Journal Article
Banks’ Commercial Real Estate Risks Are Uneven
Pandolfo, Jordan; Marsh, W. Blake (2024-04-18)
Investors have been acutely attuned to commercial real estate (CRE) risks recently due to higher interest rates and changes in how Americans work. On the surface, these risks may seem particularly concerning for small and regional banks, which tend to hold large concentrations of loans backed by commercial properties. However, we show that CRE risks can vary substantially across property types and geographic locations, suggesting that aggregate CRE exposure may be a poor measure of risk.
Economic Bulletin

Journal Article
Consumer Credit Cards Show Few Signs of Financial Stress
Pandolfo, Jordan (2024-12-06)
Since monetary policy tightening began in March 2022, interest rates have risen across a range of consumer financial products, including credit cards. However, the consumer credit market shows little sign of financial stress as of September 2024. While credit card delinquency rates have increased among subprime borrowers, internal bank assessments suggest that subprime default risks remain historically low.
Economic Bulletin

Journal Article
Interest Rates and Nonbank Market Share in the U.S. Mortgage Market
Pandolfo, Jordan; Acker, Chris; An, Phillip (2025-02-13)
Differences in business models help explain how banks gain market share from nonbanks when interest rates are high.
Economic Review , Volume 110 , Issue 1 , Pages 17