The authors analyze employment growth in the metropolitan region and its relationship to employment in the United States as a whole. They identify a strong cyclical link between the region and the nation, punctuated by occasional, persistent shifts in the region's underlying growth rate. Some...

The swift growth of e-commerce and the Internet has led to the development of a new form of electronic funds transfer—the personal on-line payment—that uses web and e-mail technologies to initiate and confirm payments. This article describes this payment instrument and the trends that have...

Overview of the proceedings of a conference sponsored by the Federal Reserve Bank of New York entitled Financial Innovation and Monetary Transmission

The September 11 attacks in New York and Washington have forced Americans to confront the fact that to live or work in a large city is to be at greater risk of large-scale terrorism. What do these risks, and the public perception of them, imply for cities in general and the future of New York...

Despite predictions to the contrary, the Asia crisis had only modest overall effects on the United States. The expected surge in import volumes did not materialize and the drop in demand for U.S. exports was not enough to slow the nation's robust economy. Nevertheless, these overall effects...