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Working Paper
Does Springfield receive its fair share of municipal aid? : implications for aid formula reform in Massachusetts
This paper examines the distribution of unrestricted municipal aid in Massachusetts, which has been a major concern to civic leaders and elected officials of many communities, including Springfield. The paper develops a measure of the municipal fiscal gap indicating the relative need of municipalities for state aid. The analysis shows that in recent years, unrestricted municipal aid has not been distributed in proportion to the gap measure among the 10 largest cities in Massachusetts. For example, despite having the largest municipal gap, Springfield received almost the lowest per capita ...
Journal Article
Real estate and the credit crunch: an overview
In the late 1980s, declining real estate values led to an increase in nonperforming loans, which forced the shrinkage or failure of many banks. Has a "credit crunch" resulted, as many small business representatives insist? This article offers an overview of the Federal Reserve Bank of Bostons 1992 economic conference, which examined the crisis. The first sessions explored the causes of the sharp fluctuations in real estate values and construction activity, and the significance of economic fundamentals, tax and regulatory policy, and speculation. The next two sessions dealt with the effects ...
Journal Article
Black men in the labor market
Journal Article
High technology industry in the world marketplace
Journal Article
The saving mystery, or where did the money go?
Of great concern and puzzlement to many has been the decline in the U.S. personal saving rate. From 8 percent of personal income 20 years ago, saving has fallen to less than 4 percent. This is a matter of concern because saving and investment are closely linked, and investment is believed critical to productivity gains and a rising standard of living. The decline in saving is also a source of puzzlement because it runs counter to many people's perception of what is happening.> This article investigates the decline in saving, focusing on "where the money went." The authors find that rising ...
Discussion Paper
Reinvigorating Springfield's economy: lessons from resurgent cities
As part of the Federal Reserve Bank of Boston's commitment to supporting efforts to revitalize the economy of Springfield, Massachusetts, this paper analyzes the economic development approaches of other mid-sized manufacturing-oriented cities during the past half century. From among a comparison group of 25 municipalities that were similar to Springfield in 1960, the study identifies 10 "resurgent cities" that have made substantial progress in improving living standards for their residents, and that are recognized as vital communities in a broader sense by experts on urban economic ...
Working Paper
Mortgage lending in Boston: interpreting HMDA data
The results of this study indicate that minority applicants, on average, do have greater debt burdens, higher loan-to-value ratios, and weaker credit histories and they are less likely to buy single-family homes than white applicants, and that these disadvantages do account for a large portion of the difference in denial rates. Including the additional information on applicant and property characteristics reduces the disparity between minority and white denials from the originally reported ratio of 2.7 to 1 to roughly 1.6 to 1. But these factors do not wholly eliminate the disparity, since ...
