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Discussion Paper
Fragmentation in workforce development and efforts to coordinate regional workforce development systems
The importance of human capital in regional economic competitiveness is increasingly apparent. However, structural changes, fragmentation, the instability of funding, and other factors have led to challenges for workforce development providers as well as workforce development systems. This fragmentation has created a less coherent and coordinated workforce development system. Often, metropolitan areas have many programs and policies in place to train workers for jobs that require sub-baccalaureate credentials or skills. The lack of coordination in local training systems may limit the ...
Report
Financial-sector foreign direct investment and host countries: new and old lessons
Many of the lessons from foreign direct investment (FDI) research on manufacturing and extractive resource industries are applicable to FDI research on the financial sector. This paper summarizes the main findings and policy themes of FDI research, with a primary focus on the implications of FDI for host countries, especially emerging market economies. I review evidence of technology transfers, productivity spillovers, wage effects, macroeconomic growth, and fiscal and tax concerns. Throughout this paper, I stress that parallel findings often arise from studies of general FDI and studies of ...
Journal Article
Tracking Philanthropic Support for Community and Economic Development: New Research from Two Federal Reserve Banks
How many grants do large foundations direct towards community and economic development (CED) activities? What kinds of activities are supported with these funds? Which metro areas receive the most philanthropic support and which receive the least?1 And why do some metro areas receive more than others? These are the questions that researchers at the community development departments of the Federal Reserve Banks of Philadelphia and Atlanta answer in newly completed research.
Speech
Revitalizing New England cities: remarks at The Governor's Academy Tenth Annual Boston Business Leaders Luncheon in Boston, Massachusetts, April 10, 2018
The topic of this presentation was the Working Cities Challenge.
Speech
Working Cities Challenge: remarks at the MetroHartford Alliance breakfast event \"Working Cities, Thriving Communities: How Cross-Sector Collaboration Helps Our Communities Thrive\", Hartford, Connecticut, August 8, 2018
Eric Rosengren presented an overview of the Working Cities Challenge covering, among other topics, the initiatives taking place in Connecticut.
Journal Article
Looking for Progress in America's Smaller Legacy Cities: A Report for Place-based Funders
Place-based funders2 can play an important role in connecting economic growth to economic opportunity. Looking for Progress in America's Smaller Legacy Cities describes a study tour undertaken by representatives from four Federal Reserve Banks and more than two dozen place-based funders, under the auspices of the Funders? Network-Federal Reserve Philanthropy Initiative. What began as an inquiry into four small legacy cities ? Chattanooga, TN; Cedar Rapids, IA; Rochester, NY; and Grand Rapids, MI ? that appeared to have experienced some measure of revitalization in the post Great Recession ...
Working Paper
Is Los Angeles Becoming Transit Oriented?
Over the past 20 years, local and regional governments in the Los Angeles metropolitan area have invested significant resources in building rail transit infrastructure that connects major employment centers. One goal of transit infrastructure is to catalyze the development of high density, mixed-use housing and commercial activity within walking distance of rail stations, referred to as Transit Oriented Development (TOD). This project examines the quantity, type, and mix of economic activity that has occurred around newly built rail stations in Los Angeles over the past 20 years. ...
Journal Article
Investing in Healthy Rural Communities – Lessons Learned and Future Directions
The Federal Reserve System and the Robert Wood Johnson Foundation (RWJF) created the Healthy Communities Initiative to enrich the debate on how cross-sector and place-based approaches might revitalize neighborhoods and communities, while improving health and well-being for residents. A large body of research and evidence demonstrates inextricable linkages between economic success and physical and mental well-being. People who live in economically challenged areas endure more stress, are more likely to report their own physical and mental health as being just ?fair? or ?poor,? are more prone ...
Working Paper
Limited enforcement and the organization of production
This paper describes a dynamic, general equilibrium model designed to assess whether contractual imperfections in the form of limited enforcement can account for international differences in the organization of production. In the model, limited enforcement constrains agents to operate establishments below their optimal scale. As a result, economies where contracts are enforced more efficiently tend to be richer and emphasize large scale production. Calibrated simulations of the model reveal that these effects can be large and account for a sizeable part of the observed differences in the size ...
Journal Article
Capital for Communities: Regulatory Changes Support Impact Investing
Several recent regulatory changes have made it possible for new players to become involved in ?impact investing.? From regulatory changes at the U.S. Department of Labor (DOL) that allow retirement funds to invest for environmental and social impact to an Internal Revenue Service (IRS) announcement on private foundation investments to changes at the Securities and Exchange Commission (SEC) that allow small businesses to solicit funding in new ways, recent developments are opening up new potential sources of capital for community and economic development.