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
Market-Making with Search and Information Frictions
WP 18-20/R – New regulations and technological innovations have made it easier for investors to contact dealers and trade more quickly. However, these developments do not necessarily imply that markets will become more liquid.
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
26 May ’23
An index designed to track real business conditions at high observation frequency
Working Paper
Model Averaging Prediction for Possibly Nonstationary Autoregressions
WP 23-08 – This paper considers the problem of model averaging (MA) predictions for the integrated autoregressive processes of infinite order (AR(1)), which accommodates many stationary and nonstationary models in practice.
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.
Working Paper
The Changing Polarization of Party Ideologies: The Role of Sorting
WP 23-07 – History shows that when political parties become more polarized along one dimension of policy, they become less polarized along some other dimension. We explain how this can happen via changes in the ideological makeup of parties.
Event
Oct
19-20
2023
New Perspectives on Consumer Behavior in Credit and Payments Markets: Call for Papers
Paper Submission Deadline: June 15, 2023
Working Paper
The Conundrum of Zero APR: An Analytical Framework
WP 23-06 – Are zero APR promotional rates on credit cards optimal for consumers? We analyze this question using the standard model of unsecured lending. We conclude that such a contractual arrangement is suboptimal in that environment.
About
Economists
Many of our economists conduct research in areas of macro- and microeconomics and regularly contribute to policy discussions. You can find out more about these economists and their work by clicking on their highlighted names.
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.