Dallas Fed launches new publication

The Federal Reserve Bank of Dallas has launched 'Economic Letter,' a monthly publication, that will provide commentary on important trends and policy issues shaping the increasingly global economy.

In the debut issue, Senior Vice President and Chief Economist W. Michael Cox and economist Jahyeong Koo analyze why Japan has found it difficult to break out of a long period of stagnation.

"Neither insufficient demand nor tight monetary policy fully explains why a once-thriving, highly competitive