Speeches and essays
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
Dallas Fed Economics
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
Dallas Fed Economics
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
Working Paper
Why Do Households Save and Work?
This paper quantifies why households save and work using a life-cycle model that incorporates wage risk, endogenous labor supply of both spouses, marital transitions, health, medical expenses, mortality and bequest motives at the death of the first and last household member.
July 15, 2025
Working Paper
Household Finance Shapes Political Participation: Evidence from Mortgage Refinancing
Using quasi-experimental variation from movements in mortgage rates and eligibility cutoffs in HARP, this paper shows that borrowers who refinanced between 2009 and 2012 were more likely to vote in the 2012 general election than otherwise similar borrowers who did not refinance.
May 12, 2025
Dallas Fed Communities
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
Working Paper
Credit and Housing Price Effects of Automated Underwriting Adoption
This paper studies how the 1990s adoption of now widely-used automated mortgage underwriting systems affected credit, house prices and their comovement across locations.
January 17, 2025
Working Paper
The Effect of Rising Insurance Premiums on Mortgage Delinquency and Household Relocation
U.S. homeowners’ insurance premiums have increased drastically, widely attributed to climate risk.
January 16, 2025
Working Paper
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
Working Paper
Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance
Large-scale wildfires generate hazardous smoke plumes that impose costs on distant hospitals by increasing relative demand from underinsured patients. This paper shows that wildfire smoke increases credit risk in the healthcare municipal bond market, especially in areas with high underinsurance.
January 09, 2025