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How volatile is New York State's economy?

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Abstract

We measure employment volatility in New York State. We find that although New York has demonstrated slow employment growth during the postwar period, its diverse industry composition has helped make it the most stable economy in the nation. We also examine the extent to which regional volatility is due to national, as opposed to local, economic fluctuations. This examination enables us to compare the volatility of New York's major metropolitan areas with a sampling of U.S. cities. Here, we find that New York's metro areas were relatively stable during the postwar period, but some areas have exhibited a fair degree of volatility in more recent years.

Suggested Citation

  • Richard Deitz & Ramon Garcia, 2003. "How volatile is New York State's economy?," The Regional Economy of Upstate New York, Federal Reserve Bank of New York, issue Win.
    • Handle: RePEc:fip:fednre:y:2003:i:win
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/regional_economy/winter2003.pdf
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