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
How Quantum Computing Threatens Cryptography
Economic Insights — Quantum computers may one day decrypt our data, but banks can mitigate this risk.
Working Paper
Quality Adjustment in Industry Deflators Strengthens Estimated Innovation–Productivity Relationships
WP 26-22 – Industry output deflators often miss quality improvements. For these industries, measured productivity growth is understated. Correcting for this strengthens the estimated link between industries' innovation and later productivity growth.
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
23 Apr ’26
An index designed to track real business conditions at high observation frequency
Working Paper
International Currency Dominance
WP 26-21 – We propose a model of the international monetary system to study currency competition and the emergence of a dominant currency.
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.
Article
How U.S. Parents Adjusted Their Time Use During the COVID School Closures
09 Apr ’26
Research in Focus — Philadelphia Fed researchers study how the transition to remote schooling affected parental labor supply, with a focus on the role played by telework and nonparental childcare.
Working Paper
Why Is Manufacturing Productivity Growth So Low?
WP 26-19 – This paper argues that mismeasured price indexes account for much of the apparent weakness in U.S. manufacturing productivity. Adjusting for quality improvements raises annual productivity growth estimates by up to 0.8 percentage point.
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.