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
Uniform Priors for Impulse Responses
WP 22-30/R – This paper formally shows that when the focus is on joint inference, the uniform prior over the set of orthogonal matrices is not only sufficient but also necessary for inference based on a uniform joint prior distribution over the identified set for the vector of impulse responses.
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.
October 2024 Nonmanufacturing Business Outlook Survey
22 Oct ’24
A monthly survey of nonmanufacturers in the Third Federal Reserve District
Article
Housing Markets Under the Microscope: City by City, Year by Year
24 Sep ’24
Research in Focus — Four economists measure house prices in a novel way, with significant implications for interpreting price levels across the broader U.S. economy.
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
The Heterogeneous Impact of Referrals on Labor Market Outcomes
WP 21-34/R – Referrals are used all the time to help workers and firms form matches. But what, exactly, do they do? This working paper explores the role that they play in the hiring process and the implications for employment, wages, and inequality.
Event
Oct
18-19
2024
Frontiers in Machine Learning and Economics: Methods and Applications – 2024
Federal Reserve Bank of Philadelphia
Data
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability
11 Oct ’24
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
Beneath the Crypto Currents: The Hidden Effect of Crypto “Whales”
WP 24-14 – Cryptocurrency markets are often characterized by market manipulation or, at the very least, by a sharp distinction between large and sophisticated investors and small retail investors.
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.