The Economy

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.

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.

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.

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.

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.