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Working Paper
The Labor Market Effects of Place-Based Policies: Evidence from England’s Neighbourhood Renewal Fund
Jump, Robert Calvert; Scavette, Adam (2022-03-23)
Neighborhood renewal programs are a type of place-based policy that aim to revive underperforming localities. The literature on place-based policies has found mixed results regarding their effects on local labor market outcomes, but there are relatively few studies of policies that aim to improve local labor supply. In this paper, we examine the labor market effects of the Neighbourhood Renewal Fund, which targeted eighty-eight of the most deprived areas in England during the early 2000s as part of the Labour Government's National Strategy for Neighbourhood Renewal. The fund disbursed almost ...
Working Paper , Paper 22-02

Report
Labor force participation in New England vs. the United States, 2007–2015: why was the regional decline more moderate?
Burke, Mary A. (2016-10-01)
This paper identifies the main forces that contributed to the decline in labor force participation in New England between 2007 and 2015, as well as the forces that moderated the region?s decline relative to that of the nation. This exercise contributes to an assessment of the outlook for participation in New England moving forward. Similar to previous findings pertaining to the United States as a whole, the single largest factor in the recent decline in labor force participation in New England was the shifting age composition of the region?s population. In particular, the share of New England ...
Current Policy Perspectives , Paper 16-2

Discussion Paper
Businesses in the Tri-State Region Struggling to Weather the Coronavirus Outbreak
Abel, Jaison R.; Bram, Jason; Deitz, Richard (2020-03-30)
As a result of the coronavirus outbreak, New York State, New Jersey, and Connecticut have closed nonessential businesses and schools and asked residents to stay home in an effort to slow the spread of the virus. These actions are unprecedented, and the economic impacts are likely to be temporary but severe, and difficult to track and measure. With conditions changing so rapidly, timely data on the economic impacts of the outbreak and resultant policies on businesses and people are both scarce and important. In this post, we provide some very recent information on the economic effects of the ...
Liberty Street Economics , Paper 20200330a

Discussion Paper
The Regional Economy during the Pandemic
Abel, Jaison R.; Bram, Jason; Deitz, Richard; Hastings, Jonathan (2020-12-02)
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 so far, business activity, consumer spending, and employment are all still well below pre-pandemic levels in much of the region, and fiscal pressures are mounting for state and ...
Liberty Street Economics , Paper 20201202

Working Paper
Macroeconomic Implications of Uniform Pricing
Kozlowski, Julian; Daruich, Diego (2020-07-15)
We compile a new database of grocery prices in Argentina, with over 9 million observations per day. We find uniform pricing both within and across regions—i.e., product prices almost do not vary within stores of a chain. Uniform pricing implies that prices would not change with regional conditions or shocks, particularly so if chains operate in several regions. We confirm this hypothesis using employment data. While prices in stores of chains operating almost exclusively in one region do react to changes in regional employment, stores of chains that operate in many regions do not. Finally, ...
Working Papers , Paper 2019-024

Discussion Paper
April Regional Service-Sector Survey Points to A Long-Awaited Rebound
Bram, Jason; Deitz, Richard (2021-04-16)
While the manufacturing sector typically drives recessions and recoveries more than the service sector, the opposite has been true during the pandemic recession. Finally this month, the Federal Reserve Bank of New York’s April business surveys point to a solid increase in service sector activity as well as continued strength in manufacturing activity in the New York-Northern New Jersey region, marking the first signs of widespread growth since the pandemic began. While manufacturing activity had been increasing through much of the pandemic, service sector activity had declined for thirteen ...
Liberty Street Economics , Paper 20210416

Discussion Paper
The Tri-State Region’s Recovery from the Pandemic Recession Three Years On
Bram, Jason; Hastings, Jonathan; Deitz, Richard; Abel, Jaison R. (2023-04-13)
The tri-state region’s economy was hit especially hard by the pandemic, but three years on, is close to recovering the jobs that were lost. Indeed, employment initially fell by 20 percent in New York City as the pandemic took hold, a significantly sharper decline than for the nation as a whole, and the rest of the region experienced similar declines, creating a much larger hole than in other parts of the country. Three years later, the recovery has been uneven: Recent job growth has been particularly strong in New York City, where employment remains just slightly below pre-pandemic levels, ...
Liberty Street Economics , Paper 20230413a

Working Paper
Spatial Wage Gaps in Frictional Labor Markets
Porzio, Tommaso; Heise, Sebastian (2019-12-23)
We develop a job ladder model with labor reallocation across firms and regions, and estimate it on matched employer-employee data to study the large and persistent real wage gap between East and West Germany. We find that the wage gap is mostly due to firms paying higher wages per efficiency unit in West Germany and quantify a rich set of frictions preventing worker reallocation across space and across firms. We find that three spatial barriers impede East Germans’ ability to migrate West: migration costs, a preference to live in the East, and fewer job opportunities received from the West. ...
Opportunity and Inclusive Growth Institute Working Papers , Paper 29

Discussion Paper
Flood Risk and Firm Location Decisions in the Fed’s Second District
Hannaoui, Oliver Zain; Jung, Hyeyoon; Santos, João A. C.; Seltzer, Lee (2023-11-14)
The intensity, duration, and frequency of flooding have increased over the past few decades. According to the Federal Emergency Management Agency (FEMA), 99 percent of U.S. counties have been impacted by a flooding event since 1999. As the frequency of flood events continues to increase, the number of people, buildings, and agriculture exposed to flood risk is only likely to grow. As a previous post points out, measuring the geographical accuracy of such risk is important and may impact bank lending. In this post, we focus on the distribution of flood risk within the Federal Reserve’s ...
Liberty Street Economics , Paper 20231114

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