The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
In addition to exacting a tremendous human toll, the September11 attack on the World Trade Center caused billions of dollars in property damage and a temporary contraction in NewYorkCitys economy. This article explores the effect of these events on the longer run economic prospects for the city. For many years, growth in New York has taken the form of rising property prices, reflecting a steady transition from low- to high-paying jobs. During the 1990s, the citys expansion was built on several factors, including improving fiscal conditions, better public services, and shifting industrial and population structures that favored job and income growth. The study suggests that the effects of September11 will not eliminate these advantages in the medium term; in fact, preliminary indications are that the city remains an attractive location for businesses as well as households. Nevertheless, NewYorkCity will face many challenges as it attempts to return to its pre-attack growth path.