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74 posts on "Regional Analysis"

June 24, 2016

Just Released: May’s Indexes of Coincident Economic Indicators Show Economic Growth Moderating across the Region



LSE_Just Released: May’s Indexes of Coincident Economic Indicators Show Economic Growth Moderating across the Region

The May Indexes of Coincident Economic Indicators (CEIs) for New Jersey, New York State, and New York City, released today, show some slowing in economic growth across the region—in part reflecting the Verizon strike (which has since been settled), as well as somewhat weaker economic fundamentals. As shown in the chart below, New York City continues to be the strongest engine of growth in the region, by far, though there too, we have seen some deceleration.

Continue reading "Just Released: May’s Indexes of Coincident Economic Indicators Show Economic Growth Moderating across the Region" »

Posted by Blog Author at 9:15 AM in Macroecon, Regional Analysis | Permalink | Comments (0)

June 06, 2016

Just Released: Mapping the Differences in School Spending in New York City



LSE_Just Released: Mapping the Differences in School Spending in New York City

This morning, the Federal Reserve Bank of New York released a set of interactive visuals that present data on school spending and its various components—such as instructional spending, instructional support, leadership support, and building services spending—across all thirty-two community school districts (CSD) in New York City and map their progression over time. A key feature of these interactive visuals is that they present the data in two forms: as adjusted data, which control for student categories that receive differential funding from the City based on their needs, and as raw data that do not include this adjustment. The interactive features allow the user to easily view (and compare) the adjusted and raw data, to observe trends for different spending categories, and to compare spending profiles across community school districts for each form of data. Demographic and socioeconomic characteristics of each CSD can be viewed by clicking on the district of interest. Our purpose is to make data on education finance and education indicators more accessible to a broader audience, including education researchers.

Continue reading "Just Released: Mapping the Differences in School Spending in New York City" »

Posted by Blog Author at 7:00 AM in Education, Regional Analysis | Permalink | Comments (0)

March 25, 2016

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



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 half, indicating that the pickup in the pace of the region’s job growth never really happened.

Continue reading "Upstate New York Job Growth: The Bad News Is that the Good News Was Wrong" »

Posted by Blog Author at 7:00 AM in Regional Analysis | Permalink | Comments (0)

March 04, 2016

Hey, Economist! How Well Do We Weather Snowstorms?



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Editors’ note: With this post, Liberty Street Economics launches an occasional series featuring interviews with our economists about their areas of expertise or recent research. In today’s post, Trevor Delaney, one of our publications editors, caught up with Jason Bram, a research officer in our Regional Analysis division to discuss how snowstorms do, or don’t, affect New York City’s economy. With a bit of snow expected here this weekend, the timing is auspicious.

Continue reading "Hey, Economist! How Well Do We Weather Snowstorms?" »

Posted by Blog Author at 7:00 AM in Hey, Economist!, Regional Analysis | Permalink | Comments (2)

February 29, 2016

The “Cadillac Tax”: Driving Firms to Change Their Plans?



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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 rapidly. In this blog post, we focus on a provision of the Affordable Care Act (ACA) that is intended to chip away at this tax subsidy, the colloquially labelled “Cadillac Tax” on the priciest employer-provided health insurance plans.

Continue reading "The “Cadillac Tax”: Driving Firms to Change Their Plans?" »

Posted by Blog Author at 7:00 AM in Labor Economics, Regional Analysis | Permalink | Comments (0)

December 02, 2015

Just Released: Job Market Remains Tight as Regional Economy Slows



LSE_2015_jr-beige-book-november_bram_460_art

The New York Fed’s latest Beige Book report indicates that regional economic growth slowed in October and early November, while the job market stayed strong and prices remained stable. This latest report, based on information collected through November 20, suggests that economic activity in the Second District has leveled off since the end of the third quarter. A growing number of sectors appear to be facing increased headwinds from a strong dollar. In particular, the manufacturing sector, which was one of the weakest sectors in the Second District during the third quarter, has continued to contract at the start of the fourth quarter. Moreover, fewer and fewer manufacturing sector contacts are optimistic about the near-term outlook.

Continue reading "Just Released: Job Market Remains Tight as Regional Economy Slows" »

Posted by Blog Author at 2:15 PM in Regional Analysis | Permalink | Comments (0)

November 05, 2015

How Did Quantitative Easing Interact with Regional Inequality?



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Income, or wealth, inequality is not something that central bankers generally worry about when setting monetary policy, the goals of which are to maintain price stability and promote full employment. Nevertheless, it is important to understand whether and how monetary policy affects inequality, and this topic has recently generated quite a bit of discussion and academic research, with some arguing that the Federal Reserve’s expansionary policy of recent years has exacerbated inequality (see, for instance, here or here), while others reach the opposite conclusion (see here or here). This disagreement can be attributed in part to the different channels through which expansionary monetary policy can affect inequality: its effect on asset prices would tend to increase inequality, while its effect on labor incomes and employment would likely decrease inequality. In this post, I study one particular channel through which Fed policies may have disparate effects—namely, mortgage refinancing—and I focus on dispersion across locations in the United States.

Continue reading "How Did Quantitative Easing Interact with Regional Inequality?" »

November 03, 2015

Some Options for Addressing Puerto Rico’s Fiscal Problems



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Puerto Rico’s economic and fiscal challenges have been an important focus of work done here at the New York Fed, resulting in two reports (2012 and 2014), several blog posts and one paper in our Current Issues series in just the last few years. As the Commonwealth’s problems have deepened, the Obama administration and Congress have begun discussing potential approaches to addressing them. In this post, we update our previous estimates of Puerto Rico’s outstanding debt and discuss the effect that various forms of bankruptcy protection might have on the Commonwealth.

Continue reading "Some Options for Addressing Puerto Rico’s Fiscal Problems" »

Posted by Blog Author at 12:00 PM in Fiscal Policy, Regional Analysis | Permalink | Comments (2)

October 16, 2015

Just Released: Regional Service Sector Resilient even as Manufacturing Slumps



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The October 2015 Business Leaders Survey of regional service firms, released today, paints a considerably more benign picture of local business conditions than the more troubling October 2015 Empire State Manufacturing Survey, released yesterday. The two surveys point to diverging trends in the regional economy: manufacturing firms report that business activity has weakened, on balance, for the third month in a row, while regional service firms, though far from euphoric, remain slightly positive, on balance, about business trends. One of the reasons for this divergence seems to be the strong dollar, which has had negative effects on far more manufacturers than service firms, according to our surveys.

Continue reading "Just Released: Regional Service Sector Resilient even as Manufacturing Slumps" »

Posted by Blog Author at 8:45 AM in Macroecon, Regional Analysis | Permalink | Comments (0)

September 04, 2015

From the Vault: Understanding Puerto Rico’s Economic Challenges



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Recent news examining the toll that a decade of stagnation, out-migration, and heavy debt has taken on Puerto Rico draws on work summarized in two Liberty Street Economics posts. For example, the New York Times cited our analysis of the U.S. Commonwealth’s ongoing population decline. In an April post, economists Jaison Abel and Richard Deitz put numbers on the exodus, reporting that over the last ten years, Puerto Rico’s population has dwindled to 3.6 million, a decline of more than 5 percent, which they attribute in part to falling birthrates but mostly to migration to the U.S. mainland.

Continue reading "From the Vault: Understanding Puerto Rico’s Economic Challenges" »

Posted by Blog Author at 7:00 AM in Regional Analysis | Permalink | Comments (0)
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