This article investigates two prominent explanations - technology and trade - for growing wage inequality by educational attainment. The analysis indicates a prominent role for technological improvements and a modest but still significant role for increased competition from imports

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...

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 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 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...

[...]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...