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
Banking Regulation with Risk of Sovereign Default
WP 26-25 – Banking regulation's failure to recognize the riskiness of government debt induces domestic banks to purchase risky government bonds and lowers the government’s borrowing costs. A government might use banking regulation to avert a default.
Article
When Market Conditions Turn Volatile, Why Don’t Banks Use Bond Portfolios as Shock Absorbers?
07 May ’26
Research in Focus — Three economists explain why banks didn’t adjust their bond portfolios during the 2022–2023 bout of rising interest rates.
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
08 May ’26
An index designed to track real business conditions at high observation frequency
Working Paper
Flight to Safety Evaluating Stablecoin’s Role as a Safe-Haven Asset in DeFi Markets
WP 26-24 – This study examines the impact of the stablecoin Tether (USDT) on systemic liquidity across the Ethereum and Bitcoin markets, utilizing an event study approach that integrates on-chain wallet data, pricing, and financial metrics.
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
Call for Papers: 2026 Conference on Real-Time Data Analysis, Methods, and Applications
Federal Reserve Bank of Philadelphia
Working Paper
Are Fiscal Transfers Inflationary?
WP 26-23 – We assess the inflationary effects of fiscal transfers by leveraging advances in the identification of fiscal policy shocks within the recently proposed rotation-invariant time-varying structural vector autoregression.
Article
AI-Enabled Fraud Is On the Rise — Here’s How to Beat It
A February 2024 deepfake scam in Hong Kong, where an employee wired $3.2 million to fraudsters posing as executives, highlights a critical reality: AI-enabled fraud is on the rise.
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.