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Discussion Paper
Transition Risks in the Fed’s Second District and the Nation
Blickle, Kristian S.; Chakrabarti, Rajashri; Pinkovskiy, Maxim L. (2023-11-09)
Climate change may pose two types of risk to the economy—from policies and consumer preferences as the energy system transitions to a lower dependence on carbon (in other words, transition risks) or from damages stemming from the direct impacts of climate change (physical risks). In this post, we follow up on our previous post that studied the exposure of the Federal Reserve’s Second District to physical risks by considering how transition risks affect different parts of the District and how they differentially affect the District relative to the nation. We find that, relative to other ...
Liberty Street Economics , Paper 20231109

Discussion Paper
How Do Natural Disasters Affect Small Business Owners in the Fed’s Second District?
Sarkar, Asani (2023-11-15)
In this post, we follow up on the previous Liberty Street Economics post in this series by studying other impacts of extreme weather on the real sector. Data from the Federal Reserve’s Small Business Credit Survey (SBCS) shed light on how small businesses in the Second District are impacted by natural disasters (such as hurricanes, floods, wildfires, droughts, and winter storms). Among our findings are that increasing shares of small business firms in the region sustain losses from natural disasters, with minority-owned firms suffering losses at a disproportionately higher rate than ...
Liberty Street Economics , Paper 20231115

Discussion Paper
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak
Abel, Jaison R.; Bram, Jason; Deitz, Richard (2020-03-30)
As a result of the coronavirus outbreak, New York State, New Jersey, and Connecticut have closed nonessential businesses and schools and asked residents to stay home in an effort to slow the spread of the virus. These actions are unprecedented, and the economic impacts are likely to be temporary but severe, and difficult to track and measure. With conditions changing so rapidly, timely data on the economic impacts of the outbreak and resultant policies on businesses and people are both scarce and important. In this post, we provide some very recent information on the economic effects of the ...
Liberty Street Economics , Paper 20200330a

Working Paper
Macroeconomic Implications of Uniform Pricing
Daruich, Diego; Kozlowski, Julian (2020-07-15)
We compile a new database of grocery prices in Argentina, with over 9 million observations per day. We find uniform pricing both within and across regions—i.e., product prices almost do not vary within stores of a chain. Uniform pricing implies that prices would not change with regional conditions or shocks, particularly so if chains operate in several regions. We confirm this hypothesis using employment data. While prices in stores of chains operating almost exclusively in one region do react to changes in regional employment, stores of chains that operate in many regions do not. Finally, ...
Working Papers , Paper 2019-024

Speech
The national and regional economy
Dudley, William (2014-03-07)
Remarks at Brooklyn College, Brooklyn, New York
Speech , Paper 132

Discussion Paper
Flood-Prone Basement Housing in New York City and the Impact on Low- and Moderate-Income Renters
Kramer, Claire; Nair, Ambika; di Giovanni, Julian (2023-11-17)
Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm created massive damage to the housing stock, particularly low-lying units. This post measures the storm’s impact on basement housing stock and, following the focus on more-at-risk populations from the two previous entries in this series, analyzes the attendant impact on low-income and immigrant populations. We find that basements in select census tracts are at high risk of flooding, affecting an estimated 10 percent of low-income and immigrant ...
Liberty Street Economics , Paper 20231117

Discussion Paper
The Role of Educational Attainment in Household Debt and Delinquency Disparities
Chakrabarti, Rajashri; Chatterji-Len, Kasey; Avtar, Ruchi (2021-11-17)
This post concludes a three-part series exploring the gender, racial, and educational disparities of debt outcomes of college students. In the previous two posts, we examined how debt holding and delinquency behaviors vary among students of different race and gender, breaking up our analyses by level of degree pursued by the student. We found that Black and Hispanic students were less likely than white students to take on credit card debt, auto loans, and mortgage debt, but experienced higher rates of delinquency in each of these debt areas by the age of 30. In contrast, Black students were ...
Liberty Street Economics , Paper 20211117c

Working Paper
Macroeconomic Implications of Uniform Pricing
Daruich, Diego; Kozlowski, Julian (2021-01-29)
We compile a new database of grocery prices in Argentina. We find uniform pricing both within and across regions—i.e., prices almost do not vary within stores of a chain. In line with uniform pricing, prices in stores of chains operating in one region react to changes in regional employment, while prices in multi-region chains do not. Using a quantitative regional model with multi-region firms and uniform pricing, we find a one-half smaller elasticity of prices to a regional than an aggregate shock. This result highlights that some caution may be necessary when using regional shocks to ...
Working Papers , Paper 2019-024

Discussion Paper
Distribution of COVID-19 Incidence by Geography, Race, and Income
Nober, William; Chakrabarti, Rajashri (2020-06-15)
In this post, we study whether (and how) the spread of COVID-19 across the United States has varied by geography, race, income, and population density. Have urban areas been more affected by COVID-19 than rural areas? Has population density mattered in the spread? Has the coronavirus's impact varied by race and income? Our analysis uncovers stark demographic and geographic differences in the effects of the pandemic thus far.
Liberty Street Economics , Paper 20200615

Working Paper
Macroeconomic Implications of Uniform Pricing
Daruich, Diego; Kozlowski, Julian (2020-07-22)
We compile a new database of grocery prices in Argentina, with over 9 million observations per day. We find uniform pricing both within and across regions—i.e., product prices almost do not vary within stores of a chain. Uniform pricing implies that prices would not change with regional conditions or shocks, particularly so if chains operate in several regions. We confirm this hypothesis using employment data. While prices in stores of chains operating almost exclusively in one region do react to changes in regional employment, stores of chains that operate in many regions do not. Finally, ...
Working Papers , Paper 2019-024

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