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Discussion Paper
Lower Manhattan since 9/11: A Study in Resilience
Scally, Joelle; Bram, Jason (2016-10-19)
The 9/11 terrorist attack on the World Trade Center left a deep scar on New York City and the nation, most particularly in terms of the human toll. In addition to the lives lost and widespread health problems suffered by many others?in particular by first responders and recovery workers?the destruction of billions of dollars? worth of property and infrastructure led to severe disruptions to the local economy. Nowhere were these disruptions more severe and long-lasting than in the neighborhoods closest to Ground Zero.
Liberty Street Economics , Paper 20161019

Discussion Paper
Unintended Consequences in School Accountability Policies
Chakrabarti, Rajashri; Schwartz, Noah (2011-11-28)
Over the past two decades, state and federal education policies have tried to hold schools more accountable for educating their students. A common criticism of these policies is that they may induce schools to “game the system” with strategies such as excluding certain types of students from computation of school average test scores. In this post, based on our recent New York Fed staff report, “Vouchers, Responses, and the Test Taking Population: Regression Discontinuity Evidence from Florida,” we investigate whether Florida schools resorted to such strategic behavior in response to a ...
Liberty Street Economics , Paper 20111128

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
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
How Colleges and Universities Can Help Their Local Economies
Abel, Jaison R.; Deitz, Richard (2012-02-13)
Policymakers are increasingly viewing colleges and universities as important engines of growth for their local areas. In addition to having direct economic impacts, these institutions help to raise the skills of an area’s workforce (its local “human capital”), and they do this in two ways. First, by educating potential workers, they increase the supply of human capital in a region. Perhaps less obviously, these schools can also raise a region’s demand for human capital by helping local businesses create jobs for skilled workers. In this post, we draw on our recent academic research ...
Liberty Street Economics , Paper 20120213

Working Paper
Does Zoning Help or Hinder Transit-Oriented (Re)Development?
Schuetz, Jenny; Giuliano, Genevieve; Shin, Eun Jin (2016-03-04)
Despite its reputation as a car-oriented city, the Los Angeles metropolitan area has made substantial investments in developing rail transit since 1990. In cities with older "legacy" rail systems, the built environment has developed over time around fixed transit infrastructure, creating land use patterns oriented towards long-standing rail stations. By contrast, rail stations in Los Angeles were added to an already dense built environment, with auto oriented zoning and established land use patterns. In this paper we ask whether redevelopment is occurring around Los Angeles? rail stations, ...
Finance and Economics Discussion Series , Paper 2016-020

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

Discussion Paper
The Welfare Costs of Superstorm Sandy
Deitz, Richard; Bram, Jason; Orr, James A.; Abel, Jaison R. (2012-12-18)
As most of the New York metropolitan region begins to get back to normal following the devastation caused by superstorm Sandy, researchers and analysts are trying to assess the total ?economic cost? of the storm. But what, exactly, is meant by economic cost? Typically, those tallying up the economic cost of a disaster think of two types of costs: loss of capital (property damage and destruction) and loss of economic activity (caused by disruptions). But there is another important type of economic loss that often is not estimated or discussed in policymaking decisions: loss of welfare or ...
Liberty Street Economics , Paper 20121218

Discussion Paper
Beginning to Gauge Maria’s Effect on Puerto Rico’s Economy
Thomas, Lauren; Bram, Jason (2018-01-12)
Just two weeks after most of Puerto Rico dodged the proverbial bullet, missing the brunt of Hurricane Irma, the island was devastated by Maria?one of the ten strongest Atlantic hurricanes on record. Making landfall on September 20, 2017, the storm caused not only massive physical destruction and tragic loss of life but also widespread and persistent power outages, shortages of potable (and even nonpotable) running water, and disruptions to telecommunications and travel, among other issues. With the storm boosting costs and disrupting activity, the short-term economic impact is clearly ...
Liberty Street Economics , Paper 20180112

Discussion Paper
The “Cadillac Tax”: Driving Firms to Change Their Plans?
Pinkovskiy, Maxim L.; Bram, Jason; Dussault, Nicole (2016-02-29)
Since the 1940s, employers that provide health insurance for their employees can deduct the cost as a business expense, but the government does not treat the value of that coverage as taxable income. This exclusion of employer-provided health insurance from taxable income?$248 billion in 2013, according to the Congressional Budget Office?is a huge subsidy for health spending. Many economists cite the distortionary effects of this tax subsidy as an important reason for why U.S. health care spending accounts for such a large share of the economy and why spending historically has grown so ...
Liberty Street Economics , Paper 20160229

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