind and solar power generation becomes more competitive economically relative to conventional coal and natural gas generation, states will likely increase their dependence on such renewable sources.
• Texans Help Drive National Increase in Auto Loan Debt
  Wenhua Di
  Despite strong economic growth in recent years, Texas auto loan delinquency rates have risen to levels approaching those seen just after the Great Recession. A recent drop in the subprime share of auto loan originations— typically involving less-creditworthy buyers— suggests delinquency rates are likely to fall. However, risks remain elevated because of factors including longer loan duration and young borrowers’ increasing student loan indebtedness.
• Texas K–12 Education Spending Set to Rise, but Who Will Pay?
  Jason Saving
  The Texas Legislature approved increased public school spending while at the same time limiting property tax increases. Because new revenue to fund this increase over the longer term was not identified, the latest fix may not fully provide a long-term solution to meeting local districts’ needs.
• Go Figure: Mexico Struggles to Move into Digital Payment Age
  Design: Justin Chavira; Content: Michael Perez
  
• Snapshot: Domestic Migration to Texas Slows
  Despite a strong economy and historically low unemployment rates in Texas, net domestic migration to Texas from other states has slowed since 2015.

Second Quarter 2019
Complete issue

• President’s Perspective
  Robert S. Kaplan
• Texas Facing Historically Tight Labor Markets, Constraining Growth
  Christopher Slijk
  Texas labor markets have become very tight in recent years following steady post-Great Recession job growth. Labor force expansion, once fueled by migration, has eased, and businesses report that they cannot find sufficient numbers of workers to expand—particularly for middle-skill positions. This has constrained economic growth and pressured wages higher.
• Texas Industrial Building Booms as Economy, Population Grow
  Laila Assanie and Michael Weiss
  A significant portion of Texas’ recent construction activity has been industrial building, with Dallas–Fort Worth leading the nation and Houston among the top six markets. Burgeoning e-commerce, state population gains and an expanding export market have contributed to the growth spurt that has included increases in transportation and logistics employment.
• Eleventh District Banks Have Performed Well Despite Rising Funding Costs, Nonbank Competition
  Kelsey Reichow and Amy Chapel
  Profitability picked up for Eleventh District banks in 2018 despite rising funding costs and slowing loan growth. Overall asset quality strengthened, though room for further improvement may be limited. Changes in capital regulation could affect bank risk taking.
• On the Record: A Conversation with Charlie Amato
  Texas Economy Remains Strong Despite Challenges
  Charlie Amato is chairman and co-founder of Southwest Business Corp. (SWBC), a company with 17 lines of business including insurance brokerage, financial planning, employee benefits administration and mortgage servicing. Amato, who has more than 40 years of experience in all aspects of insurance operations, offers insights into issues the Texas economy faces.
• Spotlight: Mexico’s Fiscal Reform Earns Mixed Reviews
  Jesus Cañas
  To compensate for the lack of tax collection to fund government, Mexico has depended heavily on its state-owned oil company, Pemex. Thus, when oil production began declining in 2004, fiscal reform gained urgency.
• Go Figure: Texas Graduation Rates Commendable, but State Could Fall Behind
  Design: Darcy Taj; Content: Grant Strickler
  
• Snapshot: Shale Breakevens Anchor Oil Prices
  The emergence of U.S. shale production seems to be playing a large role in anchoring long-term oil prices.

First Quarter 2019
Complete issue

• President's Perspective
  Robert S. Kaplan
• Position as Top Exporting State Exposes Texas to Shifting Trade Policy
  Jesus Cañas and Stephanie Gullo
  Texas enjoys a strong position in world trade, benefiting from its comparative advantage in energy-related manufacturing and intermediate goods exports. As the nation’s No. 1 exporting state, Texas faces challenges from shifting trade policies, which tend to erode the cost advantages that benefit the state’s leading sectors globally.
• On the Record: A Conversation with Tom Luce
  Civic Leader Seeks to Bolster Texas Attributes by 2036 Bicentennial
  Tom Luce, a Dallas attorney, has been involved in a variety of state, federal and civic projects. He played a key role in Texas education reform in the 1980s and served as an undersecretary for education during the George W. Bush administration. He is currently leading Texas 2036, which aims to create a policy roadmap for Texas as it heads toward its bicentennial.
• Lower Oil Prices, Tight Labor Markets to Restrain Texas Growth in 2019
  Keith R. Phillips and Judy Teng
  Texas’ economy should expand in 2019, though at a slower rate than in the prior year. A decline in oil prices in late 2018, tight labor markets and the possibility of restrictive U.S. trade and tariff policies weigh on the outlook for the state.
• Spotlight: Abundant Sunshine Not Enough to Power Texas Residential Solar Energy
  Benjamin Meier and Jesse Thompson
  The Texas electricity market doesn’t shine in residential solar energy despite plentiful sunlight. While Texas is No. 1 in wind power, its residential solar capacity per capita was less than one-third that of the U.S. average in 2017.
• Go Figure: Shale Revolution Boosts Texas Refiners’ Competitiveness
  Design: Emily Rogers; Content: Jesse Thompson
  
• Snapshot: Economy Booms in Midland–Odessa
  The Permian Basin economy, at the heart of U.S. oil production, has boomed as oil output expanded.

Fourth Quarter 2018
Complete issue

• President’s Perspective
  Robert S. Kaplan
• Texas Top-Ranked State for Firm Relocations
  Anil Kumar and Alexander T. Abraham
  Texas is the leading destination for companies relocating from other states. The economic benefits of the moves may be best measured in terms of the ancillary activity generated rather than the benefits directly attributable to the relocations.
• Mexico’s Nascent Fintech Offers Promise, Faces New Rules
  Michael Perez
  The number of financial technology startups in Mexico has rapidly increased, promising to expand financial services to a large portion of the unbanked population. Officials are hopeful new regulations will aid the industry’s development.
• Artificial Intelligence Will Dramatically Affect Businesses
  On the Record: A Conversation with Manoj Saxena
  Manoj Saxena, executive chairman of CognitiveScale and a founding managing director of The Entrepreneurs’ Fund IV, serves on the board of the Saxena Family Foundation and AI Global, a nonprofit dedicated to promoting artificial intelligence. He was the first general manager of IBM Watson, a pioneering machine-learning effort, and recently retired after six years on the board of the San Antonio Branch of the Federal Reserve Bank of Dallas.
• Spotlight: Texas Pre-K Enrollment Exceeds U.S. Rate
  Stephanie Gullo
  Texas since 1985 has required public school districts to offer half-day prekindergarten to 4-year-olds who meet certain criteria—and schools may extend enrollment to 3-year-olds. During the 2016–17 school year, 49.4 percent of Texas 4-year-olds were enrolled in state-backed pre-K programs, compared with 32.7 percent nationally.
  

Third Quarter 2018
Complete issue

• President's Perspective
  Robert S. Kaplan
• New Technology Boosts Texas Firms' Output, Alters Worker Mix
  Emily Kerr, Pia Orrenius and Christopher Slijk
  A Federal Reserve Bank of Dallas survey of manufacturing and services firms in Texas found that as companies adopt new technologies, the number of workers is little changed though the employees’ skill levels shift. While some manufacturers see tighter margins as a result of technology and globalization, service sector firms may realize increased pricing power.
• Texas Property Taxes Soar as Homeowners Confront Rising Values
  Jason Saving
  A precipitous rise in the amount of property taxes Texans pay has accompanied an uncharacteristically large increase in property tax valuations. Because a variety of local jurisdictions provide services that elsewhere are state responsibilities— particularly public education—there are limited ways to rein in rising property taxes across Texas.
• Shale Renews Excitement in Energy Industry
  On the Record: A Conversation with Mine Yücel
  Mine Yücel, a senior vice president and research advisor at the Federal Reserve Bank of Dallas, leads the Research Department’s energy group. She joined the Bank in 1989 and is a past president of the International Association for Energy Economics. She discusses the evolution of the energy sector, its role in Texas and her perspective as a female energy economist.
• Parental Borrowing for College Comes with Repayment Issues
  Wenhua Di, Carla Fletcher and Jeff Webster
  As the cost of college continues to rise, parents are increasingly taking out federally backed loans to help make ends meet for their children. Parents, while often more adept at managing debt, assume some of the financial risks of their offspring who are seeking higher education.
• Spotlight: Shale Oil Propels U.S. Crude Export Increase
  Kunal Patel and Grant Strickler
  More than 90 percent of crude exports this year have originated on the Gulf Coast, generating jobs, capital and income for ports in Houston and Corpus Christi.
• Go Figure: If Texas Were a Country ...
  Design: Emily Rogers; Content: Christopher Slijk & Benjamin Meier
  

Second Quarter 2018
Complete issue

• President's Perspective
  Robert S. Kaplan
• Harvey Highlights Houston MUD Bond Development Funding
  Laila Assanie and Michael Weiss
  Historic flooding from Hurricane Harvey struck many Houston housing developments whose infrastructure was funded with municipal utility district (MUD) bonds. The tax-exempt debt has been widely used in the Houston area, and in the storm’s aftermath, MUD bond issuance has come under review with the possibility investors may seek greater future compensation.
• Texas Firms Struggling to Fill Job Openings
  On the Record: A Conversation with David Howard and Dan Howard
  David Howard and Dan Howard are the president and vice president of Staff Force Personnel Services in Katy, Texas, outside Houston. For 29 years, their firm has provided temporary, direct-hire and light-industrial staffing for employers in Texas’ major metros and along the border. The Howards offer insight into the state’s labor market.
• Texas Banking Conditions Improve, but Risks and Uncertainty Remain
  Kelsey Reichow
  Banks in the Eleventh District, benefiting from a rebounding energy sector and strong regional and national economies, are poised to do well through the remainder of 2018. Asset growth has been solid, though concentrations in commercial real estate loan portfolios bear watching as do limited new bank formations.
• FEMA to Play Long-Term Role in Recovery from Harvey
  Rachel Brasier and Jesse Thompson
  Federal disaster assistance following Hurricane Harvey has emphasized immediate recovery costs but will likely shift its focus to infrastructure improvements. The timeline for FEMA’s aid program appears to be evolving while increasingly frequent extreme weather events test local disaster-management planning.
• Spotlight: Border Cities Miss Texas Economic Upturn
  Marycruz De León and Dylan Szeto
  Employment growth along the Texas–Mexico border slowed in 2017, as the region dealt with the cross-currents of the strong U.S. economic expansion and a pickup in Texas activity, along with a slowing Mexican economy and weaker peso.
• Go Figure: Texas Taps into Craft Brewing After Law Change
  Design: Olumide Eseyin, Kishya Mendoza Greer; Content: Christopher Slijk
  

First Quarter 2018
Complete issue

• President's Perspective
  Robert S. Kaplan
• Gone to Texas: Migration Vital to Growth in the Lone Star State
  Pia Orrenius, Alexander T. Abraham and Stephanie Gullo
  Texas has relied on a large and sustained influx of workers from other states and other countries. These transplants—making up nearly half of the state’s workforce—account for an even larger share of Texas’ growth than their relative numbers. Significantly, this inflow brought the types of workers most in demand.
• On the Record: A Conversation with Jason Saving
  Federal Tax Law Provides Stimulus to Bustling U.S., Texas Economies
  Jason L. Saving is a senior research economist and advisor at the Federal Reserve Bank of Dallas, where he conducts research on public policy issues. He is the author of articles that explore tax reform, regional migration and fiscal policy.
• Texas Economy Starts 2018 Firing on All Cylinders
  Keith R. Phillips and Christopher Slijk
  Aided by the oil and gas sector’s recovery, the Texas economy rebounded in 2017 and is poised to expand at a faster pace in 2018. However, tight labor markets, disruptions to trade, and potential oil price declines pose risks to the outlook.
• Spotlight: Mexico Sees Stronger 2018, NAFTA Challenges
  Jesus Cañas
  Amid challenges, there is hope that a strong, expanding U.S. economy and a bright global outlook will support brisk Mexican growth in 2018. Additionally, domestic consumption is expected to increase as inflation decelerates and wages catch up to prices.
• Go Figure: Texas Home Prices Head Through the Roof
  Design: Emily Rogers, Darcy Taj; Content: Enrique Martínez-García, Valerie Grossman
  

