This article examines the origins, scope, and sectoral profile of the recent New York City recession. In addition, the authors document the buildup of imbalances in the economy before the downturn and discuss the extent to which these imbalances have been alleviated.

This article compares the 1990-91 recession and the surrounding period of unusually sluggish growth with earlier recessionary episodes. Using a variety of indicators, the author assesses the relative severity of the latest recession and identifies features that distinguish this period from its...

This paper explores the increase in income inequality since the late 1970s, with emphasis on wage inequality. The growth in wage inequality for men and women separately is documented and updated. Changes resulting from a rising education and experience premium are distinguished from those...

This paper assesses the natural rate of unemployment—the unemployment rate that arises from all sources other than fluctuations in demand associated with business cycles. The natural rate is determined by the rate at which jobs are simultaneously created and destroyed, the rate of turnover in...

The securities industry is more important than ever to the New York City economy, and a protracted downturn in the industry's employment could seriously hurt the overall job picture. Increased stability in other New York City industries, however, could help soften the economic effects of such a...

This paper examines the linkage between economic activity and tax revenues for New York State and New York City. Drawing upon the methodology of Stock and Watson, we use a dynamic single-factor model to estimate indexes of coincident economic indicators. We also construct measures of the sales...