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Working Paper
The Road of Federal Infrastructure Spending Passes Through the States
Because federal infrastructure spending largely takes the form of grants to state governments, the macroeconomic impact of such packages depends on the share of federal grants that “passes through” to actual infrastructure spending done by states. A low degree of pass-through would tend to mute the economic impact from federal grants, reflecting a crowd-out effect on state spending. We first revisit Knight’s (2002) influential finding of near-zero pass-through (perfect crowd out) of federal highway grants. That result is found to be specification-sensitive and is reversed completely in ...
Discussion Paper
What are the Costs of Superstorm Sandy?
Superstorm Sandy has had widespread effects in the tri-state region. Early estimates of the total national costs have been in the range of $30 billion to $50 billion. More recently, the New York State governor’s office has estimated state costs to be $32.8 billion, while the New Jersey governor’s office has calculated state costs to be $29.5 billion; these figures exclude mitigation costs—money spent to protect against future storms. It is important to remember that such figures incorporate two distinct types of costs: first, direct costs related to the destruction of physical ...
Speech
Toward a new paradigm for resiliency and security: remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida, May 2016
Remarks at SIFMA's 43rd Annual Operations Conference, Miami Beach, Florida.
Journal Article
Connecting a Region Apart
The Appalachian Regional Commission, created in the 1960s, became a model for regional economic development programs.
Speech
Opening remarks for the Chapter 9 and Alternatives for Distressed Municipalities and States Workshop
Remarks at the Chapter 9 and Alternatives for Distressed Municipalities and States Workshop, Federal Reserve Bank of New York, New York City.
Speech
Advancing the Fed's wholesale services in an era of unprecedented challenge and change: remarks at Securities Industry and Financial Markets Association's Operations Conference and Exhibition 2017, Boca Raton, Florida
Remarks at Securities Industry and Financial Markets Association's Operations Conference and Exhibition 2017, Boca Raton, Florida.
Briefing
Does Infrastructure Spending Boost the Economy?
Public infrastructure investment is not like other government stimulus. Public investment acts as a typical demand stimulus but also provides important services to the private sector to assist with production of goods. This article analyzes the effects of public investment — especially highway construction, which is traditionally one of the largest components of public investment — on output. Dynamic effects turn out to be very important: Most studies find substantial benefits for the economy not in the immediate aftermath of the investment spending but a few years ahead.
Journal Article
Policy Update: After the Infrastructure Bill
In 1988, the congressionally chartered National Council on Public Works Improvements issued its final report card on the state of U.S. infrastructure. That report gave America’s infrastructure a grade of C, and subsequent report cards issued by the American Society of Civil Engineers, or ASCE, have found that U.S. infrastructure needs have only grown since. The most recent report cards from ASCE ranked states in the Fifth District at about the national average, with infrastructure in Maryland and North Carolina receiving the highest overall grades of C and West Virginia and South Carolina ...