IDEAS home Printed from https://ideas.repec.org/p/fip/fednls/86809.html
   My bibliography  Save this paper

Is Wall Street the Only Street in New York City?

Author

Listed:

Abstract

Has Wall Street—the term for the securities industry that symbolizes New York City’s role as a global financial center—become less of a specialty for the city? In this post, we show that while the securities industry continues to play an outsized role in the New York City economy, the city’s job base has become somewhat more diversified since 1990. Diversification can be beneficial, as it makes a local economy less vulnerable to adverse shocks to its key industry. A recent example appears in a post by Bram and Orr showing that with Wall Street in a bit of a slump, nonfinancial industries have picked up the slack and are leading the city’s employment recovery this time around.

Suggested Citation

  • Jason Bram & Jonathan Hastings & James A. Orr, 2012. "Is Wall Street the Only Street in New York City?," Liberty Street Economics 20120606, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86809
    as

    Download full text from publisher

    File URL: https://libertystreeteconomics.newyorkfed.org/2012/06/is-wall-street-the-only-street-in-new-york-city.html
    File Function: Full text
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Hachman Index; employment; Location Quotient; diversification; New York City; specialization; securities industry; Wall Street;
    All these keywords.

    JEL classification:

    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fednls:86809. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gabriella Bucciarelli (email available below). General contact details of provider: https://edirc.repec.org/data/frbnyus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.