Working Paper
Token-Based Platform Governance
WP 25-17 – We develop a model to compare the governance of a traditional platform to the governance of a platform that issues digital tokens to users.
Featured Work
Article
Banking Trends: Where Depositors Fear to Tread
Economic Insights — What should policymakers do when depositors flee banks, as they did after Silicon Valley Bank collapsed in 2023? Much depends on how banks create liquidity.
Working Paper
Measuring Climate Transition Risk at the Regional Level with an Application to Community Banks
WP 25-11 – We base our measure of U.S. climate transition risk on an estimate of an emissions tax’s effect on firm value, aggregated to the region. The size and geographic concentration of the effect depend on the tax’s pass-through to prices.
Working Paper
Mortgage-Backed Securities
WP 25-10 – This paper provides a review of the mortgage-backed securities (MBS) market, the ultimate source of financing for most housing purchases in the United States, and one of the largest and most liquid financial markets in the world.
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: 19 May ’25
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: 10 Mar ’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: 09 Apr ’25