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.

Monetary Policy

Working Paper

The Treasury General Account and the Fed’s Balance Sheet

WP 26-48 – Changes in the Treasury’s cash management practices after the COVID pandemic increased the Fed’s balance sheet by as much as 2 percentage points of nominal GDP, including the larger buffer required to maintain ample reserve levels.

Regional Economics

Working Paper

A Unified Framework for Transparent Quasi-Experimental Research

WP 26-47 – This paper develops a framework that allows researchers to describe a wide class of quasi-experimental treatment effect estimates using direct analogs of the features that make a randomized controlled trial transparent.

Aruoba-Diebold-Scotti Business Conditions Index

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

Regional Economics

Working Paper

The Costs of Access: Freeway Disamenities Across U.S. Cities

WP 26-46 – We construct city-level measures of freeway disamenities and examine their association with metropolitan growth.

Event

Oct

9-10

2026

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

Federal Reserve Bank of Philadelphia

Macroeconomics

Article

Are Conventional U.S. Manufacturing Productivity Statistics Understating Productivity Growth?

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.

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.