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Newsletter
Land Value Taxes—What They Are and Where They Come From
Kepner, Elizabeth; Mattoon, Richard H. (2023-11)
Changes to property tax structures, including the introduction of split-rate taxation, have been seeing increased interest from policymakers. Split-rate property taxation is rooted in the concept of land value taxation, which is an alternative to the form of property taxation used in most U.S. communities. In this Chicago Fed Letter, we explain what these alternatives to traditional property taxation are and provide some history on their implementation in the U.S.
Chicago Fed Letter , Volume No 489 , Pages 5

Discussion Paper
Upstate New York Job Growth: The Bad News Is that the Good News Was Wrong
Abel, Jaison R.; Deitz, Richard (2016-03-25)
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 ...
Liberty Street Economics , Paper 20160325

Discussion Paper
U.S. Virgin Islands Struggle while Puerto Rico Rebounds
Bram, Jason (2019-10-02)
Two years after hurricanes Irma and Maria wreaked havoc on Puerto Rico and the U.S. Virgin Islands, the two territories’ economies have moved in very different directions. When the hurricanes struck, both were already in long economic slumps and had significant fiscal problems. As of the summer of 2019, however, Puerto Rico’s economy was showing considerable signs of improvement since the hurricanes, while the Virgin Islands’ economy remained mired in a deep slump through the end of 2018, though signs of a nascent recovery have emerged in 2019. In this post, we assess the contrasting ...
Liberty Street Economics , Paper 20191002

Discussion Paper
Some Options for Addressing Puerto Rico’s Fiscal Problems
Clark, Hunter L.; Haughwout, Andrew F.; Orr, James A. (2015-11-03)
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.
Liberty Street Economics , Paper 20151103

Discussion Paper
Anchor Institution Strategies in the Southeast: Working with Hospitals and Universities to Support Inclusive Growth
Fazili, Sameera (2019-12-01)
Engaging universities and hospitals to address economic disparities—often referred to as anchor institution strategies—has been understudied in the Southeast. The author examines efforts to launch anchor institution strategies in the Southeast. First, the author reviews the anchor institution concept in economic development, noting how the strategy has evolved from single institutions focusing on a set of neighborhoods to expanding to multi-institution collaboratives that attempt to tackle economic inequalities at a city or regional level. Second, the author offers case studies of New ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2019-02

Report
The home market, trade, and industrial structure
Davis, Donald R. (1997-12-01)
Does national market size matter for industrial structure? This has been suggested by theoretical work on "home market" effects, as in Krugman (1980, 1995). In this paper, I show that what previously was regarded as an assumption of convenience ? transport costs only for the differentiated goods ? matters a great deal. In a focal case in which differentiated and homogeneous goods have identical transport costs, the home market effect disappears. The paper discusses available evidence on the relative trade costs for differentiated and homogeneous goods. No compelling argument is found that ...
Staff Reports , Paper 35

Discussion Paper
Waiting for Recovery: New York Schools and the Aftermath of the Great Recession
Livingston, Max; Chakrabarti, Rajashri (2013-09-23)
A key institution that was significantly affected by the Great Recession is the school system, which plays a crucial role in building human capital and shaping the country’s economic future. To prevent major cuts to education, the federal government allocated $100 billion to schools as part of the American Recovery and Reinvestment Act of 2009 (ARRA), commonly known as the stimulus package. However, the stimulus has wound down while many sectors of the economy are still struggling, leaving state and local governments with budget squeezes. In this post, we present some key findings on how ...
Liberty Street Economics , Paper 20130923a

Discussion Paper
The Region’s Job Rebound from Superstorm Sandy
Deitz, Richard; Bram, Jason; Orr, James A.; Abel, Jaison R. (2013-03-11)
Last October, Superstorm Sandy caused widespread destruction and massive disruptions to the regional economy, not to mention the lives of millions of residents. More than three months later, many people remain displaced, and some are still struggling to rebuild their homes, businesses, and lives. Despite these setbacks, the process of economic recovery in the region appears to be well underway, boosted by the beginning of the cleanup and restoration process. In this post, we take an initial look at the adverse impact Sandy has had on the region?s jobs, describing the nature and extent of the ...
Liberty Street Economics , Paper 20130311

Discussion Paper
Local Hangovers: How the Housing Boom and Bust Affected Jobs in Metro Areas
Abel, Jaison R.; Deitz, Richard (2011-08-29)
What explains why some places suffered particularly severe job losses during the Great Recession? In this post, we extend our recent Current Issues article analyzing regional dimensions of the latest housing cycle and show that metropolitan areas that experienced the biggest housing booms and busts from 2000 to 2008 lost the most jobs during the recession. Not surprisingly, construction activity helps explain the tight link between housing and local job market performance. Given this pattern, we believe that each metro area’s boom-bust experience is likely to continue to influence its ...
Liberty Street Economics , Paper 20110829

Discussion Paper
Did School Districts Offset State Education Funding Cuts?
Chakrabarti, Rajashri; Bhalla, Ravi (2014-11-10)
It’s well known that the Great Recession led to a massive reduction in state government revenues, in spite of the federal government’s attempt to ease budget tightening through American Recovery and Reinvestment Act aid to states. School districts rely heavily on aid from higher levels of government for their funding, and, even with the federal stimulus, total aid to school districts declined sharply in the post-recession years. But the local school budget process gives local residents and school districts a powerful tool to influence school spending. In this post, we summarize our recent ...
Liberty Street Economics , Paper 20141110

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