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Journal Article
Bankers, regulators absorb lessons of Silicon Valley Bank failure as new tests emerge
Ben Munyan, director of supervisory policy in the Banking Supervision Department at the Federal Reserve Bank of Dallas, discusses the challenges the banking industry faces in an era of rapidly rising interest rates and how Texas institutions have fared.
Journal Article
The Impact of COVID-19 on the Residential Real Estate Market
During the spring, the COVID-19 pandemic caused the residential real estate market to decline an average 33% around the country.
Threat of global housing slide looms amid rising rates
While house-price growth has recently begun to moderate—or, in some countries, to decline—the risk of a deep global housing slide persists.
Tracking the Economic Impact of the Pandemic Using High-Frequency Data
High-frequency data can provide a quicker snapshot of economic conditions than data that take weeks or months to become available.
New office buildings rise on Texas skyline despite difficult market
Despite persistent remote work arrangements and high vacancies in existing office buildings, construction cranes erecting new office space continue to dot Texas skylines.
Working Paper
The Good, the Bad, and the Ordinary: Estimating Agent Value-Added Using Real Estate Transactions
Despite the prevalence and high cost of real estate agents, there is limited empirical evidence as to the nature or efficacy of their services. In this paper we estimate real estate agents’ value-added when either selling or buying homes using data from three large multiple listing services (MLS). We find that homeowners who forgo a conventional real estate agent, but who list their homes on the MLS via a flat fee broker, sell for between 1 and 4 percent more before commission but take longer to sell and are less likely to complete a sale. However, these average effects mask a significant ...
Working Paper
Impacts of Monetary Stimulus on Credit Allocation and Macroeconomy: Evidence from China
We develop a new empirical framework to identify and estimate the effects of monetary stimulus on the real economy. The framework is applied to the Chinese economy when monetary policy in normal times was switched to an extraordinarily expansionary regime to combat the impact of the 2008 financial crisis. We show that this unprecedented monetary stimulus accounted for as high as a 4 percent increase of real gross domestic product (GDP) growth rate by the end of 2009. Monetary transmission to the real economy was through bank credit allocated disproportionately to financing investment in real ...
Rent inflation remains on track to slow over the coming year
Measures of market rents—the rental rate for new leases—increased about 15 percent in 2021. The surge occurred despite a modest increase of less than 4 percent in the rent and owners’ equivalent rent (OER) components of the most commonly watched U.S. inflation gauges, the Consumer Price Index (CPI) and personal consumption expenditures (PCE). A forecast of rent inflation using the Single Family Rent Index from CoreLogic, a financial analytics firm, would have accurately predicted this path a year in advance and currently anticipates rent inflation slowing to below 6 percent by the end ...
Location, location, location: Mortgage rate impact varies by metro
The role of individual housing markets and their sensitivity to mortgage rate changes play an important part in understanding the impact of higher rates.
Working Paper
Cyclical Lending Standards: A Structural Analysis
Lending standards are a direct measure of credit conditions. We use the micro data merged from three separate sources to construct this measure and document that an uncertain macroeconomic outlook, rather than banks' balance sheet positions, was an important reason that a majority of banks tightened bank lending standards during the Great Recession. Our extensive data analysis disciplines how we introduce credit frictions in the banking sector into a macroeconomic model. The model estimation reveals that an exogenous shock to credit supply drives cyclical lending standards and accounts for a ...