turn affect the rates that they can offer borrowers. thus, the ideas underlying the bank - lending channel might reasonably extend to all private providers of credit. further investigation of this possibility would be quite worthwhile. conclusion i have taken you on a whirlwind tour of several decades of research on how variations in the financial condition of borrowers, whether arising from changes in monetary policy or from other forces, can affect short - term economic dynamics. the critical idea is that the cost of funds to borrowers depends inversely on their creditworthiness, as measured by indicators such as net worth and liquidity. endogenous changes in creditworthiness may increase the persistence and amplitude of business cycles ( the financial accelerator ) and strengthen the influence of monetary policy ( the credit channel ). as i have noted today, what has been called the bank - lending channel – the idea that banks play a special role in the transmission of monetary policy – can be integrated into this same broad logical framework, if we focus on the link between the bank's financial condition and its cost of capital. nonbank lenders may well be subject to the same forces. let me conclude by offering you best wishes for a stimulating and enjoyable last day of the conference. policymakers and scholars both will benefit from your efforts. references almeida, heitor, murillo campello, and crocker h. liu ( 2006 ). " the financial accelerator : evidence from international housing markets, " review of finance, vol. 10 ( september ), pp. 1 - 32. aoki, kosuki, james proudman, and gertjan vlieghe ( 2002 ). " houses as collateral : has the link between house prices and consumption in the u. k. changed? " economic policy review, federal reserve bank of new york, may, pp. 163 - 77 – – – – – – – – – – – – – – – – – – – – – – – - ( 2004 ). " house prices, consumption, and monetary policy : a financial accelerator approach, " journal of financial intermediation, vol. 13 ( october ), pp. 414 - 35. avery, robert b., and katherine a. samolyk ( 2004 ). " bank consolidation and the provision of banking services : small commercial loans, " journal of financial services research, vol. 25 ( april ), pp. 291 - 325. bernanke, ben s. (

economic growth. a few years ago, the dallas fed identified an opportunity in texas to support community partnerships, specifically in education and workforce development. working across different sectors and industries brings its own set of unique challenges. each brings different goals, operations, and even terminology to the discussion. we know that collaboration is necessary, and it is achievable. advance together provides the structure, ongoing support, and investment from external partners to support communities in strengthening their collaborative work. it takes time and skill to build deep and trusting partnerships. it also takes time and resources for communities to agree upon a common understanding of complex, local needs like improving college and career readiness or developing pathways to living wage employment. this work requires that all partners move in the same direction, toward those common strategies and goals. when communities collaborate effectively, the results can lead to broader access to economic opportunity. at team introductions we are here today to celebrate the success of our pilot participants ; i'd like to reintroduce each of them : the big country manufacturing alliance is building awareness and creating accessible pathways to well - paying manufacturing careers through training, recruitment, and retention. the deep east texas college & career alliance supports rural and firstgeneration college students in attaining postsecondary credentials that employers seek in their workforce. the education partnership of the permian basin is developing a cradle - to - career continuum of support by working to improve early childhood outcomes and college and career readiness in the region. the travis county 2 - gen coalition is expanding practices and policies to support dual generations of parents and children in education attainment and achieving long - term financial stability. conclusion as we begin today's celebration, i'd like to recognize the vision of the dallas fed team for creating this incredible opportunity for our partners. i'd also like to thank our advance together partnerships for their hard work and progress. i also want to recognize them for the work that they will continue to accomplish in their communities as they move forward. this work is challenging and will continue to build pathways to a more inclusive economy. 2 / 3 bis - central bankers'speeches 3 / 3 bis - central bankers'speeches