In markets where buyers cannot observe the quality of sellers' goods, there may be a role for intermediation. A certification intermediary is an agent that gathers information about seller quality and reports it to buyers. This paper examines the choice of such an intermediary between selling...

This paper aims to explain why some consumers may rationally object to free trade. I describe a differentiated-goods economy in which agents differ in their preferences across categories of goods. Due to increasing returns in production the number of goods produced in a given category depends on...

This third COVID-19 Special Issue Brief explores the characteristics, including demographics, of mortgage borrowers in forbearance or delinquent during the COVID-19 pandemic. The report uses data from the National Mortgage Database (NMDB®), which is a random 1-in-20 sample of closed-end...

Our data point reports are prepared by our Office of Research to provide an evidence-based perspective on consumer financial markets, consumer behavior, and regulations to inform the public discourse. This data point compares borrower characteristics at mortgage servicers of different sizes and...