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 Impact of Early Investments in Urban School Systems in the United States
WP 26-15 – Urban schools increased per pupil expenditures by 70 percent from 1918 to 1924, and these resources led to greater educational attainment and higher wages for less advantaged children.
Article
In the Postcrisis Era, Are Markets for Credit Derivatives Better at Reducing Risks? A Look at Settlement Cycles Suggests There Is Room for Improvement
10 Mar ’26
Research in Focus — Through an analysis of trading activity across derivatives markets, three economists explain how risk levels can remain elevated, even after regulatory reforms.
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
19 Mar ’26
An index designed to track real business conditions at high observation frequency
Working Paper
Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints
WP 22-34/R – Individual heterogeneity explains the link between declines in consumption and house values in 2006–2009. Credit constraints triggered by falling house prices and a few very constrained households are important. Wealth effects play no role.
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
Apr
3
2026
2026 Fintech and Financial Institutions Research Conference
Federal Reserve Bank of Philadelphia
Working Paper
On the Wisdom of Crowds (of Economists)
WP 26-14 – Averaging economists’ predictions boosts accuracy, and our theory shows how quickly those improvements accumulate.
Working Paper
Evaluating Transportation Improvements Within Cities Using Quantitative Spatial Models
WP 26-13 – Quantitative spatial models (QSMs) can assess the equilibrium impacts of transportation infrastructure within cities. I describe a simple QSM and identify common weaknesses and promising future directions for research.
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.