New York City's Economy Before and After September 11 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook New York City's Economy Before and After September 11 write by . This book was released on 2003. New York City's Economy Before and After September 11 available in PDF, EPUB and Kindle.
Resilient City
Resilient City - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Resilient City write by Howard Chernick. This book was released on 2005-08-25. Resilient City available in PDF, EPUB and Kindle. The strike against the World Trade Center on September 11, 2001, was a violent blow against the United States and a symbolic attack on capitalism and commerce. It shut down one of the world's busiest commercial centers for weeks, destroyed or damaged billions of dollars worth of property, and forced many New York City employers to slash their payrolls or move jobs to other areas. The immediate economic effect was substantial, but how badly did 9/11 affect New York City's economy in the longer term? In Resilient City, Howard Chernick and a team of economic experts examine the city's economic recovery in the three years following the destruction of the Twin Towers. Assessing multiple facets of the New York City economy in the years after 9/11, Resilient City discerns many hopeful signs among persistent troubles. Analysis by economist Sanders Korenman indicates that the value of New York–based companies did not fall relative to other firms, indicating that investors still believe that there are business advantages to operating in New York despite higher rates of terrorism insurance and concerns about future attacks. Cordelia Reimers separates the economic effect of 9/11 from the effects of the 2001 recession by comparing employment and wage trends for disadvantaged workers in New York with those in five major U.S. cities. She finds that New Yorkers fared at least as well as people in other cities, suggesting that the decline in earnings and employment for low-income New York workers in 2002 was due more to the recession than to the effects of 9/11. Still, troubles remain for New York City. Howard Chernick considers the substantial fiscal implications of the terrorist attacks on New York City, estimating that the attack cost the city about $3 billion in the first two years alone; a sum that the city now must make up through large tax increases, spending cuts, and substantial additional borrowing, which will inevitably be a burden on future budgets. The terrorist attacks of September 11 dealt a severe blow to the economy of New York City, but it was far from a knock-out punch. Resilient City shows that New York's dynamic, flexible economy has absorbed the hardships inflicted by the attacks, and provides a thorough, authoritative A Russell Sage Foundation September 11 Initiative Volume
New York City's Economy Before and After September 11
New York City's Economy Before and After September 11 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook New York City's Economy Before and After September 11 write by Jason Bram. This book was released on 2003. New York City's Economy Before and After September 11 available in PDF, EPUB and Kindle.
9/11 and the New York City Economy
9/11 and the New York City Economy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook 9/11 and the New York City Economy write by Michael L. Dolfman. This book was released on 2004. 9/11 and the New York City Economy available in PDF, EPUB and Kindle.
The Economic Effects Of 9/11
The Economic Effects Of 9/11 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook The Economic Effects Of 9/11 write by Congressional Research Service Library o. This book was released on 2005. The Economic Effects Of 9/11 available in PDF, EPUB and Kindle. The tragedy of September 11, 2001 was so sudden and devastating that it may be difficult at this point in time to write dispassionately and objectively about its effects on the U.S. economy. This retrospective review will attempt such an undertaking. The loss of lives and property on 9/11 was not large enough to have had a measurable effect on the productive capacity of the United States even though it had a very significant localized effect on New York City and, to a lesser degree, on the greater Washington, D.C. area. Thus, for 9/11 to affect the economy it would have had to have affected the price of an important input, such as energy, or had an adverse effect on aggregate demand via such mechanisms as consumer and business confidence, a financial panic or liquidity crisis, or an international run on the dollar. It was initially thought that aggregate demand was seriously affected, for while the existing data showed that GDP growth was low in the first half of 2001, data published in October showed that GDP had contracted during the 3rd quarter. This led to the claim that "The terrorist attacks pushed a weak economy over the edge into an outright recession." We now know, based on revised data, this is not so. At the time of 9/11 the economy was in its third consecutive quarter of contraction; positive growth resumed in the 4th quarter. This would suggest that any effects from 9/11 on demand were short lived. While this may be true, several events took place before, on, and shortly after 9/11, that made recovery either more rapid than it might have been or made it possible to take place. First, the Federal Reserve had eased credit during the first half of 2001 to stimulate aggregate demand. The economy responds to policy changes with a lag in time. Thus, the public response may have been felt in the 4th quarter giving the appearance that 9/11 had only a limited effect. Second, the Federal Reserve on and immediately after 9/11 took appropriate action to avert a financial panic and liquidity shortage. This was supplemented by support from foreign central banks to shore up the dollar in world markets and limited the contagion of 9/11 from spreading to other national economies. Nevertheless, U.S. trade with other countries, especially Canada, was disrupted. While oil prices spiked briefly, they quickly returned to their pre-9/11 levels. Thus, it can be argued, timely action contained the short run economic effects of 9/11 on the overall economy. Over the longer run 9/11 will adversely affect U.S. productivity growth because resources are being and will be used to ensure the security of production, distribution, finance, and communication.
