The Economy
We produce and compile research and data on the overall economy, banking and financial markets. Our goal is to help financial institutions operate in a safe manner and support a robust U.S. financial system.
Working Paper
The Health Channel of Business Cycles
WP 26-32 – We document that economic contractions causally worsen health among working-age adults and that poor health predicts negative labor market outcomes. These findings reveal a health channel of business cycles.
Working Paper
Pricing-to-Market in Business Cycle Models
WP 26-31 – We evaluate several leading microfounded pricing-to-market (PTM) mechanisms embedded in a two-country DSGE model with volatile exchange rates driven by real and financial shocks.
Research
Our Research Department's high-quality academic and original research supports the Federal Open Market Committee (FOMC) and the Bank's leadership as they address economic, finance, and public policy issues.
Aruoba-Diebold-Scotti Business Conditions Index
02 Jul ’26
An index designed to track real business conditions at high observation frequency
Article
Stablecoins and the Future of the Dollar
Economic Insights — Since they exploded in popularity, stablecoins have been playing a growing role in the real economy.
COVID-19
COVID-19 and the Philadelphia Fed
Get the Philadelphia Fed’s latest information, resources, and research on the coronavirus pandemic's impact on businesses, households, and communities.
Event
Oct
9-10
2026
2026 Conference on Real-Time Data Analysis, Methods, and Applications
Federal Reserve Bank of Philadelphia
Article
Felt but Unseen: The Lesser-Known Forces Influencing Home Prices
10 Jun ’26
Research in Focus — Two economists deconstruct the basic framework of home prices. Their nationwide analysis yields surprising insights into the elements that make up a home's selling price.
Working Paper
Large SVARs
WP 26-04/R – We develop a new algorithm to analyze economic data using SVAR models identified with sign restrictions. We demonstrate its usefulness on a small SVAR of the world oil market and a large SVAR of the U.S. economy.
Research
Research Assistant Opportunities for College Graduates
Working as a research assistant at the Philadelphia Fed is a rewarding experience, whichever career path you ultimately choose to pursue.