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
Do Decentralized Ownership and Token-Based Financing Make Digital Platforms More Efficient?
20 Oct '25
Research in Focus — Joseph Abadi of the Philadelphia Fed and his coauthor compare traditional digital platforms with innovative ones whose tokens can be used for transacting and governance.
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.
October 2025 Nonmanufacturing Business Outlook Survey
21 Oct '25
A monthly survey of nonmanufacturers in the Third Federal Reserve District
Working Paper
Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios
WP 25-31 – We use bond-level data to study how U.S. banks manage their securities portfolios — focusing on the period of rapidly changing interest rates in 2022–23 — and examine the role of financial and regulatory frictions in shaping bank behavior.
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 Price of Housing in the United States, 1890–2006
WP 24-12/R – This paper introduces new rental and home sales price series for the 20th century constructed from historical newspapers, and it explores the different rent and home price trajectories of cities across the United States.
Event
Jan
2
2026
Day-Ahead Conference on Financial Markets and Institutions
Federal Reserve Bank of Philadelphia
Report
Monetary Policy Report: Using Rules for Benchmarking, September 2025
This special report highlights ongoing work to benchmark the stance of monetary policy using a range of policy rules that are widely employed in studies of monetary economics.
Data
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability
12 Sep '25
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability tracks the rate at which U.S. workers transition from one employer to another in a given month.
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.