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
The Bronx Is Burning: Urban Disinvestment Effects of the Fair Access to Insurance Requirements
WP 25-16 – This study examines the consequences of FAIR plans in the 1960s and 1970s. Though meant to address insurance redlining, these plans unintentionally created moral hazard, leading to housing disinvestment and neighborhood change.
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.
May 2025 Nonmanufacturing Business Outlook Survey
20 May ’25
A monthly survey of nonmanufacturers in the Third Federal Reserve District
Article
Piped Water and Sewer Access: Measuring Its Benefits for 19th Century Chicago and Its Relevance Today
14 May ’25
Research in Focus — Using land values, Allison Shertzer of the Philadelphia Fed and her coauthors estimate the benefits of piped water and sewers in 19th century Chicago, with broader applicability.
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
Monetary Policy with Inelastic Asset Markets
WP 25-15 – I develop a model to study the effects of a central bank’s interest rate and balance sheet policies when financial intermediaries’ asset demand is inelastic.
Event
Oct
3-4
2025
Frontiers in Machine Learning and Economics: Methods and Applications – 2025
The University of Chicago Booth School of Business | Chicago
Data
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability
09 May ’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.
Working Paper
Measuring Climate Transition Risk at the Regional Level with an Application to Community Banks
WP 25-11 – We base our measure of U.S. climate transition risk on an estimate of an emissions tax’s effect on firm value, aggregated to the region. The size and geographic concentration of the effect depend on the tax’s pass-through to prices.
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.