[...]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 consider what these risks, and the publicperception of them, mean for cities in general and for thefuture of New York City in particular. We begin by examiningthe question of why cities exist at all. Only by answering thisimportant question can we think more clearly...

[...]What explains New York’s ongoing ability to dominateAmerica’s urban landscape? In this paper, we explore theeconomic history of the city and argue that three themesemerge. First, New York’s emergence as the nation’s premier port was not the result of happenstance followed by...

[...]This paper builds primarily on research on agglomerationeconomies. Much of the empirical work on agglomeration hassought to estimate the effect on productivity of anestablishment’s local environment. The estimation hassometimes involved direct estimates of productivity(Henderson 2003) and...

[...]This paper empirically examines the spatial and temporalresponses of the New York City economy to a large, butspatially concentrated, exogenous shock to its capital stock:the terrorist attacks of September 11, 2001. Our focus on thecity’s response allows us to draw inferences about how...

[...]The focus of my remarks is something else entirely. Mypurpose is threefold: first, to make the case that the study ofhistory is essential to understanding the present and future ofany urban area; second, to suggest that in terms of age, size,density, and demographic patterns, New York has...

[...]This paper documents the impact of recent changes inimmigration settlement patterns on the skill endowment ofimmigrants in the New York metropolitan area. The empiricalanalysis uses the available U.S. census microdata between 1970and 2000 to examine two related questions that inevitably lie...

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...