The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Reforms that would change the management and direction of public infrastructure investment may be in order, according to a new study by economist Andrew Haughwout.
The author explains that current government spending on infrastructure development appears to promote the movement of households and firms from dense urban environments to the surrounding suburbs. Yet recent research shows that the clustering of producers and consumers in a given area, such as central cities, is economically and socially beneficial. Accordingly, Haughwout recommends the creation of regional government agencies with the power to select and finance projects that promote an areas overall well-being. These "infrastructure investment authorities" would most likely direct a larger share of infrastructure investment to the central cities, Haughwout suggests.