Fourth Quarter 2017
Complete issue

• President's Perspective
  Robert S. Kaplan
  “The headline unemployment rate and other measures of labor market utilization are at or below prerecession lows.”
• Texas Sees Coverage Gains Under Health Care Act
  Anil Kumar
  While Texas was among the states choosing not to participate in the Medicaid expansion under the Affordable Care Act, it nonetheless has seen improvement in the share of the population with health insurance coverage. Gains are notable among the non-college-educated working-age population in Texas, a state that has long ranked near the bottom in health care coverage nationally.
• On the Record: A Conversation with Judge Ed Emmett
  Harris County Faces Challenges Following Hurricane Harvey Deluge
  Edward M. Emmett became Harris County judge in 2007. He is the chief administrative officer and director of emergency management in the county, which includes most of the city of Houston. He recently released a 15-point plan to prevent future flooding disasters. Harris County is the third-most populous U.S. county, accounting for two-thirds of the Houston metropolitan statistical area’s population of 6.8 million people.
• Leading Indicators, Storm Data Guide Houston Economic Forecast
  Jesse Thompson
  A forecasting model for Houston that incorporates storm damage data and leading economic indicators can help project post-Hurricane Harvey employment growth. The forecast indicates that Houston’s economy will grow near its 2 percent historical average in 2018.
• Mexico’s ‘SOFOM’ Finance Firms Attempt to Broaden Loan Availability
  Michael Perez and Kelsey Reichow
  The market presence of Mexican finance companies known as SOFOMES has expanded rapidly since the global financial crisis. The firms largely operate as independent outlets and provide financing to small- and medium-sized companies as well as to consumers for larger purchases. Authorities see SOFOMES as a way to expand credit to Mexico’s informal economy.
• Spotlight: Rising Education Helps Explain Hispanic Household Income Growth in Texas
  Alexander T. Abraham and Amy Jordan
  Hispanic household income has grown considerably in real (inflation-adjusted) terms in Texas and the U.S. during recent years.
• Go Figure—Money Sent to Central America on the Rise
  Design: Emily Rogers & Darcy Taj; Content: Stephanie Gullo & Jesus Cañas

Third Quarter 2017
Complete issue

• President's Perspective
  Robert S. Kaplan
  “Although Hurricane Harvey is likely to be among the most expensive natural disasters in U.S. history, we are highly optimistic that Houston and the surrounding area will successfully recover and return to the robust trend growth it experienced before the storm.”
• Texas Taxes: Who Bears the Burden?
  Jason Saving
  Texas’ reliance on sales and property taxes makes its revenue-raising methods more regressive than those in most other states. Texas lawmakers, facing increasing demands for services, confront a desire to maintain the state’s attractiveness to business even as inequities continue in how the taxpaying burden is shared.
• On the Record: A Conversation with Ronen Avraham
  Tort Reform in Texas Changed Delivery of Medical Services
  Ronen Avraham is the Thomas Shelton Maxey Professor in Law at the University of Texas Law School, where his primary academic interest is the economic analysis of torts and health care law. He created and published the Database of State Tort Law Reform, now in its fifth edition. Avraham is a board member of the American Law and Economics Association.
• Texas Retail in the Doldrums; Brick-and-Mortar Stores Take the Brunt
  Amy Jordan
  Texas retailers have confronted a pair of challenges. First, the 2015–16 oil bust depressed personal income, while a stronger dollar weakened demand for goods along the border. Second, amid the Texas economy’s recovery, brick-and-mortar retailers have been losing business to internet sales.
• High Texas Student Loan Delinquency Rates Underscore Deeper Challenges
  Wenhua Di and Stephanie Gullo
  Texas student loan borrowers have lower debt balances but higher delinquencies than the national average. Debt loads have increased in recent years, further challenging Texas students, who are already more likely than their counterparts nationally to work while in school.
• Spotlight: Cross-Border Pipelines Link U.S. Natural Gas Producers, Mexican Electricity Users
  Rachel Brasier and Jesse Thompson
  Mexican energy reforms have opened the door to shale gas from the United States—and imports are booming. U.S. natural gas production reached a record high in July 2015, largely due to increased shale drilling dating back to 2010 in the Marcellus field in the Northeastern U.S. and the Permian and Eagle Ford basins in Texas.
• Go Figure—LNG Markets Unleashed: How Texas Stands to Benefit
  Design: Darcy Taj; Content: Kunal Patel
• Snapshot: Employers’ E-Verify Use Slows Growth of Unauthorized Workforce

Second Quarter 2017
Complete issue

• President's Perspective
  Robert S. Kaplan
• Intra-Industry Trade with Mexico May Aid U.S. Global Competitiveness

  Jesus Cañas, Aldo Heffner and Jorge Herrera Hernández
  Since the enactment of NAFTA, U.S.–Mexico trade and manufacturing processes have become increasingly integrated through cross-border production linkages. A new Banco de México economic model finds that U.S. imports from Mexico can be explained by taking into account the level of U.S. exports—suggesting that trade with Mexico may have contributed to enhanced U.S. global competitiveness.

  Dallas Fed Insights: How Trade With Mexico Aids U.S. Competitiveness
• Eleventh District Banks Confront Challenging Energy, Rate Situation
  Kelly Klemme and Edward C. Skelton
  Regional banks continue to navigate through the reality of depressed, though stable, energy prices. The institutions’ performance slipped behind that of their counterparts nationally in 2016.
• On the Record: A Conversation with James "Rad" Weaver
  Texas Retains Competitive Advantage Despite Oil Price Softness
  Rad Weaver, 42, has been chief executive officer of McCombs Partners, the investment arm of McCombs Enterprises, since 2006. He also serves as chair of the San Antonio Chamber of Commerce and as a director of the San Antonio Branch of the Federal Reserve Bank of Dallas. Weaver discusses opportunities and challenges facing Texas businesses.
• Spotlight: Wind Power a Growing Force in Oil Country
  Justin J. Lee and Kelvinder Virdi
  Texas, a state better known for oil production, is the nation’s top producer of wind-generated electricity—an encouraging statistic for consumers seeking clean, renewable energy.
• Go Figure: What’s Driving Wide Gap Between Cattle and Beef Prices?
  Darcy Taj and Emily Kerr
• Snapshot: Texas Employment Forecast Adjusted Higher

First Quarter 2017
Complete issue

• President's Perspective
  Robert S. Kaplan
• Texas Economy Shifting into Second Gear in 2017
  Keith R. Phillips and Christopher Slijk
  Amid an energy sector recovery in the second half of 2016, the Texas economy is positioned to return to its long-term pace of growth this year. However, a significant change in oil prices or further weaknesses in manufacturing remain risks to the outlook.
• On the Record: A Conversation with Fred P. Hochberg
  Strains of Globalization Buffet Trade, Financing of Export-Import Bank
  Fred P. Hochberg just concluded an eight-year tenure as the chairman and president of the Export-Import Bank of the United States. He discussed the bank and the outlook for trade during an appearance at the Houston Branch as part of the Federal Reserve Bank of Dallas’ Global Perspectives speakers’ series.
• Spotlight: Anti-Money-Laundering Measures Challenge Global Banks in Mexico
  Michael Perez
• Dallas Booms Through Texas Oil Bust
  Michael Weiss, Pia Orrenius and Laila Assanie
  The Dallas metropolitan division’s economy, buttressed by business relocations and consolidations, has expanded steadily since 2010, following the Great Recession. Growth sectors, which included business and financial services, defense and security, and transportation, powered Dallas and helped it pace the Texas economy after the energy price collapse.
• Texas Housing Market Soars to New Highs, Pricing Out Many
  Laila Assanie
  Texas’ low cost of living has been one key long-term factor in the state’s growth story—sustaining the economy through oil booms and busts. However, unprecedented home price appreciation and tight supply of starter homes during the housing recovery have eroded this advantage.
• Go Figure: Mexico’s Openness Makes Peso Vulnerable
  Darcy Melton, Stephanie Gullo and Pia Orrenius
  

Fourth Quarter 2016
Complete issue

• President's Perspective
  Robert S. Kaplan
• Lingering Energy Bust Depresses, Doesn’t Sink Texas State Budget
  Jason Saving
  The recent oil price collapse has adversely affected Texas’ budget situation and slowed the growth of its rainy-day fund. While energy continues to play an important role in Texas, the state has been better economically and fiscally positioned than most other energy states.
• On the Record: A Conversation with Adrián Mijares Elizondo
  Cinépolis Theater Chain Seeks North Texas Stardom
  Adrián Mijares Elizondo is CEO of Cinépolis USA. The subsidiary of Morelia, Mexico-based Cinépolis relocated to Addison, Texas, from Los Angeles earlier this year. The parent company is Mexico’s predominant movie theater chain. It has operations in 12 other countries, with a concentration in India and now the U.S., where it has 16 theaters with 161 screens. Mijares discusses the movie business and his company’s prospects in the competitive U.S. market.
• Noteworthy: Inequality, Well-Being, Energy
  
• Spotlight: Texas Has ‘All-of-the-Above’ Energy Approach
  Navi Dhaliwal
• New Mexico Recovery Lags amid Energy, Government Sector Weakness
  Roberto Coronado and Marycruz De León
  New Mexico’s unique history is reflected in the state’s demographics and economy. Tourism, energy and government have traditionally driven activity. Although government once bolstered growth, it is now a drag. While new industries have emerged and trade with Mexico has grown, economic recovery has been slow.
• Texas Border Cities Illustrate Benefits and Challenges of Trade
  Jesus Cañas
  Texas border cities, at the front line of North American Free Trade Agreement-driven economic changes, have found new paths to growth by taking advantage of trade-inspired commercial opportunities during the past two decades. Partly as a result, unemployment in the largest communities has declined.

Third Quarter 2016
Complete issue

• President's Perspective
  Robert S. Kaplan
• Less Involuntary Part-Time Work Suggests Texas Economic Strength

  Anil Kumar and Michael Weiss
  Fed policymakers have closely watched part-time workers as an indicator of labor market health. While the ranks of involuntary part-timers have remained persistently high since the Great Recession—suggesting remaining labor market slack—the pattern has been less notable in Texas.

  Dallas Fed Insights: Involuntary Part-Time Employment in Texas
• On the Record: A Conversation with Alan D. Viard
  Corporate Tax Overhaul Plan Targets Disincentives to Invest in the U.S.
  Alan D. Viard is a resident scholar at the American Enterprise Institute, a nonprofit research organization, and an expert on tax policy. He outlines his plan, developed with Eric Toder of the Urban Institute, for revising the tax code to make it less attractive for U.S. companies to shelter profits abroad.
• Texas Enterprise Zone Benefits for Poor Prove Elusive
  Wenhua Di and Daniel Millimet
  The Texas Enterprise Zone Program does not appear to benefit the financial well-being of residents. An examination of the state program suggests that at best, there is a modest positive impact on the repayment of retail loans.
• Noteworthy: Education, Energy, Trade
• Spotlight: Texas Business Starts Outperform U.S.; Formation Rates Decline
  Jack Wang and Michael Weiss
• Mobile Payments Promise to Improve Financial Accessibility in Mexico
  Michael Perez
  Mobile phone-based financial services and other new technologies may hold the key to converting more of Mexico’s “unbanked” residents, most of whom have traditionally operated outside the formal economy. Regulatory oversight of the new services is slowly evolving.

