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Speech
Community Development and the Federal Reserve; 11.29.18 Opening Remarks at the Collaboration for Inclusive Economic Development: A Forum for Philanthropies, Policymakers, and Practitioners, Federal Reserve Bank of Boston, Boston, MA
Fed governance is arcane and I?m not planning to talk about it today except to say that I chair the committee across the Reserve Banks that focuses on the Fed?s community development work. I have been asked to present some opening remarks on these efforts, why they are important to our mission of fostering a healthy economy, and what the Fed is doing to encourage more inclusive growth. My remarks will reflect my own views and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
Discussion Paper
Doing Well by Doing Good? Community Development Venture Capital
In a new working paper, Josh Lerner and I explore how the venture capital (VC) model can be harnessed to achieve socially targeted ends by examining the investment record of community development venture capital (CDVC) firms. Our results are mixed. Investments made by CDVC firms are less likely to succeed than are investments made by traditional VC firms. This lower probability of success persists even after controlling for the fact that CDVC firms invest in industries and geographies that have, on average, lower success rates. However, we do find that CDVC firms have the benefit of bringing ...