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.

Regional Economics

Working Paper

Is Mortgage Lock-In Responsible for Housing Market Tightness?

WP 26-33 – Elevated mortgage rates discourage homeowners from moving, as relocating triggers a reset of mortgage terms — a phenomenon termed “lock-in.”

Macroeconomics

Article

Forecasting Recessions Using an “At-Risk” Transformation to Identify Unusual Weakness in Indicators

Research in Focus — The Philadelphia Fed’s Minchul Shin and his coauthor forecast recessions by transforming economic indicators into binary signals, often outperforming alternative methods.

Aruoba-Diebold-Scotti Business Conditions Index

An index designed to track real business conditions at high observation frequency

Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios

WP 25-31/R – We use bond-level data to study how U.S. banks managed securities portfolio risk during the 2022–23 interest-rate surge.

Event

Oct

9-10

2026

2026 Conference on Real-Time Data Analysis, Methods, and Applications

Federal Reserve Bank of Philadelphia

Macroeconomics

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.

Macroeconomics

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.