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
An Auditable AI Agent Loop for Empirical Economics: A Case Study in Forecast Combination
WP 26-41 – AI coding agents, general-purpose assistants that write and execute code, make empirical specification search fast and cheap, but they also widen hidden researcher degrees of freedom.
Article
Banking Trends: Who Benefits When Banks Must Share Your Data?
Economic Insights — Open banking boosts fintech competition, helping many but potentially creating risks for privacy 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.
Indices
State Coincident Indexes
28 Aug ’26
Monthly index of general economic conditions for each of the 50 states
Working Paper
Structural Estimation with Unstructured Data
WP 26-40 – Standard macroeconomic data do not cleanly separate the systematic and nonsystematic components of monetary policy. We show that incorporating unstructured text data into the structural estimation of a DSGE model can sharpen this distinction.
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
Zoning and the American Suburb
WP 26-37 – American suburbs are generally characterized by single-family neighborhoods featuring large lots, with few businesses or apartments.
Article
The Long-Term Benefits of School Spending a Hundred Years Ago and a Surprising Contributing Factor
12 Aug ’26
Research in Focus — Allison Shertzer of the Philadelphia Fed and her coauthor uncover the influence of anti-German sentiment on post–World War I investments in U.S. city schools.
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.