Infrastructure and Economic Development

Remarks by Federal Reserve Governor Edward Gramlich at the Texas Trade Corridors New Economy Conference, San Antonio, Texas on 3 August.

I am glad to be here today to talk about the role of infrastructure investment in economic development. As some of you may know, this is a subject that I studied before joining the Board. Ten years ago a cottage industry arose in the economics profession investigating the role of public infrastructure investment in the productivity slowdown of the 1970s and

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