In 2008, the Federal Reserve Bank of Boston began a project to help reinvigorate the city of Springfield, Massachusetts. This cross-departmental initiative uses the Boston Fed's research and convening capabilities to complement the efforts of other organizations dedicated to improving economic...

This paper examines the distribution of unrestricted municipal aid in Massachusetts, which has been a major concern to civic leaders and elected officials of many communities, including Springfield. The paper develops a measure of the municipal fiscal gap indicating the relative need of...

As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper explores the causes of and potential remedies for the city's low resident employment rates. When compared to the state as a whole and to other...

The unprecedented accumulation of foreclosed properties in recent years has presented a challenge to communities, banks, and policymakers. This article outlines a potential disposition framework for government-sponsored and private enterprises to identify which foreclosed properties would be...

Homeowners who receive loan modifications and successfully avoid foreclosure may face another issue, one that is not well understood. It turns out that participation in loan-modification programs may adversely affect credit scores. 1 The magnitude of the impact is unclear because many factors...

The Boston Fed announces the Working Cities Challenge, an initiative to advance collaborative leadership in smaller cities and support ambitious efforts to improve the lives of low-income residents.

As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison...

One of the most pressing challenges for Springfield is increasing the labor force participation and employment rates of its residents. The city’s labor force participation rate is extremely low even when compared with other older industrial cities in the region. In Springfield’s Latino...

As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison...

Over the past two decades, venture capital has been one of the major drivers of the U.S. economy. This article examines venture capital investment in secondary cities, cities outside of the 40 largest U.S. metropolitan statistical areas (MSAs), including New England secondary cities, and...