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
Ideas and Firm Dynamics When It Takes Two to Tango
WP 26-44 – Teams of inventors now produce over 80 percent of U.S. patents, up from just 45 percent in 1976. Over the same period, inventor employment has become increasingly concentrated in large firms, rising six times more than overall employment concentration.
Working Paper
Debt Dictionaries
WP 26-43 – Stock and bond investors treat different aspects of firm information as value-relevant, generating distinct mappings of text to returns (“dictionaries”).
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
24 Sep ’26
An index designed to track real business conditions at high observation frequency
Working Paper
How Do Large, Sophisticated Cryptocurrency Trades Impact Broader DeFi Market Dynamics?
WP 26-42 – Using transaction-level data for Bitcoin (BTC), Ethereum (ETH), and Wrapped Bitcoin (WBTC) matched to public “Whale Alert” signals, we examine how large-scale cryptocurrency trades shape market microstructure.
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
Working Paper
The Bronx is Burning: Urban Disinvestment Effects of Fair Access to Insurance Requirements Plans
WP 25-16/R – We study the unintended effects of Fair Access to Insurance Requirements (FAIR) plans developed by 26 states in the 1960s to address insurance redlining in urban neighborhoods.
Working Paper
An Auditable AI Agent Loop for Empirical Economics: A Case Study in Forecast Combination
WP 26-41 – AI coding agents, general-purpose assistants that write and execute code, make empirical specification search fast and cheap, but they also widen hidden researcher degrees of freedom.
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.