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Tag Archives: New York

The Regional Economy during the Pandemic

Jaison R. Abel, Jason Bram, Richard Deitz, and Jonathan Hastings The New York-Northern New Jersey region experienced an unprecedented downturn earlier this year, one more severe than that of the nation, and the region is still struggling to make up the ground that was lost. That is the key takeaway at an economic press briefing held today by the New York Fed examining economic conditions during the pandemic in the Federal Reserve’s Second District. Despite the substantial recovery...

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Tracking the Spread of COVID-19 in the Region

Jaison R. Abel, Jason Bram, Richard Deitz, and Jonathan Hastings The New York Fed today unveiled a set of charts that track COVID-19 cases in the Federal Reserve’s Second District, which includes New York, Northern New Jersey, Fairfield County Connecticut, Puerto Rico, and the U.S. Virgin Islands. These charts, available in the Indicators section of our Regional Economy webpage, are updated daily with the latest data on confirmed COVID-19 cases from The New York Times, which...

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Finally, Some Signs of Improvement in the Regional Economy

Jaison R. Abel, Jason Bram, Richard Deitz, and Benjamin G. Hyman The Federal Reserve Bank of New York’s June business surveys show some signs of improvement in the regional economy. Following two months of unprecedented decline due to the coronavirus pandemic, indicators of business activity point to a slower pace of contraction in the service sector and signs of a rebound in the manufacturing sector. Even more encouraging, as the regional economy has begun to reopen, many...

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Widening Gaps: Regional Inequality within Advanced Economies

By John Bluedorn, Weicheng Lian, Natalija Novta, and Yannick Timmer عربي, 中文, Español, Français, 日本語, Português, Русский Differences in economic performance between regions within countries can be large and sometimes even larger than between countries. For example, average real GDP per person in the United States is about 90 percent higher than in Slovakia. At the same time, within the United States, per capita GDP in the state of New York is 100 percent higher than in Mississippi. Many...

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Chart of the Week House Prices Are Up: Should We Be Happy?

By IMFBlog Español, Português House prices around the world have recovered smartly since the 2008 global financial crisis. Depending on where you live, that may or may not be a good thing. IMF research shows that there is a tight link between movements in house prices, on the one hand, and economic and financial stability, on the other. In fact, more than half of the banking crises in recent decades were preceded by boom-bust cycles in house prices. So it’s no wonder that central bankers...

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Just Released: The New York Fed’s New Regional Economy Website

Jaison R. Abel, Jason Bram, Richard Deitz, and Jonathan Hastings The New York Fed today unveiled a newly designed website on the regional economy that offers convenient access to a wide array of regional data, analysis, and research that the Bank makes available to the public. Focusing specifically on the Federal Reserve’s Second District, which includes New York State, Northern New Jersey, Southwestern Connecticut, Puerto Rico, and the U.S. Virgin Islands, the new site also features...

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Just Released: Labor Markets in the Region Are Exceptionally Tight

Jaison R. Abel, Jason Bram, Richard Deitz, and Jonathan Hastings At today’s economic press briefing, we examined labor market conditions across our District, which includes New York State, Northern New Jersey, and Fairfield County, Connecticut, as well as Puerto Rico and the U.S. Virgin Islands. As has been true throughout the expansion, New York City remains an engine of job growth, while employment gains have been more moderate in Northern New Jersey and fairly sluggish across...

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"Skin in the Game," Depositor Discipline, and Bank Risk Taking

Haelim Anderson, Daniel Barth, and Dong Beom Choi In a previous post, we argued that double liability for bank owners might not limit their risk taking, despite the extra “skin in the game,” if it also weakens depositor discipline of banks. This post, drawing on our recent working paper, looks at the interplay of those opposing forces in the late 1920s when bank liability differed across states. We find that double liability may have reduced the outflow of deposits during the crisis,...

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Just Released: New York State’s Community Colleges are Successfully Partnering with Employers

Jaison R. Abel, Tony Davis, Richard Deitz, and Edison Reyes Community colleges frequently work with local employers to help shape the training of students and incumbent workers. This type of engagement has become an increasingly important strategy for community colleges to help students acquire the right skills for available jobs, and also helps local employers find and retain workers with the training they need. The Federal Reserve Bank of New York conducted a survey of community...

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Chart of the Week: The Productivity Penalty: World Cup Winners and Losers

By IMFBlog July 2, 2018  Football fans in São Paulo, Brazil watch their team play in the World Cup in Russia (photo: Fotoarena/Newscom) The World Cup and productivity.  Two of our favorite topics, together in one chart.   How much your productivity—the amount you produce per hour of work—takes a hit during the World Cup depends on where you live. The chart, put together by Statista, shows that your distance from the games as measured by time zones determines the potential effect on...

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