Working Paper
The Evolution of the Corporate Bond Market: A Theoretical Analysis
WP 26-27 – The authors study the impact of three recent developments in the corporate bond market: an increase in dealers’ balance sheet costs, the rise of electronic trading platforms, and the shift in ownership toward mutual funds and ETFs.
Featured Work
Working Paper
Banking Regulation with Risk of Sovereign Default
WP 26-25 – Banking regulation's failure to recognize the riskiness of government debt induces domestic banks to purchase risky government bonds and lowers the government’s borrowing costs. A government might use banking regulation to avert a default.
Article
When Market Conditions Turn Volatile, Why Don’t Banks Use Bond Portfolios as Shock Absorbers?
Research in Focus — Three economists explain why banks didn’t adjust their bond portfolios during the 2022–2023 bout of rising interest rates.
Working Paper
Flight to Safety: Evaluating Stablecoin’s Role as a Safe-Haven Asset in DeFi Markets
WP 26-24 – This study examines the impact of the stablecoin Tether (USDT) on systemic liquidity across the Ethereum and Bitcoin markets, utilizing an event study approach that integrates on-chain wallet data, pricing, and financial metrics.
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: 11 May ’26
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: 20 Mar ’26
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: 08 Apr ’26