Second Quarter 2016
Complete issue

• President's Perspective
  Robert S. Kaplan
• Risks Mount for Eleventh District Banks amid Energy Weakness

  Kelly Klemme and Edward C. Skelton
  The business environment has become more difficult for Eleventh District banks amid weak oil prices, challenging institutions that have heightened energy sector exposure. Tepid economic growth and a downbeat forecast also point to commercial real estate lending as an emerging area of concern.

  Video—Dallas Fed Insights: Risks Mount for Eleventh District Banks

  Dallas Fed business economist Ed Skelton discusses how weakness in the energy sector is affecting banks in the Eleventh Federal Reserve District—Texas, northern Louisiana and southern New Mexico.

• On the Record: A Conversation with Annise Parker
  Playing to Houston’s Strengths: Internationalism, Energy, Innovation
  Annise Parker’s six years as Houston’s 61st mayor concluded in January. She was previously city comptroller and served on the city council. Parker, a second-generation Houstonian, earlier spent 20 years in the energy industry. She reviews her time in public service and the challenges Texas’ largest city confronts.
• Once-Robust Wage Growth Stops as Texas Economy Slows
  Amy Jordan and Emily Gutierrez
  The energy bust has brought tougher times to Texas and other energy-producing states. The loss of high-wage jobs in energy and manufacturing has been indicative of labor market weakness and stagnating economic activity, causing some state wage measures to fall.
• Noteworthy: Energy, Output, Education
• Spotlight: Central American Population Soars in Texas, U.S.; Migrant Profiles Evolve
  Emily Gutierrez and Pia Orrenius
• Houston Grinds to a Halt as Oil Industry Declines
  Jesse Thompson
  Fears of recession have persisted in Houston since the oil boom turned to bust at the end of 2014. The price of benchmark West Texas Intermediate crude oil dropped 70 percent by the beginning of this year—a decline as large as the one in the mid-1980s that contributed to Texas’ prolonged recession.
• Snapshot: El Paso Job Growth at Postrecession High

First Quarter 2016
Complete issue

• President's Perspective
  Robert S. Kaplan
• Texas Economy Remains Resilient, but Low Oil Prices Loom as Future Risk
  Keith R. Phillips and Christopher Slijk
  After weathering tumult in its energy and manufacturing sectors in 2015, a diversified Texas economy is poised for slow growth this year. The biggest risk to the outlook: If oil prices average below $30 per barrel, overall job losses could result.
  
• On the Record: Texas Home Prices to Keep Rising Despite Energy Slowdown
  A Conversation with James Gaines
  James Gaines, chief economist of the Real Estate Center at Texas A&M University, is a leading authority on housing and development issues in Texas. He discusses the supply and demand conditions that have led to rapidly rising house prices, as well as the unique role municipal utility districts (MUDs) play in single-family housing construction in Texas.
  
• High School Financial Literacy Mandate Could Boost Texans’ Economic Well-Being
  Camden Cornwell and Anthony Murphy
  National surveys suggest Texans have a relatively low level of financial literacy that can adversely affect decision-making. Since state lawmakers mandated high school financial coursework in 2007, consumer credit measures of young Texas adults have improved.
• Noteworthy: Energy, Naturalization, Border
• Spotlight: Remittances to Mexico Fall as Immigration, Incomes Stagnate
  Jesus Cañas and Pia Orrenius
  
• Texas Office, Industrial Markets Mostly Healthy Despite Energy Bust
  Laila Assanie
  Texas commercial real estate activity is poised for a solid performance in 2016, though energy sector-related weakness will constrain prospects, particularly in Houston where an office space overhang should persist.

Fourth Quarter 2015
Complete issue

• President's Perspective
  Robert S. Kaplan
• Texas Health Coverage Lags as Medicaid Expands in U.S.
  Jason Saving and Sarah Greer
  Texas is one of a handful of states declining to expand Medicaid coverage as part of the national health care program. The state has the largest number of uninsured residents, though more people have signed up for the low-income health plan this year.
  
• On the Record: Texas Banking Legend Shares Lessons Learned
  A Conversation with Dick Evans
  Richard W. (Dick) Evans Jr. will retire in March 2016 as chairman and CEO of San Antonio-based Cullen/Frost Bankers Inc. Over his 44-year tenure, he helped Frost Bank navigate the difficulties of the 1980s and emerge as one of Texas’ largest financial institutions. He discusses what he has learned during this time, which included serving on the Federal Reserve Bank of Dallas board and the Federal Advisory Council, and his views regarding opportunities and challenges facing Texas and the banking industry.
• Texas Ports Stay Busy as Trade Values Fall Along Gulf, Rise Inland
  Jesse Thompson
  The value of trade moving through Texas land-based ports since 2014 has grown while falling at coastal ports, largely due to lower oil prices. Nonetheless, the long-term Texas port outlook is bright.
• Noteworthy: Housing, Labor, Energy
  
• Spotlight: Mexico Development Bank Lending Rises Following Financial Reforms
  Michael Perez
  
• OPEC Likely to Keep Pumping Despite Budget Woes of Some Members
  Martin Stuermer and Navi Dhaliwal
  Low oil prices are hurting OPEC countries’ budgets. However, differences in their ability to cope with depressed prices have increased the likelihood that the cartel will keep on pumping, creating further downside risks to prices and Texas oil producers.
• Snapshot: Conference to Consider Texas Residential Real Estate amid Oil Slump

Third Quarter 2015
Complete issue

• President's Perspective
  Robert S. Kaplan
• Wage Flexibility in Texas May Ease Impact of Tighter Monetary Policy
  Anil Kumar
  Because wages are more flexible in Texas than in other parts of the U.S., the state’s unemployment rate will be less prone to rise when interest rates increase.
  
• On the Record: Greece’s Fiscal Woes Among Issues Hobbling Euro Zone Rebound
  A Conversation with Mark A. Wynne
  While the U.S. has emerged from the global economic downturn, the path for the euro zone has proven bumpier. Senior economist Mark A. Wynne, vice president and director of the Globalization and Monetary Policy Institute in the Research Department at the Federal Reserve Bank of Dallas, explores the reasons and outlook.
• Mexico’s Four Economies Reflect Regional Differences, Challenges
  Jesus Cañas and Emily Gutierrez
  The economic potential of Mexico’s four regions is defined by their industrial makeup, income per capita and how much of the labor force operates outside the formal economy. Recent government reforms could promote growth and reduce regional inequality.
• Noteworthy: Education, Taxation, Income
  
• Spotlight: Diversified Houston Spared Recession … So Far
  Jesse Thompson
  
• Texas Maintains Top Exporter Standing While Its Trade Remains Concentrated
  Janet Koech and Mark A. Wynne
  While Texas has become the nation’s top exporting state, benefiting from trade of intermediate goods to Mexico and a global presence as an energy hub, its export activity remains concentrated relative to the U.S. and other states.

Second Quarter 2015
Complete issue

• Dallas Fed Vice President and Senior Economist Pia Orrenius previews the second quarter issue of the Bank's Southwest Economy publication.
• President's Perspective
  Helen E. Holcomb
• Robust Regional Banking Sector Faces New Economic Hurdles
  Kelly Klemme and Edward C. Skelton
  Profitability held steady at Eleventh District banks in 2014 as they continued outperforming their counterparts nationwide. However, rising interest rates and lower oil prices have emerged as potential tests for the region’s institutions.
  
• On the Record: Trade Advocates, Cattlemen Have Beef with Meat Labeling Rules
  A Conversation with Colin Woodall
  Texas, as the nation’s top cattle producer, has a stake in regulations governing beef sales. Besides meat products, federal Country of Origin Labeling (COOL) rules cover labeling of fresh fish, fruits, vegetables and nuts. Colin Woodall, National Cattlemen’s Beef Association senior vice president of government affairs, discusses requirements for labeling designed, in part, to provide consumers with information about the source of foods served on dinner tables.
• ADP Payroll Processing Data Can Provide Early Look at Texas Job Growth
  Keith R. Phillips and Christopher Slijk
  A monthly estimate of state job growth prepared by payroll processor ADP is a reliable advance indicator of changes in official employment data released by the Bureau of Labor Statistics. The ADP figures are useful in providing timely analysis of the Texas economy.

  Appendix: Using ADP Data to Estimate Texas Private Job Growth

• Noteworthy: Income Disparity, Visas, Energy
  
• Spotlight: Chinese Slowdown Restrains Texas Exports
  Jack Wang
  
• Snapshot: Texas Growth Conference Series

First Quarter 2015
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Facing Economic Headwinds in 2015
  Keith R. Phillips and Christopher Slijk
  Texas job growth is likely to slow in 2015 from last year’s rapid pace as the state economy absorbs the impact of collapsing energy prices that have curtailed oil patch activity.
  
• On the Record: Immigrant Legalization Offers Range of Economic Gains, Some Fiscal Costs
  A Conversation with Pia Orrenius
  Pia Orrenius is a vice president and senior economist at the Federal Reserve Bank of Dallas. She has written extensively on the economic effects of immigration and coauthored the book Beside the Golden Door: U.S. Immigration Reform in a New Era of Globalization. She discusses the Obama administration’s recently announced plans to legalize the status of several million unauthorized immigrants.
  
• Lower Oil Prices Weaken Prospects for Job, Economic Growth in Texas
  Michael D. Plante
  Although the relative importance of oil and gas to the Texas economy has grown in recent years, lower energy prices are unlikely to halt net job growth statewide.
• Noteworthy: Workforce, Immigration, Retirement
• Spotlight: Incentives Draw Firms, but at What Cost?
  Michael Weiss
  
• Texas Metros’ Rapid Growth Likely to Slow Following Energy Price Drop
  Amy Jordan
  Houston and Midland will be most affected by the oil and gas sector’s slump. Activity may slow in other Texas metropolitan areas, but they will avoid major fallout because of economic diversification that has occurred in recent decades.
• Snapshot: Juárez Maquiladora Employment Rising

Fourth Quarter 2014
Complete issue

• President's Perspective
  Richard W. Fisher
• Single-Family Housing Squeeze Eases in Texas; Multifamily Soars
  Laila Assanie
  Single-family home sales in Texas—constrained by steadily rising prices, tight bank lending standards and insufficient new-house inventory—should gain traction in 2015. A booming apartment market moderates slightly amid still-elevated construction activity, occupancy rates and rents.
• On the Record: Bankers Reengage in Housing as Purchasers Confront Budget-Busting Prices
  A Conversation with Mark G. Dotzour
  Mark G. Dotzour is chief economist and director of research at the Real Estate Center at Texas A&M University. Dotzour, an observer of residential and commercial real estate trends, discusses why Texas home prices are hitting new highs, the prospects for new construction and housing’s overall impact on the Texas economy.
• Producers, Refiners View Strategies to Trim Texas’ Glut of Ultralight Condensate Oil
  Jesse Thompson
  Hampered by the federal oil export ban, producers are seeking alternative means to bring to global markets the burgeoning supplies of ultralight condensate oil drawn from the Eagle Ford Shale region of South Texas.
• Noteworthy: Income, Agriculture, Health Care
• Spotlight: NAFTA at 20: Shortcomings Suggest Trade Agreement Alone Isn’t Enough
  Pia Orrenius and Jesus Cañas

