Monetary policy and the new normal
Is the economy in for a prolonged spell of slow growth, as some believe, or a burst of innovation and productivity? In either event, policymakers must pay close attention to productivity trends.
The Value of Loyal Customers
Is there a rational reason that stock prices in some industries greatly exceed book values? The answer may lie in the idea that customers are capital.
Understanding Gentrification’s Causes
What do three centuries of Philadelphia history tell us about today?s changing neighborhoods?
Making Sense of Urban Patterns
Why do cities everywhere exhibit the same general patterns of density and development? And how can we explain some striking variations? The streets of Philadelphia roll west through a collage of urban environments familiar to city dwellers nearly everywhere. From Penn Square, the central site of the iconic stone City Hall, Market Street traverses a canyon of concrete and glass office buildings that gradually give way to commercial and apartment structures and mixed uses. A mile from City Hall, the busy thoroughfare crosses the Schuylkill River, and density again picks up as the University of ...
Banking Trends: Skin in the Game in the CMBS Market
Issuers of commercial mortgage-backed securities must now retain a portion on their own books. What evidence is there that the rule will reduce risky lending?
Investing in Elm Street: What Happens When Firms Buy Up Houses?
Since the onset of the mortgage crisis in 2007, a much larger than normal share of single-family houses listed for sale in the U.S. each year has been purchased by institutional investors?Wall Street firms, real estate trusts, international funds, and so on. This phenomenon has been easing since 2013, but investor activity remains widespread and is particularly prevalent in high-foreclosure areas such as Las Vegas and Atlanta, where prices had soared during the housing bubble and, after the crash, severe house price downturns occurred. This trend is also growing in areas of the country where ...
Bitcoin vs. the Buck: Is Currency Competition a Good Thing?
Ever since the U.S. established a single currency in the 19th century, the idea of private money has evoked panics and bank failures. In the cryptocurrency era, can the dollar stay sound?
Taxing The 1 Percent
Raising taxes on top earners is often seen as a straightforward way to stem inequality. The trick is preserving efficient revenue generation and work incentives for the economy?s most productive contributors.
Banking Trends: Measuring Cov-Lite Right
More business loans today lack traditional covenants governing borrowers. Does that leave banks with fewer tools to ward off default?
Banking trends: how Dodd–Frank affects small bank costs
Do stricter regulations enacted since the financial crisis pose a significant burden?