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<title>Federal Reserve Bank of Dallas publications</title>
<description>Economic research and commentary from Federal Reserve Bank of Dallas</description>
<link>https://fedinprint.org/search?facets[]=provider_literal_array:Federal+Reserve+Bank+of+Dallas</link>
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<pubDate>Mon, 13 Jul 2026 16:21:59 +0000</pubDate>
<item>
<title>Semiparametric Local Projections</title>
<link>https://fedinprint.org/item/feddwp/103495/original</link>
<description>
<![CDATA[We propose a semiparametric local projection estimator of nonlinear impulse response functions for a broad class of structural dynamic models relevant for applied macroeconomics, including models with nonlinearly transformed regressors, state dependent coefficients and nonlinear interactions between shocks and state variables. The estimator is based on a doubly robust moment condition that identifies the average response function as a linear functional of a nonparametric conditional mean, augmented by a density ratio that captures the effect of shifting the shock of interest. We combine this moment condition with cross-fitting that handles serial dependence. The resulting estimator is &radic;&nbsp; T -consistent and asymptotically normal. We examine the finite-sample performance of the estimator across a range of nonlinear data generating processes and illustrate its use in two empirical examples.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103495/original</guid>
<dc:creator>Herrera, Ana María; Kilian, Lutz; Gonçalves, Sílvia; Kelanemer Holban, Iones; Pesavento, Elena</dc:creator>
<dc:date>2026-06-30</dc:date>
<dc:subject>impulse response; local projection; semiparametric estimation; double machine learning; nonlinear structural model; potential outcomes</dc:subject>
<swpo:hasNumber>2616</swpo:hasNumber>
<identifiers:doi>10.24149/wp2616</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>xtcipsunb: The CIPS Panel Unit Root Test for Unbalanced Panel Data</title>
<link>https://fedinprint.org/item/feddwp/103516/original</link>
<description>
<![CDATA[We develop and demonstrate the command xtcipsunb, which implements the cross-sectionally augmented panel unit root test (CIPS) from Pesaran (2007) and Pesaran, Smith and Yamagata (2013) for unbalanced panels. Several modifications relative to the existing Stata implementations of CIPS test are necessitated by the unbalanced panel data setting, including computing critical values through simulations for a given panel composition. We provide users the ability to specify a minimum number of cross-section units for the computation of cross-section averages, a minimum number of time periods for the computations of individual t-statistics in the CIPS test, as well as two options for the computation of cross-section averages. Monte Carlo experiments demonstrate our modifications are necessary to avoid potentially severe size distortions of the CIPS test in the case of unbalanced panels. An empirical application using annual country-industry macroeconomic data illustrates the use of xtcipsunb command.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103516/original</guid>
<dc:creator>Hoham, Benjamin; Chudik, Alexander</dc:creator>
<dc:date>2026-07-07</dc:date>
<dc:subject>xtcipsunb; panel time series; time series; unit-root testing; cross-section dependence; unbalanced panels</dc:subject>
<swpo:hasNumber>2619</swpo:hasNumber>
<identifiers:doi>10.24149/wp2619</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Opening remarks for 'Market Liquidity and Leverage in a Digital Age' panel</title>
<link>https://fedinprint.org/item/feddsp/103515</link>
<description>
<![CDATA[This panel brings together three of the most critical issues in financial markets today: The ease of buying and selling assets, the ability to borrow against assets and technology.]]>
</description>
<guid>https://fedinprint.org/item/feddsp/103515</guid>
<dc:creator>Logan, Lorie</dc:creator>
<dc:date>2026-07-09</dc:date>
<bibo:series>Speeches and Essays</bibo:series>
</item>
<item>
<title>Discussion of 'An Efficient Liquidity Savings Mechanism' by Darrell Duffie, Srisht Fateh Singh and Chaojun Wang</title>
<link>https://fedinprint.org/item/feddsp/103514</link>
<description>
<![CDATA[Remarks delivered by Sam Schulhofer-Wohl at The Future of Market Liquidity and Functioning Workshop.]]>
</description>
<guid>https://fedinprint.org/item/feddsp/103514</guid>
