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Fulfilling John Hayford’s Legacy: Moving Economics Toward a New Way to Value Infrastructure

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  • Patrick T. Harker

Abstract

At a lecture at Northwestern University, Philadelphia Fed President and CEO Patrick Harker emphasized the connection between transportation infrastructure and the economy. Harker noted that it has been 70 years since the “nation’s last, great infrastructure boom” and that decisions about the future of infrastructure provide an opportunity to look at not just the costs, but “the long-range economic and quality of life benefits.” He pointed to Philadelphia Fed research, which he believes “can be put into action to help us achieve a stronger economic and more reliable transportation future.” As for Harker’s economic outlook, he said that while he sees “us on the path of taming inflation and protecting our economic underpinnings,” he would “caution that a decrease in the policy rate is not something that is likely to happen in the short term.”

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  • Patrick T. Harker, 2023. "Fulfilling John Hayford’s Legacy: Moving Economics Toward a New Way to Value Infrastructure," Speech 97265, Federal Reserve Bank of Philadelphia.
    • Handle: RePEc:fip:fedpsp:97265
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    File URL: https://www.philadelphiafed.org/-/media/frbp/assets/institutional/speeches/harker/2023/11-08-23-moses-northwestern-speech.pdf
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