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Journal Article
Are we investing too little?
One of the most disappointing features of U.S. economic performance over the past 20 years has been the slowing of growth in productivity and, as a result, in real incomes. For many, the explanation can be found in the low U.S. saving rate. Since the mid 1980s, national saving has averaged just over 15 percent of GDP, compared to more than 20 percent during the 1970s. Thus, one plausible explanation for slow productivity growth, at least in recent years, could be that our low saving rate is constraining investment and thereby depriving the nation of both the tools and the technologies that ...
Discussion Paper
Towards a more prosperous Springfield, MA: what jobs exist for people without a college education?
This paper analyzes projections of Massachusetts employment opportunities by occupation to address concerns about a shortage of jobs for those who lack a college education. While occupations requiring a college degree will grow more rapidly over the period 2006-2016 than occupations that do not require college, replacement needs will ensure large numbers of job openings that do not require college. Wage levels in jobs that do not require college are generally low, however. The exceptions usually require meaningful training of another sort, such as long-term on-the-job training or courses in ...
Journal Article
Shifting regional fortunes: the wheel turns
Discussion Paper
Jobs in Springfield, Massachusetts: understanding and remedying the causes of low resident employment rates
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 midsize New England cities, the share of employed city residents is low, particularly for residents of downtown Springfield and its nearby neighborhoods. By analyzing the availability of jobs across Springfield's various neighborhoods and in nearby towns and cities, this paper's goal is to learn why so few ...
Journal Article
The defense buildup and state economic performance in the 1980s
Report
One view of what the future holds for New England
After a decade of truly remarkable growth, the New England economy has weakened. Employment fell in 1989 and the unemployment rate increased. Further weakening seems to have occurred in the early months of 1990. New England continues to compare favorably with the nation according to such common indicators as the unemployment rate and per capita income, but recent developments suggest that the region is returning to a more normal relationship with the rest of the country. This transition is proving to be quite painful for some sectors of the economy, resulting in a high degree of confusion and ...
Journal Article
New England approaches the 1990s
Conference Paper
The merger boom: proceedings of a conference held October 1987
Journal Article
U.S economic performance: good fortune, bubble, or new era?
What accounts for the extraordinary performance of the U.S. economy in recent years? How is that we have been able to enjoy such strong economic growth and resulting low unemployment rates without an upturn in inflation? The author reviews the primary explanations offered for these unusually favorable circumstances - that the U.S. economy has been the beneficiary of temporary factors that have held down the inflation rate or that the U.S. economy has entered a new era of intensified competition and rising productivity growth in which inflation is less of a threat. She also discusses ...