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Information about several papers discussed at the Central Bank Liquidity Tools Conference by the Federal Reserve Bank of New York is presented. Topics include the problems in liquidity provision, funding and market liquidity, and policy responses to illiquidity. It features several speakers including Bengt Holmstrom, Patrick Bolton, and Franklin Allen.

Provides information about various publications and discussion papers of interest to policymakers, business and banking professionals and the general public, produced by Federal Bank of New York's Research and Market Analysis Group. Articles which appears in `Economic Policy Review'; Issues in economics and finance which appears in `Current Issues in Economics and Finance' and other publications; Address of Federal's web site.

Post-COVID, New York City faces reduced demand for commercial space in its central business districts, even as residential demand is resurgent. Just as in past eras of New York’s history, conversion of commercial spaces into housing may help the city adapt to these new market conditions and provide an additional pathway for producing badly needed housing. If 10 percent of office and hotel spaces were converted to residential use, around 75,000 homes would be created, concentrated in Midtown Manhattan. However, there are considerable obstacles to such conversions, including a slew of regulatory barriers. Allowing greater flexibility in building uses—including by reducing the distinction between short- and long-term use and rethinking the separation of uses embedded in the city’s zoning code—could help facilitate these shifts. [ABSTRACT FROM AUTHOR]

The article focuses on job polarization and increasing inequality in the nation and in northern New Jersey region. It says that changes in globalization and technology appear to drive behind job polarization and through automation and the substitution of low-cost labor from other countries increased employment opportunities for high-skill workers. It adds that the job growth in New York and New Jersey was because of lower-middle-skill jobs and fast-low-skill group.

The article discusses geographic data provided by Dun & Bradstreet aimed at studying the spatial pattern of entrepreneurship in the New York Metropolitan Area. The database provides information on establishments throughout the city. It characterized an establishment's activity, its employment and its U.S. ZIP code location. It particularly focuses on employment and entrepreneurial activity in manufacturing, wholesale trade, finance, insurance, real estate and services. Some maps are illustrated that depict employment densities at the country level across the metropolitan area.

Comments on a study which dealt with the effect of welfare reform on the well-being of New York City's low-income population. Information on a conference sponsored by the Urban Institute which focused on the topic of work requirements; Economic condition of New York City during the year 2000; Complexities of comparing workers and nonworkers.

Focuses on the business services and economic performance of the metropolitan region in New York. Business services in the world economy; New York business service firms.

The author introduces the conference by the Federal Reserve Bank of New York which will focus on central bank liquidity tools. She mentions the expansion of the Fed's liquidity tools including temporary open market operations (OMOs), discount window, and securities lending. She points out that other issues that will be tackled include the lesson from the economic crisis and the usefulness of traditional and liquidity tools.

The article focuses on the allocation of the U.S. American Recovery and Reinvestment Act (ARRA) spending components to New Jersey and New York. It says that the local allocation of ARRA funds shows the $35 billion of stimulus spending in New York were concentrated in expanded funding for Medicaid. It mentions that New Jersey has been allocated with $12 billion which went to extend unemployment insurance benefits.

The article explores the stability and performance of housing markets in upstate New York during the recession. It discusses the increase in home prices despite the residential real estate cycle and the contribution of relatively low incidence of nonprime mortgage loans and better-than-avarage of these loans to the housing markets' stability. It presents charts that depict the markets' performance.

The article offers information on the Term Securities Lending Facility (TSLF) launched by the Federal Reserve Bank of New York. It cites that TSLF, which was launched in March 2008, promotes liquidity in the funding markets and improve the broader financial markets' operation. It discusses the importance of secured funding markets and the first ten auctions for early evidence of the use and effectiveness of such program.

The price of vacant land in an urban area is a fundamental indicator of an area's attractiveness. However, because the value of vacant land is hard to measure, indirect methods are typically used to gauge prices. A more direct approach to measuring land prices, using a unique data set, reveals that the price of unimproved land in the New York area is high, and rose sharply from 1999 to 2006. The rising trend suggests the underlying strength of the area's economy and the increasing value of the area's productivity and amenities. [ABSTRACT FROM AUTHOR]

Considers the performance of the "Empire State Manufacturing Survey," launched by the Federal Reserve Bank of New York, in tracking the national manufacturing conditions from the survey's inception in July 2001 to June 2004. Difference between the structure of the manufacturing sector of New York State and the U.S.; History and construction of the "Empire State Manufacturing Survey"; Comparison of the survey with the Federal Reserve Bank of Philadelphia's "Business Outlook Survey" and the U.S. Institute for Supply Management's "ISM Survey."

Investigates the reasons for the depth and persistence of New York State's economic downturn in June 2004. Role of structural change in the state's delayed recovery; Factors that have shaped the state's business cycle; Key findings of an analysis of industrial payroll data.

Examines the revenue implications of the tax system of New York City. Overview of the city's tax revenues and expenditures; Properties of the tax bases in New York City; Implications of New York City's tax rate structure.

Evaluates the factors that influence the aftermarket survival of firms after participating in initial public offerings (IPO) in New York City. Overview of IPO activity between 1980 to 2000; Financial condition of firms before IPO; Outcomes of IPO firms.

Compares the economy of New York City before and after the September 11, 2001 terrorist attacks in the city. Signs of stabilization in the financial sector; Trends in the level of private-sector employment; Overview of a statistical simulation conducted by the Federal Reserve Bank of New York regarding the economy if had there not been an attack.

Presents a study on the effects of welfare reform on the economic well-being of low-income families in New York City. Developments of public welfare laws and administrative policies in New York City; Accuracy of the data used in the study; Summary and conclusion.

Provides information on a study that developed and described an index of leading economic indicators (LEI) for New York and New Jersey over the 1972-1999 period. Existing state indexes of LEI as of March 2001; Indexes of future economic activity for New York and New Jersey; Results and conclusions.

Evaluates the causes of the local safety net particularly the causes of its decline in New York City, New York. How localities redistribute; Determinants of the level of redistribution; Redistribution of the poor; Local safety net in New York; Conclusion.

Focuses on New York State's merchandise export performance as of November 1996. Background on the decline in the state's merchandise exports; Causes of the decline; Market composition; Labor costs.

Discusses the health sector's role in the regional economy of the state of New York. Employment and wages in the health sector; Health care and health-related industries; Demography and morbidity; Prognosis for health sector employment; Location quotient comparisons.

Explores the connection between broad economic indicators in the New York metropolitan region and their national counterparts. Data examined in the study; Employment in the region; Personal income, wages and salaries of employees; Statistical analysis of the study; Conclusion of the study.

Offers a different perspective on job growth in the Second District by assessing job trends in specific regions within the District. New York City and its environs; Midstate New York; Western New York.

Presents the statement of E. Gerald Corrigan, the President of the Federal Reserve Bank of New York discussing the specific features of the Administration's proposals to modify the restrictions on the ability of commercial banks to affiliate with both securities firms and commercial entities. Reasons why the president remain opposed to combinations of commercial and banking organizations; Brief history of banking and commerce; More informations.

Presents a commentary on the New York City Social Indicators Survey directed by Marcia Meyers and Irwin Garfinkel. Income poverty; Public services.