Julapa Jagtiani

Julapa Jagtiani

Senior Economic Advisor and Economist, Supervision, Regulation, and Credit

Phone: (215) 574-7284
Email: Julapa.Jagtiani@phil.frb.org

Areas of Expertise

  • Small Business Lending
  • Fintech
  • Mortgage Modification, Foreclosure, Strategic Default
  • Capital and Liquidity

About Julapa Jagtiani

Julapa Jagtiani joined the Federal Reserve Bank of Philadelphia as a special advisor in the Supervision, Regulation, and Credit Department in 2008. In this role, she has conducted research and participated in or led several supervisory policy and implementation projects, including CCAR stress testing, recovery and resolution plans, and Basel II qualification reviews for large and complex financial institutions, with a focus on the use of quantitative methods and models for risk management. She is also a fellow member of the Wharton Financial Institutions Center and a Central Bank Research Fellow at the Bank for International Settlements.

Previously, Jagtiani was a senior economist at the Federal Reserve Banks of Kansas City and Chicago. Before joining the Federal Reserve System in 1998, she was associate professor of finance at Baruch College and assistant professor of finance at Syracuse University.

Jagtiani has made significant contributions in the fields of financial institutions, financial markets, and bank supervision and regulation. She publishes research in top finance journals, organizes conferences to connect regulators with academics and industry leaders, and is a frequent speaker at conferences and forums. Her research areas include banking policy-related issues, including too big to fail, systemic risk and financial stability, Basel II capital regulations, mergers and acquisitions, mortgages and home equity issues, and credit risk models and management. Her more recent research has focused on issues related to fintech, use of alternative data and AI/ML in credit decisions, small business lending, and community bank mergers.

Jagtiani has been active in the community and has served on the board of directors and finance committees at various organizations, including the Leadership Council Board of Directors for the American Red Cross, the Center for Practical Bioethics, and the Parents Council at Johns Hopkins University; she also belongs to the Union League of Philadelphia. Jagtiani has a Ph.D. in finance and an M.B.A. from New York University’s Stern School of Business, where she held the Rockefeller Foundation Fellowship.

