Working Paper
The Macroeconomics of Labor, Credit and Financial Market Imperfections
An increasing share of corporate loans, a critical source of firm credit, are sold off banks’ balance sheets and actively traded in a secondary over-the-counter market. This paper develops a microfounded equilibrium search-theoretic model with labor, credit and financial markets to explore how this secondary loan market affects the real economy.
October 22, 2024
Speeches and essays
Normalizing the FOMC’s monetary policy tools
President Lorie K. Logan describes policy considerations for normalizing the Fed’s assets and liabilities.
October 21, 2024
Economic Surveys
Banking Conditions Survey
Loan volume declined in October despite the drop in loan prices, according to banking executives responding to the Banking Conditions Survey.
October 07, 2024
Working Paper
The Contribution of Foreign Holdings of U.S. Treasury Securities to the U.S. Long-Term Interest Rate: An Empirical Investigation of the Impact of the Zero Lower Bound
This paper finds empirical evidence of a possible structural break in the relationship between the foreign holdings of U.S. Treasury securities and the U.S. long-term interest rate occurring at the time when U.S. monetary policy became constrained at the zero-lower bound (ZLB).
September 25, 2024
Speeches and essays
Opening remarks for the Eleventh District Banking Conference
Dallas Fed President Lorie K. Logan delivered these remarks via prerecorded video at the Eleventh District Banking Conference on Sept. 16, 2024.
September 17, 2024
Dallas Fed Economics
Anticipatory discount window stigma
Observers often assert that stigma—a perception that depositors, investors or others will penalize an institution for borrowing from the discount window—keeps banks from borrowing when they should, making the facilities less effective. Dallas Fed Senior Vice President Sam Schulhofer-Wohl argues that some harms of discount window stigma can be mitigated regardless of whether stigma itself persists.
September 06, 2024
Dallas Fed Economics
Evolving leveraged loan covenants may pose novel transmission risk
An evolving change affecting the expanding, highly leveraged corporate loan sector may impact how the economy responds to adverse shocks.
August 20, 2024
Economic Surveys
Banking Conditions Survey
Loan volumes were flat in August after increasing in the prior two periods, according to banking executives responding to the Banking Conditions Survey.
August 19, 2024
Southwest Economy
Texas community banks grapple with national stresses as elevated rates pose new tests
Despite community banks’ relative strength in Texas, the outlook through year-end 2024 comes with evolving downside risks, particularly involving unrealized losses on fixed-income holdings.
August 14, 2024
Speeches and essays
A level playing field for deposit insurance
In remarks at the conference “Exploring Conventional Bank Funding Regimes in an Unconventional World, ” President Lorie K. Logan offers her views on how bank funding models and public policies can support a strong, vibrant and diverse banking system.
July 18, 2024