The Economy

We produce and compile research and data on the overall economy, banking and financial markets. Our goal is to help financial institutions operate in a safe manner and support a robust U.S. financial system.

Is Loan Volume Becoming Concentrated Among Too Few Online Mortgage Providers?

Research in Focus — By studying a period of substantial regulatory change and technological innovation, three researchers identify shifts in market concentration within the U.S. mortgage market.

Aruoba-Diebold-Scotti Business Conditions Index

An index designed to track real business conditions at high observation frequency

CMBS Market Evolution and Emerging Risks

WP 23-27 – We study the evolution of the private-label CMBS market from one dominated by broadly diversified long-term, fixed-rate conduit securitizations to one dominated in 2021–22 by undiversified short-term, floating-rate single-asset, single-borrower (SASB) securitizations.

Q&A: Julapa Jagtiani on Fintech

Our Seventh Annual Fintech Conference in September brought more than 1,500 leaders and experts together to discuss the latest issues and trends related to fintech. At the lead of this effort is Julapa Jagtiani, senior economic advisor and economist. Here, Jagtiani shares details on how the conference started and what lies ahead.





New Perspectives on Consumer Behavior in Credit and Payments Markets

Federal Reserve Bank of Philadelphia

Did Fintech Loans Default More During the COVID-19 Pandemic? Were Fintech Firms “Cream Skimming” the Best Borrowers?

WP 23-26 – A growing portion of consumer credit has recently been devoted to unsecured personal installment loans. Fintech firms have been active players in this market, with an increasing market share, while the market share of banks has declined.

How Effective Are Place-Based Industrial Policies?

Research in Focus — Enghin Atalay of the Philadelphia Fed and his coauthors study place-based subsidy programs, including their impact on reducing wage inequality between Turkey’s various provinces.