James Vickery

Research Economist

Hi! I'm a financial economist studying financial intermediation and real estate finance with a focus on mortgage and MBS markets.

I'm a Senior Economic Advisor and Economist at the Federal Reserve Bank of Philadelphia. You can contact me at james.vickery@phil.frb.org.

Here's what I'm working on at the moment.

What's new?

November: Andreas Fuster, David Lucca and I have a new draft handbook chapter on "Mortgage-Backed Securities" which I presented at the Research Handbook of Financial Markets conference. My slides are here. This is a preliminary version and any comments are very welcome.

October: I discussed "Racial Disparities in Mortgage Lending: New Evidence Based on Processing Time" by Bin Wei and Feng Zhao at the Atlanta Fed Conference on Racial Inequality and Disparities in Financial Markets. My slides are here. I also participated in a great conference on "Housing, Financial Markets and the Macroeconomy" hosted by UCLA and the San Francisco Fed, to talk about our work on mortgage credit supply during the COVID pandemic.

September: My coauthor Tess Scharlemann presented our paper "Intermediation Frictions in Debt Relief: Evidence from CARES Act Forbearance" (also joint with You Suk Kim and Donghoon Lee) at the Philadelphia Fed conference on "New Perspectives on Consumer Behavior in Credit and Payments Markets". Slides are here. Thanks to Gene Amromin for a really insightful discussion.

August: I discussed "Small Bank Financing and Funding Hesitancy in a Crisis: Evidence from the Paycheck Protection Program" by Balyuk, Prabhala and Puri at the EFA meetings. My slides are here.

July: I presented "How Resilient is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic" (joint with Andreas Fuster, Aurel Hizmo Lauren Lambie-Hanson and Paul Willen) at the NBER Summer Institute Real Estate meetings. My slides are here.

June: I presented "Does CFPB Oversight Crimp Credit?" (joint with Andreas Fuster and Matt Plosser) at the WFA meetings. Slides are here. Thanks to Anthony DeFusco for a great discussion.

June: My coauthor Haoyang Liu presented our paper "Defragmenting Markets: Evidence from Agency MBS" (also joint with Zhaogang Song) at the AREUEA National Conference and the 2021 Wisconsin Real Estate Research Conference. Slides are here. Many thanks to Sanket Korgaonkar for a very thoughtful discussion of our paper at AREUEA.

June: I discussed three really interesting papers: (i) "Who Supplies PPP Loans (and Does It Matter)? Banks, Relationships and the COVID Crisis" by Lei Li and Phil Strahan [my slides]; (ii) "Financing Competitors: Shadow Banks' Funding and Mortgage Market Competition" by Erica Jiang [my slides] and (iii) "Financial Technology and the 1990s Housing Boom" by Stephanie Johnson [my slides].