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
Demand-Based Asset Pricing in General Equilibrium
WP 26-12 – This paper’s macrofinance model — in which financial intermediaries face frictions in adjusting their portfolios, generating inelastic asset demand — quantitatively illustrates how institutional frictions explain asset pricing puzzles.
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
26 Feb ’26
An index designed to track real business conditions at high observation frequency
Working Paper
Strong Spatial Spillovers Determine Neighborhood Shape and Neighborhood Change
WP 26-11 – This paper explores how spatial spillovers — changes in the perceived value of a location as a result of the choices of others — affect how neighborhoods are shaped and how they change over time.
Article
Unlocking Historical Tables and Expanding Research Opportunities
05 Feb ’26
Research in Focus — Two Fed economists and their coauthor design a new method for producing a digitized historical panel data set. Their test case is the adoption of vehicles in 20th century America.
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
Apr
3
2026
2026 Fintech and Financial Institutions Research Conference
Federal Reserve Bank of Philadelphia
Working Paper
Racial Heterogeneity in Consumption Responses to the Economic Impact Payment
WP 26-06 – We investigate how households of different racial groups changed their consumption expenditures differently upon receiving a pandemic check and what is behind the racial differences.
Working Paper
Large SVARs
WP 26-04 – We develop a new algorithm to analyze economic data using SVAR models identified with sign restrictions. We demonstrate its usefulness on a small SVAR of the world oil market and a large SVAR of the U.S. economy.
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.