<dc:creator>Schulhofer-Wohl, Sam</dc:creator>
<dc:date>2026-07-09</dc:date>
<bibo:series>Speeches and Essays</bibo:series>
</item>
<item>
<title>International comparisons show AI effect on productivity</title>
<link>https://fedinprint.org/item/d00001/103494</link>
<description>
<![CDATA[Because AI use varies across countries, we can draw on international data to investigate the relationship between AI exposure and productivity growth at the sector level. The positive relationship in the U.S. fits a pattern visible among countries and appears related to high AI use.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103494</guid>
<dc:creator>Davis, J. Scott</dc:creator>
<dc:date>2026-07-07</dc:date>
<dc:subject>artificial intelligence (AI); labor; productivity</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Should States Reduce Teacher Licensing Requirements? Evidence from the Rise of For-Profit Training Programs in Texas</title>
<link>https://fedinprint.org/item/feddwp/103498/original</link>
<description>
<![CDATA[We provide a comprehensive analysis of a Texas policy that relaxed teacher licensing requirements and created a large for-profit training industry. Using detailed administrative data, we show that for-profit-trained teachers have higher turnover and lower value-added than standard-trained teachers. But the policy significantly increased the supply of certified teachers, reducing schools’ reliance on uncertified teachers with even worse outcomes. Exploiting variation in policy exposure across schools, we find a zero net impact on student achievement due to these offsetting forces. Thus lower licensing requirements improved access to teaching and reduced training costs without harming students.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103498/original</guid>
<dc:creator>Deneault, Christa; Riehl, Evan</dc:creator>
<dc:date>2026-07-06</dc:date>
<dc:subject>teacher certification; teacher preparation; occupational licensing</dc:subject>
<swpo:hasNumber>2618</swpo:hasNumber>
<identifiers:doi>10.24149/wp2618</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Work from Home and Migration</title>
<link>https://fedinprint.org/item/feddwp/103497/original</link>
<description>
<![CDATA[We study how full-time work from home (WFH) affects migration and economic activity across cities. Using ACS and novel survey data, we show WFH workers migrate 40–50 percent more than comparable commuters, commuters who switch to WFH migrate more, plausibly exogenous WFH expansions raise migration and WFH workers migrate to lower-cost cities than commuters. The post-Covid expansion in WFH coincided with a large increase in migration; WFH accounts for half of this increase and much of the cross-city variation in migration changes. Recently, WFH has stabilized at twice its pre-Covid rate. We study the long-run implications of this shift in a dynamic spatial equilibrium model of remote work, costly migration and job search. Expanded WFH raises migration by shifting workers into more mobile remote jobs, reallocating people and tax revenue out of expensive cities and narrowing rent differentials. Welfare gains are sizable but concentrated among remote-capable workers in commuting jobs just before the shock, especially those in large cities. A higher WFH share also shifts more of the burden of local shocks onto commuters.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103497/original</guid>
<dc:creator>Blandin, Adam; Bick, Alexander; Rubinton, Hannah; Mertens, Karel</dc:creator>
<dc:date>2026-07-01</dc:date>
<dc:subject>migration; work from home; remote work; labor mobility</dc:subject>
<swpo:hasNumber>2617</swpo:hasNumber>
<identifiers:doi>10.24149/wp2617</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Supplier networks transmit Fed rate moves through economy</title>
<link>https://fedinprint.org/item/d00001/103493</link>
<description>
<![CDATA[An important way monetary policy affects the economy is through household spending. When the Federal Reserve increases or lowers interest rates, the effects do not end with just the businesses most exposed to the resulting changes in household spending.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103493</guid>
<dc:creator>Ozdagli, Ali; Weber, Michael</dc:creator>
<dc:date>2026-06-30</dc:date>
<dc:subject>monetary policy</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>U.S. economy less vulnerable to geopolitical oil price shocks than in the past</title>
