The relative importance of national and regional factors in the New York Metropolitan economy
AbstractThis paper explores the connections between broad indicators of economic conditions in the New York Metropolitan area and their national counterparts. Our examination provides two different views of the metropolitan economy. First, as is well known, employment growth in the region over the last seven years has been very poor, both in absolute terms and relative to the nation, suggesting a region in decline. On the other hand, the region's income growth has been considerably better, suggesting a region whose goods and services remain in healthy demand. Some methods of analyzing the data suggest that national and regional variables are more closely connected than they have been in a generation. Notwithstanding this, VAR analysis indicates that regional factors were the initial catalysts for the local recession in the 1990s. However, this analysis also indicates that national developments, in particular the slow growth in employment following the 1990-91 recession, have been important factors behind the persistence of the local recession. This is unlike the experience of the 1970s, when regional factors were primarily responsible for prolonging that recession.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Federal Reserve Bank of New York in its series Research Paper with number 9621.
Date of creation: 1996
Date of revision:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Barro, R.J. & Sala-I-Martin, X., 1991.
"Convergence Across States and Regions,"
629, Yale - Economic Growth Center.
- Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-51, April.
- Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
- Ciccone, Antonio & Hall, Robert E, 1996.
"Productivity and the Density of Economic Activity,"
American Economic Review,
American Economic Association, vol. 86(1), pages 54-70, March.
- Antonio Ciccone & Robert E. Hall, 1996. "Productivity and the Density of Economic Activity," NBER Working Papers 4313, National Bureau of Economic Research, Inc.
- Antonio Ciccone & Robert E. Hall, 1995. "Productivity and the density of economic activity," Economics Working Papers 120, Department of Economics and Business, Universitat Pompeu Fabra.
- Gerald Carlino & Robert DeFina, 1994.
"Does monetary policy have differential regional effects?,"
94-23, Federal Reserve Bank of Philadelphia.
- Gerald A. Carlino & Robert H. DeFina, 1996. "Does monetary policy have differential regional effects?," Business Review, Federal Reserve Bank of Philadelphia, issue Mar, pages 17-27.
- David Brauer & Mark Flaherty, 1992. "The New York City recession," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 66-71.
- Abraham, Katharine G & Katz, Lawrence F, 1986.
"Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?,"
Journal of Political Economy,
University of Chicago Press, vol. 94(3), pages 507-22, June.
- Katharine G. Abraham & Lawrence F. Katz, 1987. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," NBER Working Papers 1410, National Bureau of Economic Research, Inc.
- Abraham, Katharine G. & Katz, Lawrence F., 1986. "Cyclical Unemployment: Sectoral Shifts or Aggregate Disturbances?," Scholarly Articles 3442781, Harvard University Department of Economics.
- David Brauer, 1993. "A historical perspective on the 1989-92 slow growth period," Quarterly Review, Federal Reserve Bank of New York, issue Sum, pages 1-14.
- repec:hoo:wpaper:e-93-6 is not listed on IDEAS
- Coulson, N.E. & Rushen, S.F., 1993.
"Sources of Fluctuations in the Boston Economy,"
4-93-5, Pennsylvania State - Department of Economics.
- Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
- Todd Clark, 1992. "Business cycle fluctuations in U.S. regions and industries: the roles of national, region-specific, and industry-specific shocks," Research Working Paper 92-05, Federal Reserve Bank of Kansas City.
- Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Amy Farber).
If references are entirely missing, you can add them using this form.