Many supporters of the tax cut enacted this summer viewed it as an important stimulus to consumer spending. But an analysis of the effects of earlier income tax cuts suggests that the consumer response to such initiatives is, in fact, quite variable. Two conclusions stand out: First, consumers...

This paper explores the connections between broad indicators of economic conditions in the New York Metropolitan area and their national counterparts. Our examination provides two different views of the metropolitan economy. First, as is well known, employment growth in the region over the last...

This article examines the theoretical and statistical connections between the productivity upsurge in U.S. manufacturing in the 1980s and manufacturing investment in computers and other forms of high-tech equipment.

It is well known that job growth in the Second District as a whole has not kept pace with national trends over the last few years. This article offers a different perspective by assessing job trends in specific regions within the District. The authors conclude that employment growth has resumed...

In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes--particularly from high-wage earners in the finance...