Journal Article
Commodity futures investing: method to the madness
Thies, Jackson; Plante, Michael D. (2012-05)
Just as there are popular indexes that measure the value of groups of stocks, such as the Dow Jones industrial average, there are indexes that do the same for commodity futures.
Economic Letter , Volume 7 , Issue 5

Journal Article
Market expectations and corn prices: looking into future to explain present
Thies, Jackson; Plante, Michael D. (2012-08)
Market expectations of future supply and demand are important in determining current prices for agricultural products such as corn, which are harvested annually and stored for later use. Prices can quickly move when beliefs change?due to new data, for example?even if events far in the future are involved.
Economic Letter , Volume 7 , Issue 7

Journal Article
Noteworthy: oil markets: Saudis abandon WTI price as benchmark
Thies, Jackson (2010-01)
Saudi Arabia's state-owned oil company no longer uses West Texas Intermediate (WTI) crude oil as its pricing benchmark. Saudi Aramco, the third largest U.S. oil supplier, switched to the Argus Sour Crude Index (ASCI) in January.
Southwest Economy , Issue Q1 , Pages 15

Discussion Paper
Understanding the risks inherent in shadow banking: a primer and practical lessons learned
Thies, Jackson; Rosenblum, Harvey; Luttrell, David (2012-11)
Examinations of the 2007?09 financial crisis often use the term shadow banking. This paper explains the form and functioning of the shadow banking system, how it relates to systemic risk and the recent financial crisis, and what particular aspects should be highlighted to benefit policymakers as they implement new regulations designed to enhance financial market resiliency. The paper is divided into two parts: The first serves as a primer on shadow banking; the second provides a narrative of how the system froze during the financial crisis and pertinent lessons learned for the current reform ...
Staff Papers , Issue Nov

Journal Article
Sizing up nanoelectronics: gauging the potential for new productivity wave
Yücel, Mine K.; Swadley, Adam; Thies, Jackson; Phillips, Keith R. (2011-04)
The Federal Reserve Bank of Dallas, in cooperation with the Semiconductor Industry Association (SIA), hosted a conference on nanoelectronics and the economy in Austin on Dec. 3, 2010. Economists and scientists explored how information technology has affected U.S. productivity and output growth and prospects for the future.
Southwest Economy , Issue Q2 , Pages 16-19

Journal Article
Noteworthy: commercial real estate: recession takes toll, banks put at risk
Thies, Jackson (2009-10)
Texas' commercial real estate market steadily worsened as recession took hold in 2009. Commercial real estate's woes don't bode well for banks already struggling with losses from residential loans. The number of distressed properties--those in foreclosure, in bankruptcy or restructured--is rising.
Southwest Economy , Issue Q4 , Pages 15

Journal Article
What drives diesel fuel prices?
Brown, Stephen P. A.; Thies, Jackson (2009)
Historically, gasoline has commanded a premium over diesel, but that changed in mid-to-late 2007, when diesel rose above gasoline. In 2007 and 2008, however, gasoline traded higher than diesel only 21.1 percent of the time. This deviation from historic norms raises an interesting question--what drives diesel prices? As with virtually all petroleum-derived products, the story begins with oil prices. Seasonal patterns also play a significant role. Demand for a range of oil-based products changes with the weather, and prices fluctuate as refiners adjust their output mix. Government regulations ...
Economic Letter , Volume 4

Journal Article
Noteworthy: dairy squeeze: low prices, high costs hit Texas industry
Thies, Jackson (2009-04)
Production of more than 7 billion pounds a year makes milk one of Texas' top 10 agricultural commodities. However, 2009 is shaping up to be a tough year for the state's dairy producers.
Southwest Economy , Issue Q2 , Pages 15

Journal Article
Oil and gas rises again in a diversified Texas
Thies, Jackson; Yücel, Mine K. (2011-01)
The oil and gas industry has been a driver of the Texas economy for the past 40 years. Its contribution declined with the oil-led recession of 1986 and appeared to slip further in the 1990s as the high-tech industry boomed. But oil and natural gas prices have risen since 1999, reaching record highs in 2008. This resurgence has boosted energy activity and factored into the recent economic recovery in Texas, affirming the industry?s long-held prominence in the state. ; An econometric model developed by the Federal Reserve Bank of Dallas documents the state?s evolving energy fortunes since the ...
Southwest Economy , Issue Q1 , Pages 10-13

Journal Article
Noteworthy: Gulf oil spill: Costs of well disaster still piling up
Thies, Jackson (2010-10)
British Petroleum's Macondo well blew out April 20 as the Deepwater Horizon platform sunk. By the time the well was capped on July 15, an estimated 4.9 million barrels of oil had flowed into the Gulf of Mexico. The U.S. government and BP are still assembling a definitive estimate of the flow; the final figure is likely to be a source of contention because it will be the basis for determining financial penalties.
Southwest Economy , Issue Q4 , Pages 14