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
Does Skin in the Game Align Incentives? The Case of CRE CLOs
WP 25-43 – This paper examines whether high levels of risk retention effectively align incentives in securitizations, using evidence from the $100 billion-plus billion commercial real estate collateralized loan obligation (CRE CLO) market.
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
31 Dec ’25
An index designed to track real business conditions at high observation frequency
Working Paper
The Fed Put and Bank Risk-Taking: Evidence from the Loan Book
WP 25-42 – This paper shows that monetary policy influences bank credit policy through the risk-taking channel.
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.
Report
Monetary Policy Report: Using Rules for Benchmarking, December 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.
Event
Jan
2
2026
Day-Ahead Conference on Financial Markets and Institutions
Federal Reserve Bank of Philadelphia
Article
What Drives Global Reserve Currency Dominance?
19 Dec ’25
Research in Focus — Two Philadelphia Fed economists and their coauthor have developed a model that helps them identify the factors that can make a currency dominate international trade and finance.
Article
Harvesting Historical Data with LLMs
Economic Insights — Researchers at the Philadelphia Fed are using large language models to do what was once too expensive and time-consuming to do at scale: collect and analyze data from historical records.
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.