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
Measuring Climate Transition Risk at the Regional Level with an Application to Community Banks
WP 25-11 – We base our measure of U.S. climate transition risk on an estimate of an emissions tax’s effect on firm value, aggregated to the region. The size and geographic concentration of the effect depend on the tax’s pass-through to prices.
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
20 Mar ’25
An index designed to track real business conditions at high observation frequency
Working Paper
Mortgage-Backed Securities
WP 25-10 – This paper provides a review of the mortgage-backed securities (MBS) market, the ultimate source of financing for most housing purchases in the United States, and one of the largest and most liquid financial markets in the world.
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
Sequential Search for Corporate Bonds
WP 25-08 – We study the magnitude and sources of trading delays in over-the-counter financial markets using a new data set that contains a complete record of all inquiries — successful and not — made on the leading electronic platform for corporate bonds.
Event
Apr
10-11
2025
2025 Fintech and Financial Institutions Research Conference
Federal Reserve Bank of Philadelphia
Data
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability
14 Mar ’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
The Value of Piped Water and Sewers: Evidence from 19th Century Chicago
WP 25-07 – The value of land doubled when sewer and water lines were installed in 19th century Chicago. The aggregate increase in land values exceeded the cost of installing sewer and water by a factor of 60.
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.