Economic Restructuring in New York State

7 Pages Posted: 28 Sep 2004

See all articles by Erica L. Groshen

Erica L. Groshen

Federal Reserve Bank of New York; IZA Institute of Labor Economics

Simon Potter

Peter G. Peterson Institute for International Economics

Rebecca J. Sela

New York University (NYU) - Leonard N. Stern School of Business; J.P. Morgan Chase & Co.

Abstract

When economic activity slows down, labor markets may undergo extensive structural change - the permanent reallocation of workers across industries. Job losses can be heavy, and creating new jobs and retraining displaced workers to fill them can take time. A high degree of restructuring may help to explain why New York State's most recent downturn persisted for well over two years.

Keywords: New York, job growth, recession, restructuring

JEL Classification: J, R

Suggested Citation

Groshen, Erica L. and Potter, Simon and Sela, Rebecca J., Economic Restructuring in New York State. Available at SSRN: https://ssrn.com/abstract=597102

Erica L. Groshen (Contact Author)

Federal Reserve Bank of New York ( email )

33 Liberty Street
New York, NY 10045
United States
212-720-7685 (Phone)

HOME PAGE: http://www.newyorkfed.org/research/economists/groshen/index.html

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072
Germany

Simon Potter

Peter G. Peterson Institute for International Economics ( email )

1750 Massachusetts Avenue, NW
Washington, DC 20036
United States

Rebecca J. Sela

New York University (NYU) - Leonard N. Stern School of Business ( email )

44 West 4th Street
Suite 9-160
New York, NY NY 10012
United States

J.P. Morgan Chase & Co. ( email )

60 Wall St.
New York, NY 10260
United States

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