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The role of technology in mortgage lending

Technology-based (?FinTech?) lenders increased their market share of U.S. mortgage lending from 2 percent to 8 percent from 2010 to 2016. Using market-wide, loan-level data on U.S. mortgage applications and originations, we show that FinTech lenders process mortgage applications about 20 percent faster than other lenders, even when controlling for detailed loan, borrower, and geographic observables. Faster processing does not come at the cost of higher defaults. FinTech lenders adjust supply more elastically than other lenders in response to exogenous mortgage demand shocks, thereby ...
Staff Reports , Paper 836

Journal Article
When the Robots Came

Book Review of "The Future of Work: Robots, AI, and Automation by Darrell M. West, Washington, D.C.: Brookings Institution Press, 2018, 205 pages."
Econ Focus , Issue 2Q , Pages 31-31

Remarks at the Panel Discussion, “Central Bank Perspectives on Central Bank Digital Currencies”

The topic of central bank digital currencies is certainly of interest to the Federal Reserve and other nations’ central banks around the world. Like others, the Federal Reserve System is considering both the technical and policy issues surrounding all aspects of a central bank digital currency. In my brief remarks today on the panel, I will touch on several of these key considerations.

Fintech: Revolution or Evolution?

President Patrick T. Harker gave his economic outlook and discussed issues surrounding financial technology at the University of Pennsylvania?s School of Engineering and Applied Science. The event was part of a lecture series on technology, business, and government
Speech , Paper 131

Shifting Ground: The Changing Landscape in Financial Markets and Technology

The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their ninth annual risk conference on March 29?30, 2016. The conference brought together financial industry professionals, academics, and regulators to discuss the challenges and opportunities posed by the uncertain outlooks for financial markets and geopolitical landscapes across the globe, as well as by the array of innovations from financial technology, or ?fintech,? firms.
Chicago Fed Letter

Working Paper
Sectoral Development Multipliers

How should industrial policies be directed to reduce distortions and foster economic development? We study this question in a multi-sector model with technology adoption, where the production of goods and modern technologies features rich network structures. We provide simple formulas for the sectoral policy multipliers, and provide insights regarding the power of alternative policy instruments. We devise a simple procedure to estimate the model parameters and the distribution of technologies across sectors, which we apply to Indian data. We find that technology adoption greatly amplifies the ...
Working Paper , Paper 24-02

Technology’s Impact on Farming and the Rural Midwest

On November 27, 2018, the Federal Reserve Bank of Chicago held a conference to explore the opportunities and challenges presented by new technologies to farms and rural areas in the Midwest and other parts of the U.S. Experts from academia, industry, and policy institutions gathered to discuss how technological advances have reshaped the rural economy and how they may affect its future.
Chicago Fed Letter

The Growth and Challenges of Cyber Insurance

Cyberattacks have grown in frequency and cost over the past decade, with high-profile cases, such as the 2013 Target data breach, the 2017 Equifax data breach, and the leak of Democratic National Committee emails during the 2016 election making national headlines. Ransomware attacks, intellectual property theft, and fraud cost companies billions in recovery expenses, fines, and lost revenues every year. More firms are purchasing cyber insurance as a way to cover losses and expenses resulting from cyber incidents.
Chicago Fed Letter

Financial-sector foreign direct investment and host countries: new and old lessons

Many of the lessons from foreign direct investment (FDI) research on manufacturing and extractive resource industries are applicable to FDI research on the financial sector. This paper summarizes the main findings and policy themes of FDI research, with a primary focus on the implications of FDI for host countries, especially emerging market economies. I review evidence of technology transfers, productivity spillovers, wage effects, macroeconomic growth, and fiscal and tax concerns. Throughout this paper, I stress that parallel findings often arise from studies of general FDI and studies of ...
Staff Reports , Paper 183

Promise and Peril: Managing the Uncertainty of Rapid Innovation and a Changing Economy

The Chicago Fed?s Supervision and Regulation Department and DePaul University?s Center for Financial Services held their tenth annual risk conference on March 29?30, 2017. The conference brought together financial industry professionals, academics, and regulators to discuss the rapid pace of technological innovation in financial services, as well as the uncertainty of the changing economy through the lens of risk management.
Chicago Fed Letter



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