Third Quarter 2014
Complete issue

• President's Perspective
  Richard W. Fisher
• Budget Balancing Act: Health and Education Stretch Texas Resources
  Jason Saving
  Texas legislators confront a key challenge: how to make much-needed investments in health, education and transportation without sacrificing the fiscal structure that has propelled the economy over the last few decades.
• On the Record: South Texas County Hopes to See Lasting Gains from Eagle Ford Shale Oil Boom
  A Conversation with Joel Rodriguez
  Joel Rodriguez took office in 2003 as La Salle County judge, the area's chief administrative and judicial officer. The South Texas county had among the largest oil production increases in the booming Eagle Ford Shale from 2010 to 2013. The Eagle Ford is one of the most productive formations brought online with hydraulic fracturing technology. As a result of the boom, wages and employment have soared, but so have rents and food prices.
  Hear additional excerpts of the interview
• Mexico's New Banking Measures Aim to Increase Credit, Transparency
  Edward C. Skelton
  The overhaul of Mexico's banking laws, enacted as part of President Enrique Peña Nieto's wide-ranging economic and business structural changes, is designed to increase credit to small and medium-sized businesses while enhancing regulatory oversight and transparency.
• Noteworthy: Child Migration, Energy, Business Climate
• Spotlight: Cities Look to Regenerate Activity at Old Malls
  Michael Weiss

Second Quarter 2014
Complete issue

• President's Perspective
  Richard W. Fisher
• Strength of Economy, Limited Benefit Eligibility in Texas Curb Long-Term Unemployment Rate
  Anil Kumar
• On the Record: Texas Students Often Lack Skills, Financial Knowledge for College Success
  A Conversation with Jeff Webster
• Banking Recovery Could Be Vulnerable to Interest Rate Increases
  Kenneth J. Robinson
• Noteworthy: Agriculture, Mexico, Air Traffic
• Spotlight: Would a Texas Central Bank Set Rates Higher?
  Janet Koech and Mark A. Wynne
• ‘Reforma Energética’: Mexico Takes First Steps to Overhaul Oil Industry
  Michael D. Plante and Jesus Cañas

First Quarter 2014
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas to Remain a Top State for Job Growth in 2014
  Keith R. Phillips and Christopher Slijk
• On the Record: Federal Reserve Historian Seeks to Expand Access to Central Bank Records
  A Conversation with Gary Richardson
  Hear excerpts of the interview
• Texas Leads Nation in Creation of Jobs at All Pay Levels
  Melissa LoPalo and Pia M. Orrenius
• Noteworthy: Energy, Health Insurance, Federal Taxes
• Spotlight: Health Coverage Misses Many in DFW, Texas
  Jason Saving and Michael Weiss
• Snapshot: Two Conferences to Mark Dallas Fed Centennial
  Michael Weiss

Fourth Quarter 2013
Complete issue

• President's Perspective
  Richard W. Fisher
• Water Scarcity a Potential Drain on the Texas Economy
  Keith Phillips, Edward Rodrigue and Mine Yücel
• On the Record: You Can Go Home Again: Mexican Migrants Return in Record Numbers
  A Conversation with Agustín Escobar Latapí
• Noteworthy: National Defense, Income, Border
  Michael Weiss, Christina English and Melissa LoPalo
• Spotlight: Energy, Trade in Southern New Mexico Lift State’s Economic Performance
  Avilia Bueno and Roberto A. Coronado
• Barbecue vs. Gumbo: Economic Traits Tie Neighboring Texas and Louisiana
  Jason Saving and Michael Weiss
• Shale Revolution Feeds Petrochemical Profits as Production Adapts
  Jesse Thompson
• Snapshot: The FOMC’s Lengthening Statements

Third Quarter 2013
Complete issue

• President's Perspective
  Richard W. Fisher
• Did Home Equity Restrictions Help Keep Texas Mortgages from Going Underwater?
  Anil Kumar and Edward C. Skelton
• On the Record: Outgoing D/FW Airport Chief Cites International Growth as Key to Future
  A Conversation with Jeff Fegan
• Getting Prices Right: Addressing Mexico’s History of Fuel Subsidies
  Michael D. Plante and Amy Jordan
• Noteworthy: Water, Immigration, Trade
  Edward Rodrigue, Melissa LoPalo and Amy Jordan
• Spotlight: Firms Expect Health Act to Raise Labor Costs
  Amy Jordan and Pia Orrenius
• For Hispanics, Border Wage Gap Reflects Education, English Divide
  Christina English
• Snapshot: Republic of Texas Dollar Slumped when Public Doubted Its Worth

Second Quarter 2013
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Housing Recovery Gains Momentum
  D’Ann Petersen and Christina Daly
• On the Record: Trains Carry the Load of U.S. Crude Surge as Pipeline Growth Lags
  A Conversation with Greg L. Armstrong
• Noteworthy: Population, Natural Gas, Birth Rates
• Spotlight: As Mexico’s Social Safety Net Grows, Issues Arise
  Melissa LoPalo and Pia Orrenius
• Banks Continue Their Recovery Despite Slowing Revenue Growth
  Kenneth J. Robinson
• Will Reforms Pay Off This Time? Experts Assess Mexico’s Prospects
  Jesús Cañas, Roberto Coronado and Pia Orrenius

First Quarter 2013
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Likely to Continue to Lead Nation's Recovery
  Keith R. Phillips
• Mexico Develops Niche Approach to Expansion of Banking Services
  Edward C. Skelton
• On the Record: Hispanic Workforce Faces Smaller but Persistent Education, Wage Gaps
  A Conversation with Marie T. Mora
• Noteworthy: Ports, Insurance, Shale Oil
• Spotlight: Out of the Shadows: Worker Pay, Benefits Could Rise with Immigration Law Revamp
  Pia Orrenius, Michael Weiss and Madeline Zavodny
• Snapshot: Fewer 'Acute Risks' Strengthen Global Outlook

Fourth Quarter 2012
Complete issue

• President's Perspective
  Richard W. Fisher
• Determining Creditworthiness and Texas' Case for a Top Rating
  Jason Saving
• Brutal Drought Depresses Agriculture, Thwarting U.S. and Texas Economies
  Emily Kerr
• Spotlight: Dollar-Sensitive Mexican Shoppers Boost Texas Border Retail Activity
  Roberto A. Coronado and Keith R. Phillips
• On the Record: Increased U.S. Energy Supply Helps Offset Tight Global Conditions
  A Conversation with Michael Plante
• Noteworthy: Construction, Compensation, Pollution
• Booming Shale Gas Production Drives Texas Petrochemical Surge
  Jesse Thompson
• Snapshot: Mexico's Economic Expansion Slows

Third Quarter 2012
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Housing Market Finally Building a Solid Recovery
  D'Ann Petersen
• Eleventh District Savings and Loans Outperform Industry Nationwide
  Kenneth J. Robinson
• Spotlight: Gas Tax Trends Drive Highway Funding Shift
  Jason Saving and Michael Weiss
• On the Record: For-Profit Higher Education Attracts Students, Scrutiny
  A Conversation with Stephanie Riegg Cellini
• Noteworthy: Employment, Immigration and Finance
• Mexican Banks Get Ahead of New Global Capital Standards
  Edward C. Skelton

Second Quarter 2012
Complete issue

• President's Perspective
  Richard W. Fisher
• Oil Boom in Eagle Ford Shale Brings New Wealth to South Texas
  Robert W. Gilmer, Raúl Hernandez and Keith R. Phillips
  Charts: County-by-County Data in the Eagle Ford Shale
  Job Growth | Wage Growth
  ×

  Job Growth in Eagle Ford Varies Across Counties

  
  ×

  Wage Growth in Eagle Ford Varies Across Counties

  
• Mexico Resilient in 2011 Amid Global Uncertainty and Sluggish U.S. Growth
  Jesus Cañas
• Spotlight: Shale Oil Exploration
  Permian Basin Booms as New Techniques Resurrect Old Sites
  Robert W. Gilmer and Jesse B. Thompson III
• On the Record: Georgia Data Quantify Impact of Undocumented Workers
  A Conversation with Julie Hotchkiss
• Noteworthy: Texas Tourism, Banking, Agriculture
• Self-Employment an Option for Workers Who Lose Jobs in Economic Slowdowns
  Anil Kumar and Michael Weiss

First Quarter 2012
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Economy Moves from Recovery to Expansion
  Keith R. Phillips and Jesus Cañas
• Limited English Skills, Relative Youth Contribute to Hispanic Poverty Rates
  Yingda Bi, Pia Orrenius and Madeline Zavodny
• Spotlight: Health Care Reform
• Reducing Ranks of Uninsured Texans Comes at a Price
  Yingda Bi
• On the Record: Benefits of a Progressive Consumption Tax
  A Conversation with Alan D. Viard
• Noteworthy: Agriculture, Population Growth, Venture Capital
  

Fourth Quarter 2011
Complete issue

• President's Perspective
  Richard W. Fisher
• States Still Feel Recession's Effects Two Years After Downturn's End
  Jason Saving
• Private Equity Industry: Southwest Firms Draw on Regional Expertise
  Alex Musatov and Kenneth J. Robinson
• Spotlight: Texas Employment
  Gains Aren’t Simply a Low-Wage Jobs Story
  Pia Orrenius and Yingda Bi
• On the Record: Dodd–Frank: Toward Greater Financial System Stability
  A Conversation with Robert D. Hankins
• Noteworthy: Personal Income, Record Drought, Defense Spending

Third Quarter 2011
Complete issue

• President's Perspective
  Richard W. Fisher
• Breaking Out of Recession: Gauging Texas’ Response to Fed Stimulus
  David Luttrell and Harvey Rosenblum
• Mexico Rides Global Recovery but Still Faces Hurdles
  Jesus Cañas, Roberto Coronado and Robert W. Gilmer
• Spotlight: Mexican Financial Market
  New Instruments, Rules Boost Capital Investment
  Edward C. Skelton
• On the Record: Shifting from World Population Explosion to Global Aging
  A Conversation with Joseph Chamie
• Noteworthy: Education, Oil Prices, Texas Agriculture
• Underemployment Poses Long-Term Financial Risk to More Workers
  Anil Kumar and Michael Weiss

Second Quarter 2011
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Housing on Bumpy Road After Stimulus Effects Fade
  D'Ann Petersen and Adam Swadley
• Bank Profits Rebound as Loss Set-Asides Ease
  Kelly Klemme and Kenneth J. Robinson
• Spotlight: Texas Service Sector Outlook Survey
  Completing the Regional Economic Picture
  Jesus Cañas and Emily Kerr
• On the Record: Mexico's Economic Reforms Propel Postrecession Rebound
  A Conversation with Banco de México's Governor Agustín Carstens
• Noteworthy: Demographics, Natural Gas, Electric Power
• Sizing Up Nanoelectronics: Gauging the Potential for New Productivity Wave
  Keith Phillips, Adam Swadley, Jackson Thies and Mine Yücel

First Quarter 2011
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Economy to Ride Higher in the Saddle in 2011
  Keith R. Phillips and Emily Kerr
• Trade Conference Explores U.S.–Mexico 'Common Bonds'
  Jesus Cañas, Roberto Coronado and Robert W. Gilmer
• Spotlight: Educational Opportunity
  Does Low-Income Housing Tax Credit Hurt Nearby Schools?
  Wenhua Di and James C. Murdoch
• On the Record: PISA Results Shed New Light on U.S. Education Debate
  A Conversation with Lori Taylor
• Noteworthy: New Texans, Mexican Population, Higher Education
• Oil and Gas Rises Again in a Diversified Texas
  Mine K. Yücel and Jackson Thies

Fourth Quarter 2010
Complete issue

• President's Perspective
  Richard W. Fisher
• New Tool Gauges Impact of Exchange Rates on States
  Keith R. Phillips, Steve Brzezinski and Barbara Davalos
• Poor State Finances Deepen Recessionary Hole
  Jason Saving
• District Banks' Exposure to Modified Loans Limited
  Kory Killgo
• Spotlight: Banking Within Reach of More Mexicans
  Edward C. Skelton
• On the Record: Baby Boomers Face a Changing Retirement Landscape
  Anil Kumar
• Noteworthy: Airlines, Income and Poverty, Gulf Oil Spill

