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Journal Article
Higher wages in New England: too much of a good thing
Journal Article
Cyclical swing or secular slide? Why have New England's banks been losing money?
Are the losses recently incurred by New Englands banking industry symptomatic of chronic excess capacity that will depress the industrys profitability even after the regions economy recovers from its current recession? Or can the industry restore its profitability by ridding itself of the extraordinary costs resulting from its large overhang of bad loans? This article maintains that the industry is not "overbanked" and that its underlying profitability will eventually reemerge. In support of this contention, the article provides estimates of the "normal" profitability of New Englands ...
Journal Article
The downturn in the New England economy: what lies behind it?
After a long period of vigorous growth--a period in which New England grew faster than the rest of the United States--employment in New England leveled off in 1989. This slowdown represents both a cyclical adjustment and a disturbing erosion in New Englands competitive position. ; To help clarify the causes of the downturn and the implications for the regions future development, this article develops a framework for analyzing regional economies, applies that framework to New England and other regions of interest, and examines New Englands share of national markets in key industries. The ...
Journal Article
What past recoveries say about the outlook for New England
New England lagged behind the national recovery in the mid 1970s but did better than average coming out of the 1982 recession. The regions strong recovery after 1982 was the result of increased defense contracts, a high-tech export orientation, and the waning of the 1970s energy price shock. What do those experiences suggest about the pace and character of the present recovery? ; Regression results indicate that the most important determinants of a states recovery are how well its key industries perform nationally, relative wage and energy cost changes, and the fiscal picture. New Englands ...
Journal Article
New England gross product
Conference Paper
The New England credit crunch