Research Department 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
Speech by President Lorie Logan
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
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
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
Payment system design can encourage intraday liquidity efficiency
Efficient allocation of bank reserves improves central bank balance sheet efficiency. Frictions in such redistribution can affect monetary policy implementation.
October 02, 2025
Speech by President Lorie Logan
Why I’ll be cautious about further rate cuts
While the labor market has undeniably slowed, not all of the slowing represents economic slack, and inflation remains persistently above target.
September 30, 2025
Central bank swaps offer dollar crisis lifeline to non-U.S. banks
Starting in late 2007, the Federal Reserve, in partnership with a few major foreign central banks, began offering central bank dollar liquidity swap lines as an important liquidity backstop.
September 30, 2025
Speech by President Lorie Logan
The case for modernizing the FOMC’s operating target rate
The time has come for the FOMC to prepare to target a different short-term interest rate. A repo rate would provide a more robust target than the current fed funds target.
September 25, 2025
Options for modernizing the FOMC’s operating target interest rate
The Federal Open Market Committee primarily adjusts the stance of monetary policy through its target range for the federal funds rate. We discuss whether the fed funds rate remains the right operating target for short-term interest rates.
September 25, 2025
What is keeping core inflation above 2 percent?
How much is current "excess" inflation? We take a new approach to this question, focusing on movements in relative prices.
September 23, 2025