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 Evolution of the Corporate Bond Market: A Theoretical Analysis
WP 26-27 – The authors study the impact of three recent developments in the corporate bond market: an increase in dealers’ balance sheet costs, the rise of electronic trading platforms, and the shift in ownership toward mutual funds and ETFs.
Working Paper
Fast Locations and Slowing Mobility
WP 26-26 – Declining internal migration in the United States is driven by increasing home attachment in “fast” locations with previously high rates of population turnover.
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
21 May ’26
An index designed to track real business conditions at high observation frequency
Working Paper
Banking Regulation with Risk of Sovereign Default
WP 26-25 – Banking regulation's failure to recognize the riskiness of government debt induces domestic banks to purchase risky government bonds and lowers the government’s borrowing costs. A government might use banking regulation to avert a default.
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
Call for Papers: 2026 Conference on Real-Time Data Analysis, Methods, and Applications
Federal Reserve Bank of Philadelphia
Article
When Market Conditions Turn Volatile, Why Don’t Banks Use Bond Portfolios as Shock Absorbers?
07 May ’26
Research in Focus — Three economists explain why banks didn’t adjust their bond portfolios during the 2022–2023 bout of rising interest rates.
Working Paper
Flight to Safety: Evaluating Stablecoin’s Role as a Safe-Haven Asset in DeFi Markets
WP 26-24 – This study examines the impact of the stablecoin Tether (USDT) on systemic liquidity across the Ethereum and Bitcoin markets, utilizing an event study approach that integrates on-chain wallet data, pricing, and financial metrics.
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.