Term Paper: US Economy After 9-11

Pages: 5 (1318 words)  ·  Bibliography Sources: 0  ·  Level: College Senior  ·  Topic: Terrorism  ·  Buy This Paper

Robert T. Parry, President and Chief Executive Officer, the U.S. Economy after September 11: FRBSF Economic Letter

2001-35; December 7, 2001

Taken from: Lecture by Robert T. Parry, President and CEO of the Federal Reserve Bank of San Francisco, on November 19, 2001, at the 24th Annual Real Estate and Economics Symposium sponsored by U.C. Berkeley's Fisher Center for Real Estate and Urban Economics.

This article is divided into five important and distinct sections. Each section deals with the problem of economy after September 11. Parry first deals with the background of economic slowdown following 9/11. He states that the economy was already in a sluggish position when the tragedy struck. Therefore to actually accuse 9/11 for economic problems would be rather unfair and incorrect. "By mid-2000, then, there was a pullback." The author explains that prior to the tragedy, the economic situation was visibly negative. It was only when growth was about to recover that September 11 came. This section is followed by a summary of Federal Reserve's actions following the attacks. It includes the reasons for fun rate-cuts and measures that were taken to keep foreign banks afloat. The author claims that "These actions helped ensure that the financial markets could function efficiently as soon as possible, thereby minimizing disruptions to economic activity." The third section summarizes the effects of September 11 in the short run. The last two sections are analysis of current situation and ways to achieve economic recovery.

Response: This article is an interesting and highly informative piece on the economic effects and solutions post 9/11. The author has not tried to downplay the impact of September 11, but has clearly explained how unemployment soared and consumer spending dipped following the tragedy. But the author has also focused on the positive side of the picture as he feels that our economic structure is such that it can absorb such shocks. "...our economy has a resilient structure -- financial markets are deregulated, the banking system is sound, and our labor markets are flexible -- so we can adjust relatively quickly to the kinds of shocks we've recently suffered." There is great deal of information and no-nonsense advice available in this article.

Michael L. Dolfman, 9/11 and the New York City economy: a borough-by-borough analysis: Monthly Labor Review June, 2004

Summary: This article precisely talks about the economic effects of September 11 on New York City. The author initially focuses on the New York City economic structure and explains how its import and exports sectors are built. It then goes on to analyze the impact of September 11 on various important boroughs such as Manhattan, Queens, Brooklyn, Bronx etc. The article talks at great length about every borough and how it suffered in the wake of September 11. For example writing about Manhattan, the author explains that "The terrorist attack of 9/11 cost the Manhattan economy 238,725 lost job months (the equivalent of 59,681 jobs each month for 4 months) and $2,189,929,660 in lost wages." Similarly the impact on Queens is summarized in these words: "The Queens economy began to lose jobs in September 2001, and the losses extended through November 2002, a 14-month period. A breakdown of specific key sectors, given in table 9, points out the differing effects of 9/11, in terms of lost jobs and lost wages, on the Queens economy."

Response: this article is very well researched and must be read by those who really want to know how September 11 affected the economy. Even though it precisely talks about New York City, what makes this a must-read is the fact that NY city economy represents a significant portion of United States economic structure. It is the most dynamic city and serves as the backbone of U.S. economy and thus this article proved very informative.

Robert W. Marsh, Factoring terrorism into the economic equation: When will the U.S. economy recover from September 11? Paper, Film, & Foil Converter Jan, 2002

Summary: This… [END OF PREVIEW]

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