Third Quarter 2010
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Twist: Why Did State's Unemployment Fall Below Nation's?
  Anil Kumar
• Natural Gas from Shale: Texas Revolution Goes Global
  Robert W. Gilmer and Emily Kerr
• Texas Manufacturing Survey Offers Advance Look at State and National Economies
  ranklin D. Berger
• Spotlight: Container Trade Thriving in Texas
  Adam Swadley and Pia Orrenius
• On the Record: Texas Well-Positioned as Panama Canal Expands
  A Conversation with retired U.S. Coast Guard Capt. Bill Diehl
• Noteworthy: Transportation, Employment and Population

Second Quarter 2010
Complete issue

• President's Perspective
  Richard W. Fisher
• Eleventh District Banking Industry Weathers Financial Storms
  Kenneth J. Robinson
• Cloud Over Commercial Real Estate Is Slowly Lifting in Texas
  D'Ann Petersen
• Spotlight: Maquiladora Employment. New Data Confirm Pickup in Juárez Factory Jobs
  Roberto Coronado and Jesus Cañas
• On the Record: Tapping Technology for Immigration Enforcement
  A Conversation with Lisa Roney
• Noteworthy: Natural Gas, Texas Agriculture, Fortune 500

First Quarter 2010
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Economy Shakes Off Rough Ride in 2009
  Laila Assanie and Pia Orrenius
• Texas' Latino Pay Gaps: Taking a Closer Look
  Emily Kerr, Pia Orrenius and Madeline Zavodny
• Spotlight: Remittances to Mexico. Cross-Border Money Flows Slowed by U.S. Slump
  Roberto Coronado and Jesus Cañas
• On the Record: Why Hispanic Education Deficits Persist
  A Conversation with Richard Fry
• Noteworthy: Texas Exports, Oil Markets, Housing

Fourth Quarter 2009
Complete issue

• President's Perspective
  Richard W. Fisher
• Getting to the Bottom of Texas' Latino Pay Gap
  Pia Orrenius, Madeline Zavodny and Emily Kerr
• Texas Dodges Worst of Foreclosure Woes
  D'Ann Petersen and Laila Assanie
• Spotlight: Farm Real Estate Values. Texas Holds Steady in 2008, Bucking U.S. Trend
  Emily Kerr and Keith R. Phillips
• On the Record: Texas in Better Fiscal Shape than Most Other States
  A Conversation with Jason Saving
• Noteworthy: Household Income, Population Trends and Commercial Real Estate

Third Quarter 2009
Complete issue

• President's Perspective
  Richard W. Fisher
• Mexico's Año Horrible: Global Crisis Stings Economy
  Edward C. Skelton and Erwan Quintin
• Rising Protectionist Threat Creates Risks for Texas
  Edward C. Skelton and Mike Nicholson
• Spotlight: Texas Wind Energy. Tax Breaks, Transmission Lines Key to Growth
  Jackson Thies
• On the Record: Taking the Economy's Pulse at Midyear
  A Conversation on the Texas Recession
• Noteworthy: Housing, Venture Capital and Texas Agriculture
• Restoring Banking's Safety Net: Deposit Insurance's Steeper Cost
  Kory Killgo

Second Quarter 2009
Complete issue

• President's Perspective
  Richard W. Fisher
• College Pays Dividends—More So in Texas than U.S.
  Anil Kumar
• The Maquiladora's Changing Geography
  Jesus Cañas and Robert W. Gilmer
• Spotlight: Upper East Texas. In Slump, Region Holds Up Better than State, U.S.
  Mike Nicholson and Jackson Thies
• On The Record: The Energy Industry in a Time of Uncertainty
  A Conversation with Jim Hackett
• Noteworthy: Texas Trade, Dairy Squeeze, South Texas

First Quarter 2009
Complete issue

• President's Perspective
  Richard W. Fisher
• Recession Arrives in Texas: A Rougher Ride in 2009
  Keith R. Phillips and Jesus Cañas
• Keys to Economic Growth: What Drives Texas?
  Jason L. Saving
• Spotlight: Texas Subprime Mortgages.Metros Vary on Risky Loans—and Delinquencies
  Wenhua Di and Anil Kumar
• On the Record: Facing Financial Troubles in an Era of Globalization
  A Conversation with Nathan Sheets
• Noteworthy: Banking, Commercial Building, Hurricane Ike

Issue 6, November/December 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• Why Texas Feels Less Subprime Stress than U.S.
  Anil Kumar
• How Much Will the Global Financial Storm Hurt Mexico?
  Erwan Quintin and Edward Skelton
• Spotlight: Unemployment Trends. Less-Educated Workers Hit Hard in Housing Bust
  Pia Orrenius and Mike Nicholson
• On the Record: Working Our Way Through the Financial Crisis
  A Conversation with Richard W. Fisher
• Noteworthy: Texas High Tech, Energy, Transportation
  
• Regional Update: U.S. Slowdown Reaches Texas
  

Issue 5, September/October 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• New Dallas Fed Indicator Tracks Texas Retail Sales
  Jesus Cañas and Keith R. Phillips
• Labor Markets in Turbulent Times: Some Evidence from Mexico
  Sangeeta Pratap and Erwan Quintin
• Spotlight: Commercial Real Estate Investment. U.S. Financial Woes Taking a Toll on Texas Industry
  D'Ann Petersen and Laila Assanie
• On the Record: Making Sense of Today's Globalized Economy
  A Conversation with Charles Engel
• Noteworthy: Hurricane Season, Venture Capital, Exports
  
• Regional Update: Outside Forces Still Sapping Texas Economy's Vitality
  

Issue 4, July/August 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• Higher Minimum Wage Looms Large in Texas
  Pia M. Orrenius, Madeline Zavodny and Weihua Li
• Texas Economy Feels National Pinch
  Laila Assanie and Raghav Virmani
• Spotlight: New Facility Kindles Hopes for Well-Paying Jobs
  Roberto Coronado and Robert W. Gilmer
• On the Record: The Art and Science of Measuring Inflation
  A Conversation with Jim Dolmas
• Noteworthy: Demographics, Auto Industry and Texas Jobs

Issue 3, May/June 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• A Regional Perspective on the 'Great Moderation'
  Evan F. Koenig and Nicole Ball
• Mexican Migrants Stay in Border Comfort Zone
  Pia Orrenius and Madeline Zavodny
• Spotlight: Waco's Economy. It's Come a Long Way from Cotton, Dr Pepper
  Laila Assanie
• On the Record: Putting People into Economic Policy
  A Conversation with Finn Kydland
• Noteworthy: Texas Trade, Energy and Agriculture
  
• Regional Update: Texas Economy Still Slowing; Energy, Exports Are Bright Spots
  Jason L. Saving and Mike Nicholson

Issue 2, March/April 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• Will New Business Tax Dull Texas' Competitive Edge?
  Jason L. Saving
• Is Texas Overbanked?
  Kory Killgo
• Spotlight: Midland and Odessa. Permian Basin Cities Ride Oil Boom Again
  Robert W. Gilmer and Charles James
• On The Record: The Dangers of Complacency About Risk
  A Conversation with Harvey Rosenblum
• Noteworthy: Energy, Texas Economy and Health Care

Issue 1, January/February 2008
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Finds Cover from U.S. Economic Storm
  Fiona Sigalla
• Hot Housing Market Catching Cold in Texas
  D'Ann Petersen
• Spotlight: Border Health Care. Booming Industry Creates Jobs Faster than State
  Keith Phillips and Armida Riojas
• On the Record: Delving More Deeply into Globalization
  A Conversation with Mark Wynne
• Noteworthy: Agriculture, Demographics and Credit

Issue 6, November/December 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• Revising the Texas Index of Leading Indicators
  Keith R. Phillips and José Joaquín López
• Globalizing Texas: Direct Investment and Business Cycles
  Anil Kumar
• Spotlight: Temporary Employment
  Raghav Virmani
• On The Record: Staying Aloft in Today's Turbulent Skies
  A Conversation with Herb Kelleher
• Noteworthy
• Regional Update

Issue 5, September/October 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• Industry Clusters Shape Texas Economy
  Laila Assanie and Mine Yücel
• Globalizing Texas: Direct Investment and Business Cycles
  Anil Kumar
• Spotlight: Las Cruces, N.M. Well-Balanced Economy Delivers Solid Growth
  Robert W. Gilmer
• On The Record: Taking Stock of the District Banking Industry
  A Conversation with Bob Hankins
• Noteworthy
• Regional Update
  Fiona Sigalla

Issue 4, July/August 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• Explaining the Increase in Remittances to Mexico
  Jesus Cañas, Roberto Coronado and Pia M. Orrenius
• Banking Industry Evolution Along the Texas–Mexico Border
  Joaquín López and Keith Phillips
• Spotlight: Regional Labor Force Growth
  Pia M. Orrenius and Michael Nicholson
• On The Record: The View from San Antonio
  A Conversation with Blake Hastings
• Noteworthy
• Regional Update Laila Assanie and D'Ann Petersen

Issue 3, May/June 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Transitions to Service Economy
  D'Ann Petersen
• Bridging the Texas GDP Gap
  Stephen P. A. Brown and Raghav Virmani
• SpotLight: Maquiladora Data
  Jesus Cañas and Robert W. Gilmer
• On The Record: The Housing Market, After the Boom
  A Conversation with John V. Duca and D'Ann Petersen
• Noteworthy
• Regional Update
  Jason L. Saving

Issue 2, March/April 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• Maquiladora Recovery: Lessons for the Future
  Jesus Cañas, Roberto Coronado and Robert W. Gilmer
• Regional Lending in a World of Interstate Banking
  Kenneth J. Robinson
• SpotLight: Texas Exports
  Anil Kumar and Raghav Virmani
• On The Record: Taking the Pulse of Biotech
  A Conversation with Nancy Chang
• Noteworthy
  
• Regional Update
  Laila Assanie

Issue 1, January/February 2007
Complete issue

• President's Perspective
  Richard W. Fisher
• The Texas Economy: Almost a Boom
  Fiona Sigalla
• Made in Texas: The Natural Selection of Manufacturing
  Fiona Sigalla and Danielle DiMartino
• SpotLight: Texas Venture Capital. Revived Spending Ends Prolonged Lull
  Laila Assanie and Raghav Virmani
• On The Record: The Mexican Economy at a Crossroads
  A Conversation with William C. Gruben and Erwan Quintin
• Noteworthy
• The Texas Manufacturing Outlook Survey: A Tool for Understanding the Economy
  Frank Berger, Tom Fomby, Fiona Sigalla, Mine Yücel

Issue 6, November/December 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Full Steam Ahead for Texas Ports
  José Joaquín López and Keith R. Phillips
• TN Visas: A Stepping Stone Toward a NAFTA Labor Market
  Pia Orrenius and Daniel Streitfeld
• Spotlight: Shreveport–Bossier City
  Louisiana Metro Prospers with Diversified Economy
  Laila Assanie and Bryan Macktinger
• On the Record: An Appreciation of Milton Friedman, Champion of Economic Freedom
• Noteworthy
• Regional Update
  Fiona Sigalla

Issue 5, September/October 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Incubating Microfinance: The Texas Border Experience
  Laila Assanie and Raghav Virmani
• NAFTA, Trade Diversion and Mexico's Textiles and Apparel Boom and Bust
  William C. Gruben
• Spotlight: North Texas Income Dip May Reflect Decline in Education
  Anna Berman and Pia Orrenius
• On the Record: Charting the Course for RFID
  A Conversation with Julie England
• Noteworthy
• Regional Update
  Mine Yücel

Issue 4, July/August 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Midyear Update: Major Metros Driving Texas Expansion
  D'Ann M. Petersen
• Banking on Basel: An Alternative for Capital Requirements
  Kory Killgo and Kenneth J. Robinson
• Spotlight: Law Firms Go Global Taking Texas Talent to a Worldwide Market
  Richard Alm
• On The Record: Making Sense of High Oil Prices
  A Conversation with Stephen P. A. Brown
• Noteworthy
• Regional Update
  Laila Assanie

