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Author:Abel, Jaison R. 

Discussion Paper
Severe Supply Disruptions Are Impeding Business Activity in the Region

As the economy continues to recover from the pandemic recession, many businesses are struggling to keep up with surging demand amid widespread supply shortages and delays. While a rare phenomenon before the pandemic, supply chain disruptions have become increasingly common, with transportation of goods becoming especially tricky due to myriad issues such as clogged ports and difficulty finding truck drivers. Indeed, such supply disruptions are expected to continue into next year. Our October regional business surveys asked firms to what extent, if any, they are being affected by supply ...
Liberty Street Economics , Paper 20211021

Discussion Paper
The Region Is Struggling to Recover from the Pandemic Recession

The pandemic struck the New York-Northern New Jersey region early and hard, and the economy is still struggling to recover nearly two years later. Indeed, employment fell by 20 percent in New York City as the pandemic took hold, a significantly sharper decline than for the nation as a whole, and the rest of the region wasn’t far behind, creating a much larger hole to dig out of than other parts of the country. While the region saw significant growth as the economy began to heal, growth has slowed noticeably, and job shortfalls—that is, the amount by which employment remains below ...
Liberty Street Economics , Paper 20211217a

Discussion Paper
Upstate New York Job Growth: The Bad News Is that the Good News Was Wrong

In 2015, upstate New York looked to be having its strongest job growth in years. Employment was estimated to be growing at around one percent—below the national pace, but twice the region's trend growth rate since the end of the Great Recession. Buffalo, in particular, looked to be gaining significant numbers of construction and manufacturing jobs for the first time in decades, pushing it to its highest job growth since the late 1990s. Unfortunately, the good news was wrong. Annual benchmark revisions to New York State's employment data released in early March cut upstate's growth rate in ...
Liberty Street Economics , Paper 20160325

Discussion Paper
Do Big Cities Help College Graduates Find Better Jobs?

Although the unemployment rate of workers with a college degree has remained well below average since the Great Recession, there is growing concern that college graduates are increasingly underemployed?that is, working in a job that does not require a college degree or the skills acquired through their chosen field of study. Our recent New York Fed staff report indicates that one important factor affecting the ability of workers to find jobs that match their skills is where they look for a job. In particular, we show that looking for a job in big cities, which have larger and thicker local ...
Liberty Street Economics , Paper 20130520

Discussion Paper
Local Hangovers: How the Housing Boom and Bust Affected Jobs in Metro Areas

What explains why some places suffered particularly severe job losses during the Great Recession? In this post, we extend our recent Current Issues article analyzing regional dimensions of the latest housing cycle and show that metropolitan areas that experienced the biggest housing booms and busts from 2000 to 2008 lost the most jobs during the recession. Not surprisingly, construction activity helps explain the tight link between housing and local job market performance. Given this pattern, we believe that each metro area’s boom-bust experience is likely to continue to influence its ...
Liberty Street Economics , Paper 20110829

Report
Agglomeration and job matching among college graduates

We examine job matching as a potential source of urban agglomeration economies. Focusing on college graduates, we construct two direct measures of job matching based on how well an individual?s job corresponds to his or her college education. Consistent with matching-based theories of urban agglomeration, we find evidence that larger and thicker local labor markets increase both the likelihood and quality of a job match for college graduates. We then assess the extent to which better job matching of college-educated workers increases individual-level wages and thereby contributes to the urban ...
Staff Reports , Paper 587

Journal Article
Are recent college graduates finding good jobs?

According to numerous accounts, the Great Recession has left many recent college graduates struggling to find jobs that utilize their education. However, a look at the data on the employment outcomes for recent graduates over the past two decades suggests that such difficulties are not a new phenomenon: individuals just beginning their careers often need time to transition into the labor market. Still, the percentage who are unemployed or ?underemployed??working in a job that typically does not require a bachelor?s degree?has risen, particularly since the 2001 recession. Moreover, the quality ...
Current Issues in Economics and Finance , Volume 20

Journal Article
The role of colleges and universities in building local human capital

Colleges and universities can contribute to the economic success of a region by deepening the skills and knowledge?or human capital?of its residents. Producing graduates who join the region?s educated workforce is one way these institutions increase human capital levels. In addition, the knowledge and technologies created through research activities at area universities may not only attract new firms to a region but also help existing businesses expand and innovate. These ?spillover effects? can in turn raise the region?s demand for high-skilled workers.
Current Issues in Economics and Finance , Volume 17 , Issue Oct

Discussion Paper
Foreclosures Loom Large in the Region

Households in the New York-northern New Jersey region were spared the worst of the housing bust and have generally experienced less financial stress than average over the past several years. However, as the housing market has begun to recover both regionally and nationally, the region is faring far worse than the nation in one important respect—a growing backlog of foreclosures is resulting in a foreclosure rate that is now well above the national average. In this blog post, we describe this outsized increase in the region’s foreclosure rate and explain why it has occurred. We then ...
Liberty Street Economics , Paper 20130410

Journal Article
Bypassing the bust: the stability of upstate New York's housing markets during the recession

Over the past decade, the United States has seen real estate activity swing from boom to bust. But upstate New York has been largely insulated from this volatility, with metropolitan areas such as Buffalo, Rochester, and Syracuse even registering home price increases during the recession. An analysis of upstate housing markets over the most recent residential real estate cycle indicates that the region's relatively low incidence of nonprime mortgages and the better-than-average performance of these loans contributed to this stability.
Current Issues in Economics and Finance , Volume 16 , Issue Mar

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