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
Underwater: Strategic Trading and Risk Management in Bank Securities Portfolios
WP 25-31 – We use bond-level data to study how U.S. banks manage their securities portfolios — focusing on the period of rapidly changing interest rates in 2022–23 — and examine the role of financial and regulatory frictions in shaping bank behavior.
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
16 Oct '25
An index designed to track real business conditions at high observation frequency
Working Paper
The Price of Housing in the United States, 1890–2006
WP 24-12/R – This paper introduces new rental and home sales price series for the 20th century constructed from historical newspapers, and it explores the different rent and home price trajectories of cities across the United States.
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.
Report
Monetary Policy Report: Using Rules for Benchmarking, September 2025
This special report highlights ongoing work to benchmark the stance of monetary policy using a range of policy rules that are widely employed in studies of monetary economics.
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.
Working Paper
Capitalization as a Two-Part Tariff: The Equilibrium Structure of Housing Prices
WP 19-20/R – Housing is more expensive in desirable neighborhoods. But does the premium emerge at the extensive (per housing unit) or intensive (per living space) margin?
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.