Consumption concentration may be up, adding slightly to economic fragility
Analysts have taken notice of the large share of total U.S. spending attributable to the very highest earners. The concerns are that the emergence of K-shaped growth—bifurcated activity at an elevated rate among high earners and much more restrained among most others—may put the U.S. in greater economic peril.
November 25, 2025
Fast-growing Texas metros offer blueprint to handle U.S. housing shortage
Cullum Clark, director of the Bush Institute–SMU Economic Growth Initiative and an adjunct professor of economics at Southern Methodist University, discusses his recent report, “Build Homes, Expand Opportunity: Lessons from America’s Fastest-Growing Cities.”
November 17, 2025
Research Department Working Papers
Household Consumption and Savings over the Life Cycle: The Roles of Demographics and Durables
This paper provides a novel, developing country perspective by analyzing patterns of life-cycle consumption, income and savings rates in India.
October 14, 2025
Speech by President Lorie Logan
Keynote speaker introduction for the Chicago Payments Symposium
Dallas Fed President Logan shares an overview of how the Federal Reserve is working to modernize and innovate the payments system.
October 08, 2025
Falling rates no assurance of homeowner refinancing binge
When the Fed lowers its benchmark policy rate, the reduction is usually reflected in a variety of consumer finance rates, notably mortgages. However, there are reasons to believe that such a reduction might not prompt an increase in the volume of mortgage refinances and prepayment activity as has historically occurred.
August 14, 2025
How do reciprocal deposit networks interact with deposit insurance?
Reciprocal deposit networks are designed to increase the total amount eligible for FDIC deposit insurance. In recent years, growth of the networks has accelerated, prompting a re-evaluation of the existing deposit insurance framework and raising at least three questions.
August 05, 2025
How Gen Z Texans use credit cards can shed light on their future financial health
Generation Z’s rising debt load has been widely reported, sparking concerns for the financial future of America’s youngest adult generation.
February 20, 2025
Research Department Working Papers
Financial Technology and the 1990s Housing Boom
This paper shows that locations exposed to initial adopters of Freddie Mac’s Loan Prospector system experienced an early housing boom due to a switch to statistically-informed underwriting rules.
January 17, 2025
Research Department Working Papers
Climate Risk, Insurance Premiums and the Effects on Mortgage and Credit Outcomes
As climate change exacerbates natural disasters, homeowners’ insurance premiums are rising dramatically. This paper examines the impact of premium increases on borrowers’ mortgage and credit outcomes using new data on home insurance policies for 6.7 million borrowers.
January 16, 2025
Research Department Working Papers
The Impact of Labels on Real Asset Valuations
This paper shows that neighborhood labels, frequently used in realtors’ property descriptions, have a causal impact on the demand for housing.
January 15, 2025