Suchergebnisse

This introduction to the Economic Policy Review special issue "The Future of New York City: Charting an Equitable Recovery for All" offers highlights of all papers presented at the March 2022 conference of the same name, as well as the event's opening remarks and keynote discussion, and it previews the three papers that are included in full in the issue.

ABSTRACT
The effects of state public capital investment on economic growth is an important question that has been the focus of a recent substantial research effort. But the majority of this research has ignored these investments'influence on the intra‐state pattern of economic activity. Yet if external agglomeration economies are important determinants of growth, then investments may indirectly affect growth by fostering or discouraging agglomeration. This paper discusses the effect of state infrastructure investments on the distribution of employment within states and the implications of these spatial effects for aggregate state employment growth. Preliminary empirical results suggest that state infrastructure investments tend to redistribute growth from areas of dense employment to other parts of the state. This redistribution may diminish agglomeration benefits offered by cities, which has the potential to reduce state growth. The paper concludes with a discussion of implications of the work for research and policy.

Includes relationships between cities and suburbs, role of local fiscal policies in regional well-being, and a model for measuring benefit spillovers from policies; 1987-91; US.

This article describes capital spending patterns for general purpose local governments in 36 large U.S. metropolitan areas for the period from 1987 to 1991. Capital spending by central cities dominates metropolitan area expenditures in each year. The results suggest that at least for local capital spending, central city residents provide the bulk of funds devoted to metropolitan area infrastructure provision. The primary reasons for this dominance are that city governments spend more than suburbs overall, and their spending is more heavily weighted toward capital in the most capital-intensive functions. City spending is not more concentrated in heavily capital-intensive functions. Highway and sewer aid from other levels of government favors cities but does not fully compensate them for the greater capital spending they undertake.

Front Cover -- Handbook of US Consumer Economics -- Handbook of US Consumer Economics -- Copyright -- Contents -- Contributors -- Preface -- 1 - Empirical analysis of the US consumer: fact, fiction, and the future -- 1. Big(ger) data: new sources and new questions -- 2. Consumer spending and the aggregate economy -- 3. Household finance -- 4. Responding to shocks -- 5. Spending over the life cycle -- 6. Measurement issues -- 7. International perspectives -- 8. Concluding thoughts -- References -- 2 - Handbook of the consumer chapter: trends in household debt and credit -- 1. Overview -- 2. Data -- 3. Decomposing the borrowing cycle -- 4. Trends in borrower characteristics -- 5. Trends in other debt -- 6. Perspectives on current household debt -- 6.1 Change in debt composition -- 6.2 Implications of the change in debt composition -- 6.3 Delinquencies -- 7. Conclusion -- References -- 3 - Trends in household portfolio composition∗ -- 1. Introduction -- 2. Survey of consumer finances data and comparison to aggregates -- 2.1 Wealth measurement: comparing the Survey of Consumer Finances to macroaggregates -- 2.2 The Survey of Consumer Finances and other household finance research -- 3. Composition of average household portfolios -- 4. Household portfolios across the asset distribution -- 4.1 Across time -- 5. Asset concentration -- 6. Cohorts -- 6.1 Interpreting the cohort figures -- 6.2 Median household assets -- 6.3 Ownership of risky assets: business, equity, and housing -- 6.4 Business ownership -- 6.5 Equity ownership -- 6.6 Home-ownership -- 6.7 Mortgage holding -- 6.7.1 The risky asset share -- 6.8 Business share -- 6.9 Equity share -- 6.10 Housing share -- 6.11 Combined risk asset share -- 7. Financial vulnerability, shocks, and the health of the household balance sheet -- 7.1 Risk from asset price shocks.

At the onset of the COVID-19 pandemic, state and local governments were among the sectors expected to experience the most severe distress. The combination of a sharply deteriorating revenue picture, a pressing need for additional expenditures, delays in the receipt of substantial taxes owed, and an inability to access the financial markets raised serious concerns among many observers about the ability of state and local governments to meet their public service delivery responsibilities. In April 2020, the Federal Reserve announced the establishment of the Municipal Liquidity Facility (MLF) to help municipalities manage the cash flow challenges that the pandemic produced. The MLF ultimately offered three-year loans at penalty rates to a set of eligible municipal issuers that included states, large cities and counties, and a number of revenue bond issuers. Research suggests that the MLF, in spite of lending to only the State of Illinois and the Metropolitan Transportation Authority, contributed to a healing in the municipal securities market as a whole. Effects on real economic outcomes like employment in the sector are harder to attribute to facility.