Two new indexes offer a broad view of economic activity in the New York - New Jersey region
The authors develop two coincident indexes that provide a comprehensive measure of economic activity in New Jersey, New York State, and New York City.
Social indicators and the study of inequality
This paper was presented at the conference "Unequal incomes, unequal outcomes? Economic inequality and measures of well-being" as part of session 5, "Social indicators in New York City." The conference was held at the Federal Reserve Bank of New York on May 7, 1999. The authors address some of the challenges faced by economists and others who undertake to measure well-being and inequality and to identify inequality's causes and effects. Their project - the New York City Social Indicators Survey (SIS) - uses social indicators to track economic well-being and inequality. By pushing ...
The New York City recession
This article examines the origins, scope, and sectoral profile of the recent New York City recession. In addition, the authors document the buildup of imbalances in the economy before the downturn and discuss the extent to which these imbalances have been alleviated.
Industrial restructuring in the New York metropolitan area
The author analyzes the industrial restructuring process in the New York metropolitan area in the first half of the 1990s. To measure the extent of restructuring, he reviews estimates of permanent job losses of metropolitan workers, mass layoff announcements in the region, and net job changes by industry. The analysis shows that a significant part of the area's recent restructuring reflects a continuation of the long-term trend away from manufacturing toward a service-oriented economy. This shift, while broadly in line with nationwide trends, has been somewhat more intense in the metropolitan ...
Perils of Abe Beame
Recent developments in New York City's economy
Against the background of widespread expectations of slower than normal growth in the national economy, this article examines the current state of New York City's economy. The author considers both the cyclical sources of strength available to the local economy and the structural forces that may impede growth.
Performance of metropolitan area industries
In the New York metropolitan region, job losses have been more severe and economic recovery slower than in most other metropolitan areas. But a more interesting, and less pessimistic, story is revealed by regional income: an analysis of aggregate earnings shows that incomes in the region are higher now, in real terms, than they were in 1988. That rise, the author contends, reflects increased productivity and a potential shift in industry composition from less productive to more productive industries.
Private sector responses to the Panic of 1907: a comparison of New York and Chicago
The trend toward greater provision of payments services by nonbank providers raises a question for regulators: What if these nonbank institutions suffer unfavorable balances or experience a run? The authors of this article look to the Panic of 1907 as an example of how private market participants, in the absence of government institutions, react to a crisis in their industry. They suggest that New York's and Chicago's contrasting experiences during the panic may provide useful lessons for both regulators and market participants. ; The article compares responses to the panic by bank ...
Clearinghouse access and bank runs: comparing New York and Chicago during the Panic of 1907
During the Panic of 1907, New York City trust companies were not members of the New York Clearinghouse whereas trust companies in Chicago were members of the Chicago Clearinghouse. We argue that the apparent isolation of New York City trust companies from the pool of bank reserves controlled by the New York Clearinghouse led to the large-scale depositor runs on the New York City trusts. In contrast, Chicago trust companies had direct access to the Chicago Clearinghouse and their pool of reserves and did not suffer large-scale depositor withdrawals. Statistical evidence on a cross-section of ...