Working Paper
Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints
WP 22-34/R – Individual heterogeneity explains the link between declines in consumption and house values in 2006–2009. Credit constraints triggered by falling house prices and a few very constrained households are important. Wealth effects play no role.
Featured Work
Article
In the Postcrisis Era, Are Markets for Credit Derivatives Better at Reducing Risks? A Look at Settlement Cycles Suggests There Is Room for Improvement
Research in Focus — Through an analysis of trading activity across derivatives markets, three economists explain how risk levels can remain elevated, even after regulatory reforms.
Working Paper
Demand-Based Asset Pricing in General Equilibrium
WP 26-12 – This paper’s macrofinance model — in which financial intermediaries face frictions in adjusting their portfolios, generating inelastic asset demand — quantitatively illustrates how institutional frictions explain asset pricing puzzles.
Working Paper
The Effects of Wildfire and Distant Air Pollution on Household Financial Well-Being
WP 26-02 – While exposure to wildfire smoke is adverse to human health, little is known about related impacts on household economics.
Featured Data
Institutions in the Third District
This interactive tool summarizes information about banks and holding companies within the Third District (comprising eastern and central Pennsylvania, southern New Jersey, and Delaware) and provides each institution’s location and asset size as of the most recent quarter.
Updated: 10 Mar ’26
Third District Banking Conditions
Third District Banking Conditions is a semiannual report comparing the trends of Third District community banks with their national peers.
Updated: 15 Sep ’25
Large Bank Credit Card and Mortgage Data
The Large Bank Consumer Credit Data are based on Y-14M credit card and mortgage data provided by the largest financial institutions in the United States.
Updated: 21 Jan ’26