Industry clusters and economic development in the Seventh District’s largest cities
In works such as Glaeser (2011) and Porter (1995), prominent economists have suggested that metropolitan areas are the key to economic growth. In this article, we examine the economic development strategies and performance of the largest metropolitan areas in the five states of the Seventh Federal Reserve District? Illinois, Indiana, Iowa, Michigan, and Wisconsin. The cities, from smallest to largest by metro population, are: Des Moines, Indianapolis, Milwaukee, Detroit, and Chicago. Theory suggests that cities that promote industry agglomeration (clusters) should be best positioned for ...
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.
Mapping Our Community: Philanthropic Grant Funding for Community and Economic Development in the Third District
Along with public sources of funding, philanthropic capital can be a critical source of support for the community and economic development (CED) work of nonprofit organizations. Research by the Federal Reserve Banks of Philadelphia and Atlanta examined CED grants disbursed to recipients in U.S. metro areas between 2008 and 2013, and identified characteristics that help to explain the ability of certain metro areas to attract more philanthropic funding than others. The authors examined grants for more traditional CED projects (e.g., housing rehabilitation, urban development, financial ...
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...
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 ...
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.
Revitalizing Inner Cities: Connecting Research and Practice
America?s inner cities are often depicted as socially and economically dysfunctional places, ridden with crime, lacking investment and with limited opportunities. For decades, however, researchers have been noting the heterogeneous nature of inner cities. Inner cities often have particular advantages, including a strategic location near central business districts, proximity to transportation infrastructure, communication nodes and other regional assets, a relatively young population and a strong entrepreneurial drive among residents, all of which position them to compete and integrate ...
Knowledge in cities
This study identifies clusters of U.S. and Canadian metropolitan areas with similar knowledge traits. These groups?ranging from Making Regions, characterized by knowledge about manufacturing, to Thinking Regions, noted for knowledge about the arts, humanities, information technology, and commerce?can be used by analysts and policymakers for the purposes of regional benchmarking or comparing the types of programs and infrastructure available to support closely related economic activities. In addition these knowledge-based clusters help explain the types of regions that have levels of economic ...
A Qualitative Exploration of “Following the Money: An Analysis of Foundation Grantmaking for Community and Economic Development”
In September 2016, the Federal Reserve Banks of Philadelphia and Atlanta released a publication titled ?Following the Money: An Analysis of Foundation Grantmaking for Community and Economic Development.? Based on data provided by the Foundation Center that capture all grants of at least $10,000 made by the 1,000 largest foundations between 2008 and 2013, the analysis finds that some metro areas received a substantially greater level of philanthropic support for community and economic development (CED) than did others during this period.
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.