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Discussion Paper
The Welfare Costs of Superstorm Sandy
Deitz, Richard; Bram, Jason; Orr, James A.; Abel, Jaison R. (2012-12-18)
As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total ?economic cost? of the storm. But what, exactly, is meant by economic cost? Typically, those tallying up the economic cost of a disaster think of two types of costs: loss of capital (property damage and destruction) and loss of economic activity (caused by disruptions). But there is another important type of economic loss that often is not estimated or discussed in policymaking decisions: loss of welfare or ...
Liberty Street Economics , Paper 20121218

Discussion Paper
What are the Costs of Superstorm Sandy?
Abel, Jaison R.; Bram, Jason; Orr, James A.; Deitz, Richard (2012-12-17)
Superstorm Sandy has had widespread effects in the tri-state region. Early estimates of the total national costs have been in the range of $30 billion to $50 billion. More recently, the New York State governor’s office has estimated state costs to be $32.8 billion, while the New Jersey governor’s office has calculated state costs to be $29.5 billion; these figures exclude mitigation costs&#8212money spent to protect against future storms. It is important to remember that such figures incorporate two distinct types of costs: first, direct costs related to the destruction of physical ...
Liberty Street Economics , Paper 20121217

Journal Article
The Long Road to Recovery: New York Schools in the Aftermath of the Great Recession
Livingston, Max; Chakrabarti, Rajashri (2019-12)
Using rich panel data and an interrupted time-series analysis, the authors examine how the funding and expenditure dynamics of New York school districts changed in the four years after the Great Recession. Extending prior work on the immediate effects of the recession on school finances in 2009-10 in Chakrabarti, Livingston, and Setren (2015), they take a longer-term view through 2012, to document what happened when support from federal stimulus funding began to dwindle and then ended. The analysis finds that the more than $6 billion in support from the American Recovery and Reinvestment Act ...
Economic Policy Review , Volume 25 , Issue Dec

Discussion Paper
How Did Education Financing in New Jersey’s Abbott Districts Fare during the Great Recession?
Sutherland, Sarah; Chakrabarti, Rajashri (2013-02-06)
In the state of New Jersey, any child between the ages of five and eighteen has the constitutional right to a thorough and efficient education. The state also has one of the country’s most rigid policies regarding a balanced budget. When state and local revenues took a big hit in the most recent recession, officials had to make tough decisions about education spending. In this post, we analyze education financing and spending in two groups of high-poverty districts during the Great Recession and the ARRA (American Recovery and Reinvestment Act of 2009) federal stimulus period—the Abbott ...
Liberty Street Economics , Paper 20130206

Discussion Paper
Unintended Consequences in School Accountability Policies
Chakrabarti, Rajashri; Schwartz, Noah (2011-11-28)
Over the past two decades, state and federal education policies have tried to hold schools more accountable for educating their students. A common criticism of these policies is that they may induce schools to “game the system” with strategies such as excluding certain types of students from computation of school average test scores. In this post, based on our recent New York Fed staff report, “Vouchers, Responses, and the Test Taking Population: Regression Discontinuity Evidence from Florida,” we investigate whether Florida schools resorted to such strategic behavior in response to a ...
Liberty Street Economics , Paper 20111128

Discussion Paper
Good News or Bad on New York City Jobs?
Orr, James A.; Bram, Jason (2012-08-13)
Unlike much of the nation, New York City has seen a robust rebound in employment since the recession. In early 2012, employment here reached 3.86 million, the largest number of jobs ever recorded. Yet the city’s unemployment rate has risen in recent months and is now 10 percent—its peak during the recession—and well above the 5 percent rate seen before the downturn. This lack of improvement reflects the fact that the number of employed residents of the city has not rebounded at all from its losses during the 2008-09 downturn. While commuters from outside the city have always been a part ...
Liberty Street Economics , Paper 20120813

Discussion Paper
The “Cadillac Tax”: Driving Firms to Change Their Plans?
Pinkovskiy, Maxim L.; Bram, Jason; Dussault, Nicole (2016-02-29)
Since the 1940s, employers that provide health insurance for their employees can deduct the cost as a business expense, but the government does not treat the value of that coverage as taxable income. This exclusion of employer-provided health insurance from taxable income?$248 billion in 2013, according to the Congressional Budget Office?is a huge subsidy for health spending. Many economists cite the distortionary effects of this tax subsidy as an important reason for why U.S. health care spending accounts for such a large share of the economy and why spending historically has grown so ...
Liberty Street Economics , Paper 20160229

Journal Article
Tough Choices: New Jersey Schools during the Great Recession and Beyond
Chakrabarti, Rajashri; Livingston, Max (2021-07-01)
This study examines the medium-term effects of the Great Recession on school finances in New Jersey using detailed school district panel data and an interrupted time series analysis. The authors find that the recession led to sharp cuts in school funding and expenditure, in spite of the federal stimulus. These cuts deepened as the stimulus abated. An analysis of variations by metropolitan area reveals that the Camden metro area, the highest poverty area reviewed, experienced considerably larger cuts in expenditures when the stimulus receded compared with other areas. The findings are ...
Economic Policy Review , Volume 27 , Issue 1 , Pages 1-34

Working Paper
Is Los Angeles Becoming Transit Oriented?
Schuetz, Jenny; Shin, Eun Jin; Giuliano, Genevieve (2016-02-05)
Over the past 20 years, local and regional governments in the Los Angeles metropolitan area have invested significant resources in building rail transit infrastructure that connects major employment centers. One goal of transit infrastructure is to catalyze the development of high density, mixed-use housing and commercial activity within walking distance of rail stations, referred to as Transit Oriented Development (TOD). This project examines the quantity, type, and mix of economic activity that has occurred around newly built rail stations in Los Angeles over the past 20 years. ...
Finance and Economics Discussion Series , Paper 2016-4

Discussion Paper
U.S. Virgin Islands' Economy Hit Hard by Irma and Maria
Thomas, Lauren; Bram, Jason (2018-07-09)
In the ten months that have passed since Hurricanes Irma and Maria ravaged the Caribbean, much interest has been focused on Puerto Rico and its roughly 3.3 million American citizens, who weathered the largest blackout in U.S. history. However, far less attention has been paid to the U.S. Virgin Islands, even though St. Thomas, St. Croix, St. John, and a number of smaller islands suffered comparable devastation. This is partly attributable to their much smaller population: the U.S. Virgin Islands (“Virgin Islands”) is home to roughly 105,000 people—1/30th Puerto Rico’s population. Even ...
Liberty Street Economics , Paper 20180709

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