It has become a truism to say that immigration hastransformed American society since 1965. Beginning with“gateway” cities like New York and Los Angeles, the effect ofnew immigrants now extends to small pork- or chickenprocessingtowns in Iowa or North Carolina. Indeed, theMarch 2004 annual...

[...]Immigrants settle in one point within the vast U.S.geography. Classically, there are four great reception areas:the two coasts, Chicago, and the southern border. New YorkCity was the gateway for the great migrations of the turn ofthe twentieth century, and it remains a major destination...

[...]Nonetheless, not all the news is bad. As we describe in detail,our work on New York City’s public schools—which includesextensive research on immigrant children—and our separate work on school reform offer several reasons for optimism.First, immigrant students, who might be viewed as...

[...]This article evaluates the short-term economic consequencesof the attack on Manhattan and the four other boroughsthat make up New York City. We begin with the deepest loss—that of human lives. We then look at the effects of the attack onthe inputs to the production process: labor and...

[...]This article describes the institutional and economic settingof the fails problem and suggests why that problem led policymakers to depart so significantly from previous debtmanagement practices. The next section sets the stage byreviewing how investors establish beneficial ownership...

[...]In this article, we provide new evidence of the importance ofthe coordination mechanism that banks use in their normalpayments activity to provide liquidity. We do so by firstoutlining the sources of funding for banks’ payments activity, thus highlighting the role of expected incoming...

[...]This paper reexamines the debate over the appropriate formof housing assistance. First, we briefly summarize and evaluate arguments in favor of demand-oriented housing subsidies(such as Section 8 vouchers) and supply-oriented housingsubsidies (such as production subsidies). We conclude...

[...]In this article, we analyze the effects of September 11 on thelonger run prospects for the New York City economy. We findthat, on the one hand, several downside risks to the city’sgrowth outlook have arisen. In a worst-case scenario, theconcentration of the attack on Lower Manhattan has...