Is Wall Street the Only Street in New York City?

Jason Bram, Jonathan Hastings and James Orr

No 20120606, Liberty Street Economics from Federal Reserve Bank of New York

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.

Keywords: Hachman Index; employment; Location Quotient; diversification; New York City; specialization; securities industry; Wall Street (search for similar items in EconPapers)
JEL-codes: R1 (search for similar items in EconPapers)
Date: 2012-06-06
New Economics Papers: this item is included in nep-ure
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