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.
Article
As Jobs Become More Portable, Many Workers Move to New Neighborhoods — with Surprising Results for Overall Welfare
29 Jul ’26
Research in Focus — By measuring the economic effects of labor migration patterns, two economists reveal the unexpected: Remote jobs, and the relocations they stimulate, can reduce welfare inequality.
Working Paper
Inference Based on Scale, Label, and Economic Restrictions
WP 26-36 – The results of nearly 100 prominent studies in empirical macroeconomics have been called into question by Baumeister and Hamilton (2018).
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
30 Jul ’26
An index designed to track real business conditions at high observation frequency
Working Paper
The Dynamics of Ample Reserves
WP 26-34 – How monetary policy is implemented can have significant implications for the dynamics of the central bank’s balance sheet.
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
Is Mortgage Lock-In Responsible for Housing Market Tightness?
WP 26-33 – Elevated mortgage rates discourage homeowners from moving, as relocating triggers a reset of mortgage terms — a phenomenon termed “lock-in.”
Working Paper
Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios
WP 25-31/R – We use bond-level data to study how U.S. banks managed securities portfolio risk during the 2022–23 interest-rate surge.
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.