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.
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.
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 Sep ’25
An index designed to track real business conditions at high observation frequency
Article
U.S. Dollar Dominance: A Blessing or a Curse?
Economic Insights — The U.S. dollar has been the dominant international currency for decades, much to the benefit of the U.S. economy. But with this dominance comes risks.
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
The Blending of Conventional and Unconventional Monetary Policies With “Inelastic” Asset Markets
19 Sep ’25
Research in Focus — Joseph Abadi of the Philadelphia Fed creates a model to analyze how central bank interest rate policy and balance sheet adjustments transmit through “inelastic” asset markets.
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
Can LLMs Credibly Transform the Creation of Panel Data from Diverse Historical Tables?
WP 25-28 – Multimodal LLMs are fast and cost effective at digitizing historical tables. Data from our LLM-based digitization pipeline achieve 98.6 percent fidelity and are statistically indistinguishable from manually digitized data.
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.