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Speech
Building a Healthy Long-Term Economy: Economy League of Greater Philadelphia, Philadelphia PA July 13, 2016
President Patrick T. Harker presents his economic outlook at the Economy League of Greater Philadelphia's 2016 World Class Summit. He also offers his views on monetary policy.
Working Paper
Community Leaders and the Preservation of Cultural Traits
We explain persistent differences in cultural traits of immigrant groups with the presence of community leaders. Leaders influence the cultural traits of their community, which have an impact on the group?s earnings. They determine whether a community will be more assimilated and wealthier or less assimilated and poorer. With a leader, cultural integration remains incomplete. The leader chooses more distinctive cultural traits in high-productivity environments and if the community is more connected. Lump-sum transfers to immigrants can hinder cultural integration. These findings are in line ...