<link>https://fedinprint.org/item/d00001/103434</link>
<description>
<![CDATA[Recent Federal Reserve Bank of Dallas research shows that the response of U.S. real (inflation-adjusted) GDP growth to the 2026 Iran war is only one-twentieth of what it would have been in 1980. Moreover, the response of U.S. real GDP growth today is only one-sixth of the decline in the rest of the world.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103434</guid>
<dc:creator>Kilian, Lutz; Plante, Michael D.; Richter, Alexander W.</dc:creator>
<dc:date>2026-06-23</dc:date>
<dc:subject>oil price; geopolitics; oil supply disruptions; structural change</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Term funding premium: Time is money even absent interest rate risk</title>
<link>https://fedinprint.org/item/d00001/103435</link>
<description>
<![CDATA[Term premium, a central concept in analysis of interest rates and monetary policy, is generally viewed largely as compensation for bearing interest-rate risk. However, Treasury asset swap spreads strongly indicate the existence of a distinct premium—a term funding premium—associated with merely providing term financing. This funding premium shows promise as a real-time indicator of Treasury market stress.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103435</guid>
<dc:creator>Ozil, Ipek; De Vere, Hugo; Searls, Seth; Ramaswamy, Srini</dc:creator>
<dc:date>2026-06-25</dc:date>
<dc:subject>term structure of interest rates; term funding premium; term premium; term rate premium; swap spreads</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Supplier networks transmit Fed rate moves through economy</title>
<link>https://fedinprint.org/item/d00001/103469</link>
<description>
<![CDATA[An important way monetary policy affects the economy is through household spending. When the Federal Reserve increases or lowers interest rates, the effects do not end with just the businesses most exposed to the resulting changes in household spending.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103469</guid>
<dc:creator>Ozdagli, Ali; Weber, Michael</dc:creator>
<dc:date>2026-06-30</dc:date>
<dc:subject>monetary policy</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Texas community college enrollment slips while four-year rates stay stable</title>
<link>https://fedinprint.org/item/feddse/103470</link>
<description>
<![CDATA[In recent years, surveys have suggested that young Americans are increasingly skeptical about the value of a college education. Perceptions that a college education doesn't offer the gateway that it once did raise an important question for lawmakers and educators: Are these changing attitudes translating into fewer students enrolling in college or completing degrees?]]>
</description>
<guid>https://fedinprint.org/item/feddse/103470</guid>
<dc:creator>Council, Dylan; Dhillon, Isabel; Deneault, Christa</dc:creator>
<dc:date>2026-06-26</dc:date>
<dc:subject>Texas; community college; Four-year college; enrollment</dc:subject>
<bibo:series>Southwest Economy</bibo:series>
</item>
<item>
<title>How Times Have Changed: The Impact of the 2026 Iran War on the U.S. Economy</title>
<link>https://fedinprint.org/item/feddwp/103437/original</link>
<description>
<![CDATA[The 2026 Iran war has raised the question of how exposed the U.S. economy is to geopolitical oil supply disruptions. It is widely believed that the U.S. economy has become less vulnerable to such disruptions as it has reduced its dependence on oil and changed from a major net oil importer to a net oil exporter. We develop a two-country model of the global economy with large geopolitical oil supply disruptions that distinguishes between the U.S. economy and the rest of the world. We find that the response of U.S. real GDP growth to the disruption in global oil supplies today is only one-twentieth of what it would have been in 1980. Moreover, the response of U.S. real GDP growth today is only one-sixth of the decline in the rest of the world.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103437/original</guid>
<dc:creator>Richter, Alexander W.; Kilian, Lutz; Plante, Michael D.</dc:creator>
<dc:date>2026-06-23</dc:date>
<dc:subject>oil price; geopolitics; oil supply disruptions; open economy; structural change</dc:subject>
<swpo:hasNumber>2615</swpo:hasNumber>
<identifiers:doi>10.24149/wp2615</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>The Interest Rate Effect of Government Debt and Deficits: Does Domestic Borrowing Have a Different Impact Than Foreign Borrowing?</title>
