Our mission is to produce leading-edge research on how credit markets and payment systems affect the economy. The Institute sponsors opportunities for scholars, the financial industry, and the public sector to collaborate and share insights on fostering healthy household finances, a stable financial system, and a resilient economy.

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Our researchers span four Bank departments and collaborate with each other and visiting scholars to provide the next level of research.

Meet one of our researchers

Paul Calem

Vice President, Supervision, Regulation, and Credit

Paul Calem

Paul Calem is an economist with wide-ranging experience studying mortgage risk, bank capital and supervisory policy, and consumer access to credit.

  • Consumer Finance
  • Credit Risk Modeling
  • Bank Capital and Supervisory Policy
  • Real Estate and Mortgage Markets
Featured Publications
  • Borrowing Constraints and Homeownership
  • Why Mortgage Borrowers Persevere: An Explanation of First and Second Lien Performance Mismatch
  • House-Price Expectations, Alternative Mortgage Products, and Default
  • Subprime Mortgages and the Housing Bubble
  • Risk-Based Capital Requirements for Mortgage Loans

Publications and Resources

Literature Database

Our continually updated database provides bibliographic citations for journal articles, books, reports, and other publications on consumer credit and payments and links to full-text papers from across the Federal Reserve System.

Search Our Literature Database