Issue 3, May/June 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Housing: A Boom with No Bubble?
  D'Ann M. Petersen
• Border Benefits from Mexican Shoppers
  Jesus Cañas, Roberto Coronado and Keith Phillips
• Spotlight: Wages Two Views on How Texans Are Doing
  Pia Orrenius and Anna Berman
• On The Record: Globalization and Public Policy
  A Conversation with W. Michael Cox
• Noteworthy
• Regional Update
  Fiona Sigalla

Issue 2, March/April 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Did NAFTA Spur Texas Exports?
  Anil Kumar
• Dynamic Growth in the Rio Grande Valley
  José Joaquín López
• Spotlight: Texas Manufacturing Factories Still Matter in Much of State
  Fiona Sigalla and Franklin D. Berger
• On The Record A Conversation with Pia Orrenius: The Economics of Immigration
• Noteworthy
• Regional Update
  D'Ann Petersen

Issue 1, January/February 2006
Complete issue

• President's Perspective
  Richard W. Fisher
• Texas Economy Shifts into Higher Gear
  Fiona Sigalla
• U.S., Mexico Deepen Economic Ties
  Jesus Cañas, Roberto Coronado and Robert W. Gilmer
• Spotlight: Texas Exports Taking Top Spot in Selling Overseas
  Fiona Sigalla
• On The Record: Harvey Rosenblum The Fed's Changing of the Guard
• Noteworthy
• Regional Update
  D'Ann Petersen

Issue 6, November/December 2005
Complete issue

• Opting Out of Work: What's Behind the Decline in Labor Force Participation?
  Helen McEwen, Pia Orrenius and Mark Wynne
• The National Economic Outlook: Continued Growth Likely
  Evan F. Koenig and Keith R. Phillips
• A New Barometer for the Texas Economy
  Fiona Sigalla, Franklin D. Berger, Thomas B. Fomby and Keith R. Phillips
• Getting a Jump on Texas Employment Revisions
  Franklin D. Berger and Fiona Sigalla
• Yuan Diplomacy: China, Taiwan Vie in Latin American Trade Arena
  William C. Gruben
• Regional Update
  Fiona Sigalla

Issue 5, September/October 2005
Complete issue

• Has the Housing Boom Increased Mortgage Risk?
  Jeffery W. Gunther and Robert R. Moore
• Making Sense of Elevated Housing Prices
  John V. Duca
• Financial Crises: Still a Mystery
  Felipe Meza and Erwan Quintin
• Mexican GDP Falls but No One Notices
  Franklin D. Berger

Issue 4, July/August 2005
Complete issue

• Globalization and Monetary Policy
  Mark A. Wynne
• European Economic Integration: A Conflict of Visions
  Jason L. Saving
• Natural Gas Pricing: Do Oil Prices Still Matter?
  Stephen P. A. Brown
• Foreign Exchange Policy and Banking Reform in China
  Dong Fu
• Regional Update
  Raghav Virmani

Issue 3, May/June 2005
Complete issue

• Dallas Fed Introduces Business-Cycle Indexes for Texas Metros
  Keith R. Phillips
• A Fitter, Trimmer Core Inflation Measure
  Jim Dolmas
• Texas Finding Growth in Seeming Disadvantage
  Raghav Virmani and Stephen P. A. Brown
• Mexico Emerges from 10-Year Credit Slump
  Robert B. Bubel and Edward C. Skelton
• Regional Update
  Kristen Hamden

Issue 2, March/April 2005
Complete issue

• Empty Spaces: Are Texas Office Markets on the Road to Recovery?
  D'Ann Petersen
• Supply Chain Management: The Science of Better, Faster, Cheaper
  Thomas F. Siems
• Domestic Policy No Match for Trade Stance of Central American Countries
  William C. Gruben
• Regional Update
  Raghav Virmani

Issue 1, January/February 2005
Complete issue

• Don't Mess with Texas
  Fiona Sigalla
• Social Security and Medicare: No Free Lunch
  Jason L. Saving and Alan D. Viard
• Where IT's @: Technology and the Economy
  Thomas F. Siems and Mine K. Yücel
• Russia's Churn: So Far Along, So Far to Go
  Julia Kedrova

Issue 6, November/December 2004
Complete issue

• Who Doesn’t Have Health Insurance and Why
  Anil Kumar
• Productivity Gains Showing Up in Services
  W. Michael Cox, John V. Duca and Richard Alm
• Mexico's Export Woes Not All China-Induced
  Erwan Quintin
• Regional Update
  Anna Berman

Issue 5, September/October 2004
Complete issue

• The Effect of High Oil Prices on Today's Texas Economy
  Stephen P. A. Brown and Mine K. Yücel
• Is the Pension System a Liability?
  Mark G. Guzman and Fiona Sigalla
• Globalization: Myths and Realities
  Jim Dolmas
• Regional Update
  D'Ann Petersen

Issue 4, July/August 2004
Complete issue

• A Texas Revival
  Fiona Sigalla
• The Federal Budget: Developments and Outlook
  Alan D. Viard
• Five Years of the Euro: Successes and New Challenges
  Richard Alm
• Regional Update
  Revising Texas Economic History
  Stephen P. A. Brown and Keith Phillips

Issue 3, May/June 2004
Complete issue

• Immigrant Assimilation: Is the U.S. Still a Melting Pot?
  Pia Orrenius
• Monetary Policy Prospects
  Evan F. Koenig
• Do Energy Prices Threaten the Recovery?
  Stephen P. A. Brown
• The 'Curse' of Venezuela
  William C. Gruben and Sarah Darley
• Regional Update
  Priscilla Caputo

Issue 2, March/April 2004
Complete issue

• Economic Recovery Under Way in Major Texas Metros
  D'Ann Petersen and Priscilla Caputo
• How Vulnerable Are Housing Prices?
  John V. Duca
• Is Japan’s Long Nightmare Finally Over?
  Jahyeong Koo and Dong Fu
• Regional Update
  Anna L. Berman

Issue 1, January/February 2004
Complete issue

• Economic Recovery Gains Steam in Texas
  Jason Saving
• Small Banks’ Competitors Loom Large
  Jeffery W. Gunther and Robert R. Moore
• Have Mexico’s Maquiladoras Bottomed Out?
  William C. Gruben

Issue 6, November/December 2003
Complete issue

• U.S. Immigration and Economic Growth: Putting Policy on Hold
  Pia M. Orrenius
• How Low Interest Rates Impact Financial Institutions
  John V. Duca
• Do What You Do Best, Outsource the Rest?
  Thomas F. Siems and Adam S. Ratner
• Regional Update
  Priscilla Caputo

Issue 5, September/October 2003
Complete issue

• China: Awakening Giant
  W. Michael Cox and Jahyeong Koo
• U.S. Natural Gas Prices Heat Up
  Stephen P. A. Brown
• Social Security Restructuring: Tough Decisions Ahead
  Jason L. Saving and Alan D. Viard
• (Mis)reporting Mexico's Gross Domestic Product
  Franklin D. Berger
• Regional Update
  Priscilla Caputo

Issue 4, July/August 2003
Complete issue

• Monetary Policy in a Zero-Interest-Rate Economy
  Evan F. Koenig and Jim Dolmas
• Texas Economy Warming Up in 2003
  D'Ann Petersen
• Japan's Economic Policy Conundrums
  Jahyeong Koo

Issue 3, May/June 2003
Complete issue

• The Sales Tax Crunch
  Lori L. Taylor
• New Economy Myths and Reality
  Robert L. Formaini and Thomas F. Siems
• Falling Crime and Rising Border Enforcement: Is There a Connection?
  Pia Orrenius and Roberto Coronado
• Regional Update
  Priscilla Caputo

Issue 2, March/April 2003
Complete issue

• What Wages and Property Values Say About Texas Cities
  Stephen P. A. Brown and Lori L. Taylor
• Debunking Derivatives Delirium
  Jeffery W. Gunther and Thomas F. Siems
• The Giant in Mexico's Rearview Mirror
  Erwan Quintin
• Regional Update
  Jason L. Saving and Priscilla Caputo

Issue 1, January/February 2003
Complete issue

• Region Lags Nation in Education Gains
  Lori L. Taylor
• Slow but Steady Progress Toward Financial Deregulation
  Mark G. Guzman
• Chilean Accord Extends U.S. Free Trade Universe by One
  William C. Gruben and Sherry L. Kiser
• Regional Update
  Fiona Sigalla

Issue 6, November/December 2002
Complete issue

• Texas Economy Stalled by Recession
  Mine K. Yücel and John Thompson
• The National Economy: Heading for a Dip?
  James F. Dolmas
• Have REITs Helped Tame Texas Real Estate?
  John Thompson
• Texas Exports Finally Pick Up but Have Far to Go
  William C. Gruben

Issue 5, September/October 2002
Complete issue

• Is Mexico Ready to Roar?
  Erwan Quintin
• Welform Reform Revisited
  Jason L. Saving
• The Politics of Brazil's Financial Troubles
  William C. Gruben and Erwan Quintin
• Regional Update
  Priscilla Caputo

Issue 4, July/August 2002
Complete issue

• Seeding Technology with Defense Dollars
  W. Michael Cox
• Insurance: Risk to the Economy
  Fiona Sigalla
• Latin American Market Reforms Put to the Test
  Carlos E. J. M. Zarazaga and Sherry Kiser
• Regional Update
  Anna Berman

Issue 3, May/June 2002
Complete issue

• Growth on the Border or Bordering on Growth?
  Pia M. Orrenius and Anna L. Berman
• A Dose of Market Discipline: The New Education Initiatives
  Lori L.Taylor
• China's Growing Economic Influence in East Asia after WTO
  Jahyeong Koo and Dong Fu
• Regional Update
  Stephen Brown and Priscilla Caputo

Issue 2, March/April 2002
Complete issue

• The Euro Cash Changeover
  Mark A. Wynne
• The Economic Impact of Biotechnology
  John Thompson, Mine K. Yücel and John V. Duca
• New Economy, New Recession?
  Evan F. Koenig, Thomas F. Siems and Mark A. Wynne
• Venezuela Addresses Economic Stress
  William C. Gruben and Sherry L. Kiser
• Regional Update
  Lori L. Taylor

Issue 1, January/February 2002
Complete issue

• The Unsinkable Texas Economy Takes on Water
  Fiona Sigalla
• The Federal Budget: What a Difference a Year Makes
  Alan D. Viard
• Is Telecom Disconnected or Just on Hold?
  John Thompson
• Financial Globalization: Manna or Menace? The Case of Mexican Banking
  Robert V. Bubel and Edward C. Skelton

Issue 6, November/December 2001
Complete issue

• Improving Public School Financing in Texas
  Jason L. Saving, Fiona Sigalla and Lori L. Taylor
• Down but Not Out: The U.S. Economy after Sept. 11
  Evan F. Koenig
• Tough Decisions for Argentina
  Sherry L. Kiser
• Regional Update
  Charis Ward

Issue 5, September/October 2001
Complete issue

• Beating Border Barriers in U.S.–Mexico Trade
  Pia M. Orrenius, Keith Phillips and Benjamin Blackburn
• How Does the Stock Market Affect the Economy?
  John V. Duca
• Why Is French Unemployment So High?
  Erwan Quintin
• Regional Update
  Charis Ward

Issue 4, July/August 2001
Complete issue

• B2B E-Commerce: Why the New Economy Lives
  Thomas F. Siems
• Census Data Show the Economy Matters
  Jason L. Saving
• Japan's Economy Still Looks Recessionary
  William C. Gruben and Jahyeong Koo
• Regional Update
  Pia Orrenius