<link>https://fedinprint.org/item/feddwp/103436/original</link>
<description>
<![CDATA[This paper investigates the relationship between government debt and interest rates in advanced economies. We consider two separate, yet closely related puzzles in the data. Since the Global Financial Crisis, OECD countries have experienced a dramatic surge in government debt-to-GDP ratios, yet there was not a corresponding surge in sovereign bond yields. In addition, across countries there is no relationship between government debt levels and interest rates, and a country like Japan has the highest government debt level among advanced economies yet the lowest sovereign bond rates. To address both of these puzzles, we propose that the effect of government borrowing on interest rates depends critically on who finances that debt. We extend the work of previous studies that have estimated the effect of expected government debt or deficits on interest rates, and we add an international dimension by incorporating forecasts of the current account balance or net foreign asset position. We find that an increase in government debt financed from domestic savings has less of an effect on interest rates than an increase in government debt financed by foreign borrowing, and government debt has less of an effect on interest rates in a country that is a net international creditor than one that is a net international debtor.]]>
</description>
<guid>https://fedinprint.org/item/feddwp/103436/original</guid>
<dc:creator>Davis, J. Scott; Derr, Lillian</dc:creator>
<dc:date>2026-06-22</dc:date>
<dc:subject>government bond yields; government debt; current account</dc:subject>
<swpo:hasNumber>2614</swpo:hasNumber>
<identifiers:doi>10.24149/wp2614</identifiers:doi>
<bibo:series>Working Papers</bibo:series>
</item>
<item>
<title>Oil prices are up; whither the Texas boom?</title>
<link>https://fedinprint.org/item/feddse/103400</link>
<description>
<![CDATA[Texas tends to report higher employment and output when oil prices sharply increase. But uncertainty regarding the duration of elevated prices could mute such impacts from the price shock following the closure of the Strait of Hormuz.]]>
</description>
<guid>https://fedinprint.org/item/feddse/103400</guid>
<dc:creator>Thompson, Jesse; Torres, Luis; Leigh, Robert</dc:creator>
<dc:date>2026-06-05</dc:date>
<dc:subject>oil; gas; prices; production; Texas</dc:subject>
<bibo:series>Southwest Economy</bibo:series>
</item>
<item>
<title>Understanding discount window usage: Key drivers and early warning signals</title>
<link>https://fedinprint.org/item/d00067/103384</link>
<description>
<![CDATA[In this study we take a closer look at discount window usage since the Fed began releasing public data with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.]]>
</description>
<guid>https://fedinprint.org/item/d00067/103384</guid>
<dc:creator>Munyan, Ben; Ozden, Ozge</dc:creator>
<dc:date>2026-06-05</dc:date>
<dc:subject>banks; discount window</dc:subject>
<ebucore:publicationChannel>Dallas Fed Banking</ebucore:publicationChannel>
</item>
<item>
<title>Hormuz closure offsets tariff reversal; U.S. left with upside inflation risk</title>
<link>https://fedinprint.org/item/d00001/103383</link>
<description>
<![CDATA[A pair of important and opposing trade shocks hit the U.S. economy during the first quarter of 2026. The U.S. Supreme Court struck down a portion of the tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The decision on Feb. 20 lowered average U.S. import tariffs by roughly 4.8 percentage points.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103383</guid>
<dc:creator>Reyes-Heroles, Ricardo M.; Aanenson, Tryg</dc:creator>
<dc:date>2026-06-02</dc:date>
<dc:subject>energy; global; international economics; trade; tariffs; Hormuz; oil</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Opening remarks for moderated conversation at The University of Texas at El Paso</title>
<link>https://fedinprint.org/item/feddsp/103385</link>
<description>
<![CDATA[Dallas Fed President Lorie Logan shares her views on the economic and monetary policy outlook.]]>
</description>
<guid>https://fedinprint.org/item/feddsp/103385</guid>
<dc:creator>Logan, Lorie</dc:creator>
<dc:date>2026-06-03</dc:date>
<dc:subject>economic outlook; monetary policy outlook</dc:subject>
<bibo:series>Speeches and Essays</bibo:series>
</item>
<item>
<title>Rising hedge fund leverage affects monetary policy implementation</title>
