State and local governments rake in surpluses after pandemic
Mau, Ron; Yang, Fang (2023-12-19)
The existence of large sums in state and local government coffers runs counter to historic post-recession trends. State and local governments usually grapple with budget shortfalls due to rising social program demands and weak revenue streams following recessions.
Dallas Fed Economics

Inflation forecasts based on money growth proved accurate in 2021, though generally unreliable
Atkinson, Tyler; Mau, Ron (2024-02-20)
As money demand changes, and in particular as money velocity fluctuates with interest rates, this relationship can become unstable with money growth providing limited useful information for inflation forecasting.
Dallas Fed Economics