"In today's world, where investors can move their funds instantly from one currency to another to avoid depreciation, the price central bankers pay for high inflation is much higher than in the past. Understanding this, you can see why I am a steadfast inflation-fighting owl." ; Remarks for a...

Several years ago, the Dallas Fed's annual report featured an essay entitled "The Churn." The churn is our term for what economist Joseph Schumpeter called "creative destruction." A dynamic economy like ours can grow and make room for the new only if we allow parts of the economy to shrink....

In this paper, we examine the empirical relationship between financial repression, financial development, and growth. Theory has developed in which financial repression and growth are linked. The main contribution of this paper is to look at two parts. First, what, if any, is the empirical link...

The rolling recessions of the 1970s and 1980s were characterized by industry and region specific shocks that led to large dispersions in the economic performance of regions across the U.S. The 1970s were primarily impacted by sharply rising energy prices that hit the manufacturing states hard...