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.

How Do Capital Requirements Impact Banking Sector Risk-Taking and Market Shares of Big and Small Banks?

Research in Focus — Pablo D’Erasmo of the Philly Fed and his coauthor use a model of the U.S. banking sector to determine how regulatory policies affect concentration, stability, and efficiency.





The Mortgage Market Research Conference: Call for Papers

Federal Reserve Bank of Philadelphia

Aruoba-Diebold-Scotti Business Conditions Index

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


Working Paper

Firm Wages in a Frictional Labor Market

WP 19-05/R – This paper studies wage setting in a directed search model of multi-worker firms facing within-firm equity constraints on wages.

Abstract multi colored curve chart


Working Paper

Visualization, Identification, and Estimation in the Linear Panel Event-Study Design

WP 21-44 – Linear panel models, and the “event-study plots” that often accompany them, are popular tools for learning about policy effects.

Monetary Policy


Does Monetary Policy Benefit Certain Households at the Expense of Others?

Research in Focus — Monetary policy is expected to help all households in society. When households are diverse, and thus are affected by monetary policy differently, how can monetary policy help all of them?

The Economy



Many of our economists conduct research in areas of macro- and microeconomics and regularly contribute to policy discussions. You can find out more about these economists and their work by clicking on the highlighted names below.