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
What About the Close Calls? In the Mortgage Market, the Behavior of One Group of Loan Applicants Is Particularly Enlightening
14 Jan ’26
Research in Focus — By analyzing millions of mortgage applications, researchers find a set of applicants that can shed light on practical issues for policymakers, business executives, and lenders.
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.
January 2026 Nonmanufacturing Business Outlook Survey
20 Jan ’26
A monthly survey of nonmanufacturers in the Third Federal Reserve District
Working Paper
The Effects of Wildfire and Distant Air Pollution on Household Financial Well-Being
WP 26-02 – While exposure to wildfire smoke is adverse to human health, little is known about related impacts on household economics.
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
Does Skin in the Game Align Incentives? The Case of CRE CLOs
WP 25-43 – This paper examines whether high levels of risk retention effectively align incentives in securitizations, using evidence from the $100 billion-plus billion commercial real estate collateralized loan obligation (CRE CLO) market.
Event
Jan
2
2026
Day-Ahead Conference on Financial Markets and Institutions
Federal Reserve Bank of Philadelphia
Working Paper
The Fed Put and Bank Risk-Taking: Evidence from the Loan Book
WP 25-42 – This paper shows that monetary policy influences bank credit policy through the risk-taking channel.
Report
Monetary Policy Report: Using Rules for Benchmarking, December 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.
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.