Select Publications

Working Papers

Articles in Refereed Journals

  • “Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More Than Self-Cures?” (with P. Calem and R.Q. Maingi) Journal of Real Estate Research, forthcoming in 2020.
  • “Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance,” (with Joe Hughes, Loretta Mester, and Choon G. Moon) Journal of Banking and Finance, Winter 2019, 1–29.
  • “The Roles of Alternative Data and Machine Learning in Fintech Lending: Evidence from the LendingClub Consumer Platform,” (with Catharine Lemieux) Financial Management, Winter 2019, 48(4), 1009–1029.
  • “Cryptocurrencies in the Global Economy,”  (with Michael G. Papaioannou and George Tsetsekos), The Journal of Investing, Cryptocurrency Special Issue 2019, 28 (3), April, 7-12.
  • “Fintech and the New Financial Landscape”  (with Itay Goldstein and Aaron Klein), Bank Policy Institute (BPI): Banking Perspectives, Q1 Volume 7, March 2019.
  • “Fintech — The Impact on Consumers and Regulatory Responses,”  (with Kose John), Journal of Economics and Business Volume 100, November-December 2018, 1-6. 
  • “The Interplay Among Financial Regulations, Resilience, and Growth,” (with Franklin Allen and Itay Goldstein), Journal of Financial Services Research 53, Number 2-3, June 2018, 141-162.
  • “Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks?”  (with Cathy Lemieux), Journal of Economics and Business, June 2018.
  • “The Roles of Big Data and Machine Learning in Bank Supervision”  (with Todd Vermilyea and Larry Wall), The Clearing House: Banking Perspectives, Quarter 1, 2018.
  • “First-Time Homebuyers: Toward a New Measure,” PDF (with Arthur Acolin, Paul Calem, and Susan Wachter), Cityscape: A Journal of Policy Development and Research, U.S. Department of Housing and Urban Development, Volume 20, Number 1, March 2018, 193-204.
  • “The Impacts of Financial Regulations: Solvency and Liquidity in the Post-Crisis Period,” (with Chris Cumming and Colleen Baker), Journal of Financial Regulations and Compliance, Volume 25, Issue 3 (August 2017), 253–270.
  • “Community Bank Mergers and the Impact on Small Business Lending,” (with I. Kotliar and R.Q. Maingi), Journal of Financial Stability, Volume 27 (November 2016) 106-121. 
  • “Small Business Lending After the Financial Crisis: A New Competitive Landscape for Community Banks,” (with C. Lemieux), Economic Perspectives, Federal Reserve Bank of Chicago, Number 3 (2016).
  • “Enhancing Prudential Standards in Financial Regulations” (with Franklin Allen, Itay Goldstein, and William W. Lang), Journal of Financial Services Research 49, No. 2–3 (June 2016), 133-150.
  • “Foreclosure Delay and Consumer Credit Performance,” (with Paul Calem and Bill Lang), Journal of Financial Services Research, Volume 52 (2017), 225–251.
  • “Regulating Consumer Credit” (with Paul Calem and William Lang), Journal of Economics and Business 84:2 (2016).
  • “Credit Access and Credit Performance after Consumer Bankruptcy Filing: New Evidence” (with Wenli Li), American Bankruptcy Law Journal 89:2 (2015), 327–362.
  • “Can Banks Circumvent Minimum Capital Requirements? The Case of Mortgage Portfolio Under Basel II” with C. Henderson, Journal of Mathematical Finance, 3 (2013), 60-68.
  • “How Much Did Banks Pay To Become Too-Big-To-Fail and to Become Systemically Important?” with E. Brewer, Journal of Financial Services Research, 43 (2013), 1-35.
  • “Strategic Default on First and Second Lien Mortgages during the Financial Crisis” (with W. Lang), Journal of Fixed Income (Spring 2011), 7-23.
  • “Enhancing Market Discipline in Banking: The Role of Subordinated Debt in Financial Regulatory Reform” (with D. Evanoff), Journal of Economics and Business, 63 (2011), 1-22.
  • “The Mortgage and Financial Crises: The Role of Credit Risk Management and Corporate Governance” (with W. Lang), Atlantic Economic Journal 38 (2010), No. 3, 295-316.
  • “Understanding the Impact of the Merger Boom on Community Banks,” Federal Reserve Bank of Kansas City: Economic Review (Quarter 2, 2008), Volume 93, No. 2, 29-48.
  • “The Role of Bank Advisors in Mergers and Acquisitions” (with A. Saunders, L. Allen, and S. Peristiani), Journal of Money, Credit, and Banking 36, No. 2 (April 2004), 197-224.
  • “The Impact of Supervisory Disclosure on the Supervisory Process Effectiveness” (with R. Feldman and J. Schmidt) in Market Discipline in Banking: Theory and Evidence, edited by G. Kaufman in Research in Financial Services 15, Elsevier (December 2003) 33-55.
  • “Merger Advisory Fees and Choice of Merger Advisors” (with W.C. Hunter), Review of Financial Economics 12 (2003), 65-81.
  • “Early Warning Models for Bank Supervision — Simpler Could Be Better” (with J. Kolari and C. Lemieux), Federal Reserve Bank of Chicago Economic Perspectives (September 2003), 49-60.
  • “The Impact of Credit Risk on Bank and BHC Bond Yields: Evidence from the Post-FDICIA Period” (with G. Kaufman and C. Lemieux), Journal of Financial Research XXV, No. 4 (Winter 2002), 559-575.
  • “Looking for Trouble: Early Detection of Inadequate Capitalization of U.S. Commercial Banks” (with J. Kolari and C. Lemieux), International Company and Commerce Law Review, Volume 13, Issue 7 (July 2002) 269-280.
  • “Further Evidence on the Information Content of Bank Examination Ratings: A Study of BHC-to-FHC Conversion Applications” (with L. Allen and J. Moser), Journal of Financial Services Research 20, No. 2/3 (October/December 2001), 213-232.
  • “Do Markets React to Regulatory Information?” (with J. Moser), Chicago Fed Letter, Federal Reserve Bank of Chicago, No. 166 (June 2001).
  • “Market Discipline Prior to Bank Failure” (with C. Lemieux), Journal of Economics and Business 53, No. 2/3 (March/June 2001), 313-324.
  • “Bank Mergers in the 1990s” (with E. Brewer, W. Jackson), Federal Reserve Bank of Chicago: Economic Perspectives (March 2000), 2-23.
  • “The Risk Effects of Combining Banking, Securities, and Insurance Activities” (with L. Allen), Journal of Economics and Business 52, No. 6 (November/December 2000), 485-497.
  • “Risk and Market Segmentation in Financial Intermediaries' Returns” (with L. Allen), Journal of Financial Services Research 12, No. 2/3 (October/December 1997), 159-173.
  • “Interest Rate Risk Subsidization in International Capital Standards” (with L. Allen and Y. Landskroner), Journal of Economics and Business 48 (1996), 251-267.
  • “Scale and Scope Economies at Large Banks: Including Off-Balance Sheet Products and Regulatory Effects,” (with A. Khanthavit), Journal of Banking and Finance 20, No. 7 (August 1996) 1271-1287.
  • “Characteristics of Banks That Are More Active in the Swap Market” Journal of Financial Services Research 10, No. 2 (June 1996), 131-141.
  • “Scale Economies and Cost Complementarities in Commercial Banks: Including Off-Balance Sheet Activities” (with A. Nathan and G. Sick), Journal of Banking and Finance 19, No. 7 (October 1995), 1175-1189.
  • “The Effect of Bank Capital Requirements on Bank Off-Balance Sheet Financial Innovations” (with A. Saunders and G. Udell), Journal of Banking and Finance 19, No. 3-4 (June 1995), 647-658.
  • “Foreign Ownership Restrictions and Premiums for International Investments: Some Evidence from the Thai Capital Market” (with W. Bailey), Journal of Financial Economics 36 (August 1994), 57-87.