Issue 3, May/June 2001
Complete issue

• California's Electricity Woes: A Vision of the Future?
  Stephen Brown
• Regional Electricity Reliability: A Brief Look at U.S. Prospects
  Charis L. Ward
• Banks as Real Estate Brokers-Letting Free Enterprise Work
  Karen Couch, Robert Mahalik and Robert R. Moore
• Currency Board and Market Intervention in Hong Kong
  Dong Fu
• Regional Update
  John Thompson

Issue 2, March/April 2001
Complete issue

• Texas Economy Cools in 2000
  John Thompson
• Bank Competition in the New Economy
  Mark G. Guzman
• Why Free Trade in the Americas?
  William C. Gruben

Issue 1, January/February 2001
Complete issue

• Another Great Texas Boom
  Fiona Sigalla and Mine K. Yücel
• The Rise of Mutual Funds
  John V. Duca
• California Is Giving Electricity Deregulation a Bad Name
  Stephen Brown
• Raising Taxes In Mexico
  Erwan Quintin
• Regional Update
  John Thompson and Charis L. Ward

Issue 6, November/December 2000
Complete issue

• Do Rising Oil Prices Threaten Economic Prosperity?
  Stephen P.A. Brown
• Monetary Policy: On the Right Track
  Evan F. Koenig
• The Mexican Economy Since the Tequila Crisis
  William C. Gruben
• Regional Update
  John Thompson

Issue 5, September/October 2000
Complete issue

• The New Paradigm in Europe: Is Goldilocks Going Global?
  Mark A. Wynne and John B. Thompson
• A Common Currency for the Americas?
  Sherry Kiser
• Regional Update
  Pia M. Orrenius

Issue 4, July/August 2000
Complete issue

• Oil Prices and the Economy
  Stephen P. A. Brown and Mine K. Yücel
• Some Pleasant Economic Side Effects
  Jason L. Saving and W. Michael Cox
• U.S.–China Trade Relations: The Best of Both Worlds
  William C. Gruben
• Regional Update
  John Thompson

Issue 3, May/June 2000
Complete issue

• The Second Great Migration: Economic and Policy Implications
  Pia M. Orrenius and Alan D. Viard
• The 1990s Inflation Puzzle
  Harvey Rosenblum
• Regional Update
  Mine K. Yücel

Issue 2, March/April 2000
Complete issue

• 'Net Interest' Grows as Banks Rush Online
  Karen Couch and Donna L. Parker
• Firm Churn on Main Street and Wall Street
  John V. Duca
• Capital In and Out of China
  Dong Fu
• Regional Update
  Fiona Sigalla

Issue 1, January/February 2000
Complete issue

• The Unsinkable Texas Economy
  Keith Phillips
• Productivity, the Stock Market and Monetary Policy in the New Economy
  Evan F. Koenig
• Trade, WTO and the Environment
  William C. Gruben
• Regional Update
  Keith Phillips and Frank Berger

Issue 6, November/December 1999
Complete issue

• The Binational Importance of the Maquiladora Industry
  Lucinda Vargas
• America's Trade Deficit: The Latest False Alarm
  W. Michael Cox and Richard Alm
• Speeding Up the Broadband Wagon
  Meredith M. Walker
• Can Mexico Weather Its Next Election Cycle?
  David M. Gould
• Regional Update
  Mine Yücel

Issue 5, September/October 1999
Complete issue

• The Economics of Prosperity: A Texas Tale
  Lori L. Taylor
• Where Have All the Savings Gone?
  Robert L. Formaini and Richard B. McKenzie
• The World's Newest Currency
  Mark A. Wynne
• Regional Update: Focus on the Energy Industry
  Lori L. Taylor

Issue 4, July/August 1999
Complete issue

• Biotech Bonanza: Prospects for Texas
  Meredith M. Walker
• The Minimum Wage Debate: Always Off Course
  Richard B. McKenzie
• Hey Mr. Greenspan, Can You Spare a Dollar?
  William C. Gruben and Sherry L. Kiser
• Regional Update
  Fiona Sigalla

Issue 3, May/June 1999
Complete issue

• Can Low Oil Prices Cripple the Texas Banking System?
  Harvey Rosenblum
• Redlining or Red Herring?
  Jeffrey W. Gunther, Kelly Klemme and Kenneth J. Robinson
• China Deflates Despite Growth
  Dong Fu
• Regional Update
  Sheila Dolmas

Issue 2, March/April 1999
Complete issue

• Would a Research Tax Credit Be a Good Investment For Texas?
  Fiona Sigalla and Alan D. Viard
• A Fresh Look at the National Economy
  Evan F. Koenig and John V. Duca
• Brazil: The First Financial Crisis of 1999
  William C. Gruben and Sherry Kiser
• Regional Update
  Sheila Dolmas

Issue 1, January/February 1999
Complete issue

• Texas Update and Outlook
  Lori L. Taylor, Stephen P. A. Brown, Fiona Sigalla and Mine K. Yücel
• The Churn Among Firms
  W. Michael Cox and Richard Alm
• Do International Financial Crises Defy Diagnosis?
  Carlos E. J. M. Zarazaga
• Regional Update
  Lori L. Taylor

Issue 6, November/December 1998
Complete issue

• Telecom in North Texas: A Case Study in Agglomeration
  Marci Rossell and Meredith Walker
• Is Unemployment Too Low?
  Jason Saving
• Europe: Risk and Reward Under Monetary Unification
  Justin Marion
• Regional Update
  Sheila Dolmas

Issue 5, September/October 1998
Complete issue

• Immigration and the Economy—Part II
  Lucinda Vargas and Beverly Fox Kellam
• Grading TIPS—An "I" for "Incomplete"
  Joseph Haslag
• Border Bottlenecks Hamper Trade
  Keith Phillips and Jay Campbell
• Regional Update
  Mine K. Yücel

Issue 4, July/August 1998
Complete issue

• Immigration and the Economy – Part I
  Beverly Fox Kellam and Lucinda Vargas
• What's New About the Economy? Lessons From the Current Expansion
  Evan F. Koenig
• Latin American Central Banking: Does Independence Make a Difference?
  David M. Gould and Justin Marion
• Regional Update
  Mine K. Yücel

Issue 3, May/June 1998
Complete issue

• Electricity Deregulation Likely to Benefit Consumers: Later, If Not Sooner
  Stephen P.A. Brown and Sheila Dolmas
• The New Labor Paradigm: More Market-Responsive Rules of Work and Pay
  John V. Duca
• Financial Crisis and Structural Reform Plans in Korea
  Jahyeong Koo
• Regional Update
  Ricardo Llaudes

Issue 2, March/April 1998
Complete issue

• What Does the Asian Crisis Mean for the U.S. Economy?
  John V. Duca, David M. Gould and Lori L. Taylor
• Regional Update
  John Benedetto

Issue 1, January/February 1998
Complete issue

• The 1997 Texas Economy Beats Expectations
  Sheila Dolmas and Mine K. Yücel
• Regional Roundup
  Keith R. Phillips, Fiona Sigalla, Robert W. Gilmer and Lucinda Vargas
• Counting Our Chickens
  Robert Formaini
• The Asian Meltdown
  William C. Gruben
• Regional Update
  Justin Marion

Issue 6, November/December 1997
Complete issue

• The Business of Education: Meeting the Demands of a Strong Economy Through Educational Change
  Marci Rossell and Lori L. Taylor
• Stock Market Fundamentals
  Stephen D. Prowse
• Exchange Rates: Fixed, Pegged, or Flex? Should We Care?
  Carlos E. J. M. Zarazaga
• Regional Update
  Sheila Dolmas

Issue 5, September/October 1997
Complete issue

• Rolling Recessions
  Sheila Dolmas, Mark A. Wynne and Jahyeong Koo
• Is the Fed Slave to a Defunct Economist?
  Evan F. Koenig
• Corporate Financing and Governance: An International Perspective
  Stephen D. Prowse
• Regional Update
  Lori L. Taylor

Issue 4, July/August 1997
Complete issue

• The Economics of One Dollar
  Mark A. Wynne
• U.S. Inflation and the International Economy
  William C. Gruben
• Regional Update
  Mine K. Yücel

Issue 3, May/June 1997
Complete issue

• Silicon Prairie: How High Tech Is Redefining Texas' Economy
  D'Ann M. Petersen and Michelle Burchfiel
• Why Social Security Should Be Privatized
  Harvey Rosenblum
• The EMU: A Groundbreaking Monetary Experiment
  Fiona Sigalla and David Gould
• Regional Update: Texas Faces Tight Labor Market
  Madeline Zavodny

Issue 2, March/April 1997
Complete issue

• A Tale of Three Supply Shocks, National Inflation and the Region's Economy
  John V. Duca
• Does Electronic Money Mean the Death of Cash?
  Marci Rossell
• The Mexican Economy Snaps Back
  William C. Gruben, David M. Gould and Carlos E. Zarazaga
• Regional Update
  Fiona Sigalla

Issue 1, January/February 1997
Complete issue

• The Texas Economy: An Overview of '96 and Outlook for '97
  Sheila Dolmas and Mine K. Yücel
• What's in Store for Texas Cities?
  Robert W. Gilmer, Keith R. Phillips, Fiona Sigalla and Lucinda Vargas
• An End to Welfare As We Know It?
  Jason L. Saving
• Beyond the Border: Despite Short-Term Volatility, Dollar's Value Stable for Nearly a Decade
  David Gould and Jeremy Nalewaik
• Regional Update
  Fiona Sigalla

Issue 6, November/December 1996
Complete issue

• The South: Taking the Lead in the 1990s
  D'Ann M. Petersen and Marci Rossell
• The Upside of Downsizing
  W. Michael Cox and Richard Alm
• Reexamining the Minimum Wage
  Madeline Zavodny
• A Commentary from the President
  Robert D. McTeer
• Policy Rules and Tequila Lessons: Conclusions from an Economic Conference
  Sheila Dolmas and Carlos Zarazaga
• Regional Update
  Fiona Sigalla

Issue 5, September/October 1996
Complete issue

• Texas–Mexico Trade After NAFTA
  Jeremy Nalewaik and Lori L.Taylor
• Distinguishing NAFTA from the Peso Crisis
  David M. Gould
• Regional Update
  Fiona Sigalla

Issue 4, July/August 1996
Complete issue

• Oil Extraction in the Southwest: Smaller, Profitable and at Home in the City
  Robert W. Gilmer
• Should High Gold Prices Be a Source of Concern?
  Evan F. Koenig
• Chile: The Big Saver
  Jeremy Nalewaik
• Regional Update
  D'Ann M. Petersen

Issue 3, May/June 1996
Complete issue

• Texas: Demographically Different
  D'Ann M. Petersen
• Honest Money Is the Best Policy
  Joseph H. Haslag
• What's Behind Those Yen-Dollar Swings?
  Michelle Burchfiel and David Gould
• Regional Update
  D'Ann M. Petersen

Issue 2, March/April 1996
Complete issue

• Back in the Saddle Again: The Texas Economy 10 Years After the Bust
  Fiona Sigalla
• A Look at America's Corporate Finance Markets
  Stephen D. Prowse
• New Business Cycle Indexes for Mexico Point to Economic Expansion
  Keith Phillips
• Regional Update
  D'Ann M. Petersen

Issue 1, January/February 1996
Complete issue

• Southwest Expansion to Continue in 1996
  Keith R. Phillips
• Tax Reform: Is the Time Right for a New Approach?
  Evan F. Koenig and Lori L. Taylor
• Exchange Rates, Capital Flows and Monetary Policy in a Changing World Economy
  Beverly Fox, David Gould and William C. Gruben
• Regional Update
  Keith R. Phillps

Issue 6, November/December 1995
Complete issue

• From Crude Oil to Computer Chips
  D'Ann M. Petersen and Michelle Thomas
• The Changing Meaning of Money
  John V. Duca
• A Look at the Top U.S. Trading Partners
  David Gould and Michelle Thomas
• Regional Update
  Keith R. Phillips

