Dallas Fed Economics
Lessons from the destabilization of inflation in the 1970s
Interest has recently increased in the question of whether the destabilization of inflation during the 1970s might repeat itself in the 2020s.
February 17, 2026
Dallas Fed Economics
Domestic banks are inelastic providers of marginal funding to repo markets
As system liquidity declines and rates of return rise, new types of participants enter repo markets as lenders, although some may not be able to reliably deploy cash in the early morning when markets are most active. The short tenor and early-morning timing of most private market repo transactions make domestic banks especially inelastic lenders in response to unanticipated demands for lending.
February 12, 2026
Dallas Fed Economics
How AI debt financing impacts duration supply and interest rates
Financing needs related to AI data center investments are likely to be large and persistent. While the overall economics of such investments remains a topic of much debate, the duration supply implications for U.S. interest rate markets have received less attention.
February 10, 2026
Working Papers
Weak Instrument Bias in Impulse Response Estimators
This paper approximates the finite-sample distribution of impulse response function (IRF) estimators that are just-identified with a weak instrument using the conventional local-to-zero asymptotic framework.
January 12, 2026
Dallas Fed Economics
Global Institute presentation: Steve Kamin on the dollar’s status
During a presentation and discussion hosted by the Global Institute last month, Steve Kamin discussed how tariffs, volatility and evolving payment technologies are challenging—but not yet dislodging—the dollar’s position as a reserve currency at the center of the global financial system.
December 31, 2025
Dallas Fed Economics
A simple measure of monetary policy transmission
The Federal Open Market Committee adjusts the stance of monetary policy primarily by changing its target range for the federal funds rate. A new measure examines rate transmission efficacy across interest rates in a variety of money markets.
December 16, 2025
Working Papers
Optimal Foreign Reserve Intervention and Financial Development
This paper documents evidence of a U-shaped relationship between financial development and the adjustments of foreign exchange reserve holdings in response to a U.S. interest rate increase.
November 03, 2025
Ample liquidity for a safe and efficient banking system
Dallas Fed President Lorie Logan discusses the stance of monetary policy and how the Fed's balance sheet fosters a safe and efficient liquidity environment for the U.S. banking system.
October 31, 2025
Dallas Fed Economics
Break-even employment declined after immigration changes
Recent employment reports show U.S. payroll employment growth has cooled from its torrid pace in previous years, raising the question of whether this signals a healthy rebalancing or the start of a concerning slowdown.
October 09, 2025
Dallas Fed Economics
Network structure of money markets and firms affects policy transmission
Understanding the underlying network structure of money markets provides valuable insights for monitoring reserve scarcity and its evolution in response to regulatory and market changes.
October 07, 2025