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
Building Bridges: An Outreach Economist's Role in Connecting Data to Daily Life
Ryo Tashiro is the Philadelphia Fed's eyes and ears on the ground. The outreach economist crisscrosses the Third District, making sense of economic trends for businesses and communities — and capturing local insights to help inform national monetary policy discussions.
Working Paper
The Impact of Early Investments in Urban School Systems in the United States
WP 26-15 – Urban schools increased per pupil expenditures by 70 percent from 1918 to 1924, and these resources led to greater educational attainment and higher wages for less advantaged children.
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 Mar ’26
An index designed to track real business conditions at high observation frequency
Article
Bank Loans to NBFIs: Evidence of Specialization, Part I
Economic Insights — Nonbank financial institutions (NBFIs) are reshaping American finance, providing credit to households and businesses from coast to coast. This has implications for all banks — and for the 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.
Event
Apr
3
2026
2026 Fintech and Financial Institutions Research Conference
Federal Reserve Bank of Philadelphia
Working Paper
Housing Wealth and Consumption: The Role of Heterogeneous Credit Constraints
WP 22-34/R – Individual heterogeneity explains the link between declines in consumption and house values in 2006–2009. Credit constraints triggered by falling house prices and a few very constrained households are important. Wealth effects play no role.
Working Paper
On the Wisdom of Crowds (of Economists)
WP 26-14 – Averaging economists’ predictions boosts accuracy, and our theory shows how quickly those improvements accumulate.
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.