Ballpoint pen and page with line graph.

CLO Performance

WP 20-48 - We show that collateralized loan obligations (CLOs) add economic value by mitigating regulatory constraints imposed on financial intermediaries and addressing market incompleteness.

Featured Work

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.

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: 08 Jan ’21

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: 28 Oct ’20