Issue 5, September/October 1995
Complete issue

• Made in Texas: Global Exports Boost State Economy
  Fiona Sigalla
• Does the CPI Overstate Increases in the Cost of Living?
  Mark A. Wynne
• Maquiladoras: Mexico's Bright Spot
  Lucinda Vargas
• Regional Update
  Fiona Sigalla

Issue 4, July/August 1995
Complete issue

• The Energy Industry: Past, Present and Future
  Stephen P.A. Brown and Mine K. Yücel
• Can Currency Boards Prevent Devaluations and Financial Meltdowns?
  Carlos E. Zarazaga
• Argentina's Currency Board During a Financial Crisis
  Carlos E. Zarazaga
• Just Say Yes to Chile
  William C. Gruben
• Regional Update
  Fiona Sigalla

Issue 3, May/June 1995
Complete issue

• Is Texas' Real Estate Boom a House of Cards?
  D'Ann M. Petersen
• Government Deficits: Good, Bad or Irrelevant?
  Stephen Prowse
• Real Trade-Weighted Value of the Dollar Holds, Despite Fall Against the Yen and Mark
  David M. Gould
• Regional Update
  Fiona Sigalla

Issue 2, March/April 1995
Complete issue

• Texas' Border: On the Front Line of Change
  Fiona Sigalla
• What's Happening to Americans' Income?
  W. Michael Cox and Beverly Fox
• The Tequila Effect
  Carlos E. Zarazaga
• Regional Update
  Lori L. Taylor

Issue 1, January/February 1995
Complete issue

• The Peso Devaluation's Impact on Texas
  Lori L.Taylor and Rhonda Harris
• Inflation and Monetary Restraint: Too Little, Too Late?
  Nathan S. Balke and Kenneth M. Emery
• Is the Southwest Lending Boom Too Much of a Good Thing?
  Robert T. Clair
• The Roots of Mexico's Peso Crisis
  David M. Gould and William C. Gruben
• Regional Update
  Keith R. Phillips

Issue 5, 1994

• U.S. Economic Forecast Calls for Slightly Slower Growth
  Joseph Haslag
• Southwest Expansion to Continue in 1995
  Keith R. Phillips

Issue 4, 1994

• From Baby Boom to Housing Bust?
  D'Ann Petersen
• Risky Business: Clearing Checks During Banking Crises
  Robert T. Clair, Joanna Kolson, Ken Robinson

Issue 3, 1994

• Is There an Output—Inflation Trade-Off?
  Evan F. Koenig, Mark A. Wynne
• Help Wanted: A Look at America's Changing Job Market
  W. Michael Cox

Issue 2, 1994

• Is GATT a Good Deal?
  Robert D. McTeer, Jr.
• The Benefits of GATT for the U.S. and World Economies
  A roundtable discussion by Dallas Fed economists
• Agriculture: Key to the Uruguay Round
  Fiona Sigalla

Issue 1, 1994

• Investment and Housing Drive 1994 Growth
  Kenneth Emery
• So What If GATT Isn't NAFTA?
  William C. Gruben
• Southwest Outlook Brighter in 1994
  Mine K. Yücel, Beverly Fox, Stephen P. A. Brown, William C. Gruben, D'Ann Petersen, Keith R. Phillips, Fiona Sigalla, Lori L. Taylor

November/December 1993

• Candace, Ryan and Free Trade
  Robert D. McTeer
• The Benefits of NAFTA for Jobs, Wages and the Future of America
  Lucinda Vargas, John H. Welch, William C. Gruben, Gerald P. O'Driscoll, W. Michael Cox
• The Facts About NAFTA
  David M. Gould

September/October 1993

• NAFTA: Capstone and Cornerstone
  Gerald P. O'Driscoll, Jr, William C. Gruben, John H. Welch
• Have Texas Banks Fullly Recovered?
  Kevin J. Yeats

July/August 1993

• Reassessing Texas Employment Growth
  Franklin D. Berger and Keith Phillips
• Controlling Inflaltion: A Historical Perspective
  Kenneth M. Emery
• Interpreting Central Bank Independence in Mexico
  William C. Gruben and John Welch
• The Btu Tax: Effects on Energy Markets and the Southwest
  Stephen Brown

Special Issue/June 1993

• Monitoring Money: Should Bond Funds Be Added to M2?
  John V. Duca

May/June 1993

• Price Stability and Economic Growth
  Mark A. Wynne
• The Uneven Distribution of Health Insurance
  Beverly Fox, Lori L. Taylor, Mine Yücel

March/April 1993

• The U.S. Economy: A Brighter Outlook After a Bumpy Ride
  Joseph Haslag, Harvey Rosenblum
• Southwest's Economic Growth to Exceed Nation's
  Stephen P.A. Brown, Robert T. Clair, D'Ann Petersen, Keith R. Phillips, Harvey Rosenblum, Mine K. Yücel

January/February 1993

• How Big Is the Deficit, Really?
  W. Michael Cox
• Blue-Collar Outlook Not so Blue in Texas
  Keith R. Phillips, Kelly A. Whelan

Issue 6, November/December 1992

• Southwest Economy Shows Strength After Second-Quarter Slowdown
  Stephen Brown
• Two Types of Paper: The Case for Federal Reserve Independence
  W. Michael Cox

Issue 5, September/October 1992

• The Haves and Have-Nots: A Study of Income Inequality
  Joseph H. Haslag, Lori L. Taylor, Kelly A Whealan
• Trends in Income Mobility
  Joseph H. Haslag, Lori L. Taylor, Kelly A Whealan
• Will Office Real Estate in Texas Ever Recover?
  D'Ann Petersen

Issue 4, July/August 1992

• Understanding Latin American Currency Pegs to the Dollar
  William C. Gruben, John H. Welch
• Bad News from the Oil Patch: Why the Rig Count Is Depressed
  Robert W. Gilmer, Mine K. Yücel

Issue 3, May/June 1992

• How Serious Is the Productivity Problem in the United States?
  Mark A. Wynne
• The U.S. Trade Deficit with Japan
  David M. Gould
• A Region-by-Region Look at U.S. Banking
  Robert T. Clair

Issue 2, March/April 1992

• Growth in the U.S. Economy Depends on Stronger Consumer Spending
  Harvey Rosenblum, Evan F. Koenig, D'Ann M. Ozment
• The Southwest's Stop-and-Go Economy
  Stephen P.A. Brown, Beverly Fox, Lori L. Taylor

Issue 1, January/February 1992

• What About Free Trade Within the United States?
  Gerald P. O'Driscoll, Jr.
• Can U.S.– Mexico Free Trade Last?
  William C. Gruben
• The Texas Economy: Beyond the Boom and Bust
  Beverly J. Fox, Keith R. Phillips

Issue 6, November 1991

• Is a Lottery a Good Bet for the Texas Economy?
  Fiona Sigalla
• A Balancing Act for State and Local Governments
  Stephen P. A. Brown
• A Closer Look at Natural Gas Prices
  Mine K. Yücel

Issue 5, September 1991

• Potential Effects of a U.S.–Mexico Free Trade Agreement
  William C. Gruben
• Free Trade Will Bring Better Jobs
  Robert D. McTeer, Jr.
• The United States Faces a Weak Recovery
  Nathan S. Balke

Issue 4, July 1991

• Grading Texas Schools
  Beverly J. Fox and Lori L Taylor
• Pathology of a Credit Crunch
  Harvey Rosenblum
• The Southwest Skirts Recession
  Keith R. Phillips

Issue 3, May 1991

• Defense Spending Cuts and Southwestern Industry: A Look at Our Vulnerability
  Lori L. Taylor
• The Federal Budget Deficit and Inflation
  W. Michael Cox
• Agricultural Free Trade and the Southwest
  Fiona Sigalla

Issue 2, March 1991

• The Rise and Fall of Oil Prices
  Mine K. Yücel and Paula Tucker
• New President Heads Dallas Fed
  Kim Ernst
• The Future of the Texas Economy
  Fiona Sigalla, Diana Palmer and Rhonda Harris
• Winners and Losers in School Tax Reform
  Lori L. Taylor and Mine K. Yücel

Issue 1, January 1991

• Southwest to Dodge Recession
  Keith R. Phillips, Stephen P. A. Brown, William C. Gruben, D'Ann M. Ozment, Fiona D. Sigalla, Lori L. Taylor and Mine K. Yücel
• The Federal Reserve in the 1980s: Damage Control in the Southwest
  Robert H. Boykin
• U.S. Economy in Recession
  Gerald P. O'Driscoll, Jr., Evan F. Koenig, Mark A. Wynne

Issue 6, November 1990

• Oil Prices and the Economic Outlook
  Harvey Rosenblum, Stephen Brown, Evan Koenig, Keith Phillips, Mine K. Yücel
• School Finance Reform: An Update
  Kathy J. Hayes, Daniel J. Slottje, Lori L. Taylor

Issue 5, September 1990

• A Closer Look at the Southwest Recovery
  Harvey Rosenblum, William C. Gruben, Keith R. Phillips, Fiona Sigalla
• Oil Prices and Drilling Show Strength
  Mine K. Yücel
• The Texas Credit Crunch
  Harvey Rosenblum

Issue 4, July 1990

• Mexico Is Making Economic Progress Despite Problems
  WiIliam C. Gruben
• Heavy Rain Helps, Hurts Southwest Agriculture
  Fiona Sigalla
• Deposit Insurance Reform
  Gerald P. O'Driscoll, Jr.

Issue 3, May 1990

• School Finance Reform in Texas
  Lori L. Taylor
• Challenges for Southwestern Financial Institutions: Resolution and Beyond
  Genie Short
• China in Texas' Top 10 Export Markets
  David Hanna

Issue 2, March 1990

• Economic Outlook for the Southwest
  Evan F. Koenig
• National Economic Outlook: Slow Growth Likely
  Stephen P.A. Brown, William C. Gruben, Keith R. Phillips, Fiona Sigalla, Lori L. Taylor, Paula K. Tucker, Mine K. Yücel

Issue 1, January 1990

• Money: Its Effect on the Southwest Economy
  Cara S. Lown and D'Ann M. 0zment
• Improving Education: The Role for Business
  William H. Wallace
• South Texas Drought Remains Severe
  Fiona Sigalla

Issue 6, November 1989

• Energy and the Southwest Economy
  Keith R. Phillips
• Beef Prices Expected to Fall with Herd Rebuilding
  Fiona Sigalla
• The Regional Implications of a National Economic Slowdown
  Harvey Rosenblum

Issue 5, September 1989

• Trade Protection: Its Effect on the Southwest
  Linda Hunter
• Extreme Weather Hurts Southwest Agriculture
  Fiona Sigalla
• Education and the Reindustrialization of the Texas Economy
  W. Michael Cox

Issue 4, July 1989

• The Southwest Economy Is Picking Up Steam
  Lea Anderson

Issue 3, May 1989

• Maquiladoras and the Southwest Economy
  William C. Gruben
• Economic Commentary
  Robert Boykin
• The 1989 Drought: An Update
  Fiona Sigalla

Issue 2, March 1989

• The 1989 Drought: A Risk to Texas Farmers
  Fiona Sigalla and Hilary Smith
• 1989 Economic Outlook
  Gerald P. O'Driscoll, Jr.
• Texas Manufacturing in Recovery
  Franklin D. Berger and Lea Anderson

Issue 1, January 1989

• Credit Shortage Slows Texas Recovery
  Robert T. Clair
• Deposit Insurance and the Credit Shortage in Texas
  Harvey Rosenblum
• Eleventh District Agricultural Land Values Turn Around At Last
  Hilary Smith

November 1988

• The Future of the Southwest Economy
  Stephen P. A. Brown and Lea Anderson
• Economic Commentary
  Robert Boykin
• The Texas Index of Leading Economic Indicators