<link>https://fedinprint.org/item/d00001/103350</link>
<description>
<![CDATA[The structure of the Treasury and repurchase agreement (repo) markets has changed over the past decade in ways that alter how administered rates pass through to market rates.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103350</guid>
<dc:creator>Kahn, R. Jay; McCormick, Matthew</dc:creator>
<dc:date>2026-05-28</dc:date>
<dc:subject>hedge fund leverage; monetary policy; spreads; Treasury yields</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Opening remarks for ‘Monetary policy and imbalances’ panel</title>
<link>https://fedinprint.org/item/feddsp/103349</link>
<description>
<![CDATA[Dallas Fed President Lorie Logan delivered these remarks at the Bank of Japan Institute for Monetary and Economic Studies Conference in Tokyo.]]>
</description>
<guid>https://fedinprint.org/item/feddsp/103349</guid>
<dc:creator>Logan, Lorie</dc:creator>
<dc:date>2026-05-27</dc:date>
<dc:subject>monetary policy; imbalances</dc:subject>
<bibo:series>Speeches and Essays</bibo:series>
</item>
<item>
<title>Climbing the employment ladder tough when bottom rung is broken</title>
<link>https://fedinprint.org/item/d00001/103348</link>
<description>
<![CDATA[Recent labor market data appear to reflect a low-hire, low-fire equilibrium. Because aggregate layoffs remain low by historical standards, the upward drift in the unemployment rate over the past two years is often viewed as a benign normalization process rather than a cyclical vulnerability.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103348</guid>
<dc:creator>Rincker, Theresa; Cheremukhin, Anton</dc:creator>
<dc:date>2026-05-26</dc:date>
<dc:subject>labor; forecasting; monetary policy</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Texas economy shows resilience amid geopolitical uncertainty</title>
<link>https://fedinprint.org/item/feddse/103299</link>
<description>
<![CDATA[The Texas labor market showed signs of increasing momentum in early 2026, with employment growing 1.7 percent during the first quarter after a sluggish 2025.]]>
</description>
<guid>https://fedinprint.org/item/feddse/103299</guid>
<dc:creator>Brizuela, Isabel; Dixon, Ethan</dc:creator>
<dc:date>2026-05-22</dc:date>
<dc:subject>Texas; labor; energy; economy</dc:subject>
<bibo:series>Southwest Economy</bibo:series>
</item>
<item>
<title>Fed’s forecasting edge ebbed prepandemic, persisted in downside inflation surprises</title>
<link>https://fedinprint.org/item/d00001/103298</link>
<description>
<![CDATA[We compare Federal Reserve Board staff forecasts with professional forecasts from Blue Chip Economic Indicators for headline Consumer Price Index inflation. The relevant question then is not whether inflation forecasts matter, but rather what their content reveals.]]>
</description>
<guid>https://fedinprint.org/item/d00001/103298</guid>
<dc:creator>Martínez García, Enrique; Chudik, Alexander</dc:creator>
<dc:date>2026-05-21</dc:date>
<dc:subject>Federal Reserve; Consumer Price Index (CPI); Blue Chip; inflation; forecast</dc:subject>
<ebucore:publicationChannel>Dallas Fed Economics</ebucore:publicationChannel>
</item>
<item>
<title>Ranchers herd it all as fewer cattle pressure beef prices; screwworm lurks</title>
<link>https://fedinprint.org/item/feddse/103297</link>
<description>
<![CDATA[Texas cattle ranchers typically benefit from an increase in beef prices, but more recently, the reemergence of the flesh-eating New World screwworm parasite threatens the beef industry.]]>
</description>
<guid>https://fedinprint.org/item/feddse/103297</guid>
<dc:creator>Dixon, Ethan; Yousuf, Mariam</dc:creator>
<dc:date>2026-05-20</dc:date>
<dc:subject>beef prices; cattle ranchers; Mexico; screwworm; Texas</dc:subject>
<bibo:series>Southwest Economy</bibo:series>
</item>
<item>
<title>Trader remains bullish on cattle despite economic, contagion threats</title>
<link>https://fedinprint.org/item/feddse/103296</link>
<description>
<![CDATA[Leslie Callahan, a co-founder and principal of cattle trading firm Crossroads Cattle, discusses the reasons behind record-high beef prices and challenges facing the industry.]]>
</description>
<guid>https://fedinprint.org/item/feddse/103296</guid>
<dc:creator>Orrenius, Pia M.</dc:creator>
<dc:date>2026-05-20</dc:date>
<dc:subject>beef; cattle; screwworm</dc:subject>
<bibo:series>Southwest Economy</bibo:series>
</item>
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