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.
Article
Are Conventional U.S. Manufacturing Productivity Statistics Understating Productivity Growth?
29 Sep ’26
Research in Focus — Enghin Atalay of the Philadelphia Fed and his coauthors adjusted manufacturing total factor productivity statistics using consumer prices to account for product quality improvements.
Working Paper
A Quantitative Model of Banking Industry Dynamics
WP 26-45 – We develop a simple model of banking industry dynamics to study the relation between market structure and financial stability.
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 Oct ’26
An index designed to track real business conditions at high observation frequency
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.
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
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”).
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.
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.