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
Unintended Consequences of Regulating Central Clearing
WP 25-24 – Recent U.S. and European regulations promote centrally clearing derivatives to reduce complexity and systemic risk in the financial system. We argue that more central clearing does not guarantee reduced systemic risk.
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
11 Sep ’25
An index designed to track real business conditions at high observation frequency
Article
In Consumer Credit Markets, Can Fairness and Profits Rise Simultaneously?
13 Aug ’25
Research in Focus — Through a novel combination of machine learning and fairness goals, four researchers show how consumer credit can be distributed more fairly while maintaining lender profitability.
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
Fintech Innovations in Banking: Fintech Partnership and Default Rate on Bank Loans
WP 25-21 – We explore whether banks could leverage data and technology to expand their customer base without taking on more credit risk. Previous studies have not explored the impact of fintech partnerships on the quality of banks’ loan portfolios.
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
12 Sep ’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.
Article
Understanding Job Growth
Economic Insights — Even seemingly healthy job growth might hide weaknesses in the economy if a large portion of that growth happens in acyclical sectors such as health care and government.
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.