Financial Instability with Circulating Debt Claims and Endogenous Debt Limits

WP 20-45 — This paper develops a banking model in which intermediaries issue liabilities that circulate as a medium of exchange to finance loans to entrepreneurs, who use the proceeds to fund the accumulation of capital goods.

Featured Work

Corporate Bond Liquidity During the COVID-19 Crisis

WP 20-43 - We study liquidity conditions in the corporate bond market during the COVID-19 pandemic, and the effects of the unprecedented interventions by the Federal Reserve.

Banking Trends: Why Don't Philly Banks Make More Local CRE Loans?

Economic Insights — Nationally, local banks do a large share of commercial real estate lending, but this isn’t true in Philadelphia. We take a trip through the geography, history, and data of this unusual banking market.

Banking Brief

The Banking Brief quarterly report analyzes trends and compares the performance of banks based in Pennsylvania, New Jersey, Delaware, and the nation.

Featured Data

Map of the Third Federal Reserve District

Institutions in the Third District

The lists include a summary of market statistics and each institution’s location and asset size as of the most recent quarter.

Updated: October 13, 2020

Map of the Third Federal Reserve District

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: October 28, 2020