Authors: Rajashri Chakrabarti and Max Livingston
-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
Do you have a request for information and records? Learn how to submit it.
Learn about the history of the New York Fed and central banking in the United States through articles, speeches, photos and video.
-
-
-
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
Need to file a report with the New York Fed? Here are all of the forms, instructions and other information related to regulatory and statistical reporting in one spot.
The New York Fed works to protect consumers as well as provides information and resources on how to avoid and report specific scams.
-
-
-
The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
The New York Fed offers the Central Banking Seminar and several specialized courses for central bankers and financial supervisors.
-
-
-
We are connecting emerging solutions with funding in three areas—health, household financial stability, and climate—to improve life for underserved communities. Learn more by reading our strategy.
The Economic Inequality & Equitable Growth hub is a collection of research, analysis and convenings to help better understand economic inequality.
The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
-
Economic Policy Review
The Long Road to Recovery: New York Schools in the Aftermath of the Great Recession
Volume 25, Number 1
December 2019
December 2019
JEL classification: H4, I2, R1, R5
Using rich panel data and an interrupted time-series analysis, the authors examine how the funding and expenditure dynamics of New York school districts changed in the four years after the Great Recession. Extending prior work on the immediate effects of the recession on school finances in 2009-10 in Chakrabarti, Livingston, and Setren (2015), they take a longer-term view through 2012, to document what happened when support from federal stimulus funding began to dwindle and then ended. The analysis finds that the more than $6 billion in support from the American Recovery and Reinvestment Act and other sources for New York initially helped schools offset a loss in state and local support, and maintain total funding and expenditure per student in line with pre-recession trends. The stimulus, however, receded before the state and local economies fully recovered, forcing school districts to make widespread cuts in expenditures, including those supporting classroom instruction, the category most fundamental to student learning. The relative composition of funding sources changed as well, with the share of local government support for schools increasing steeply after 2010 as federal and state funding declined. The study includes an examination of the heterogeneities in effects by metropolitan area. For example, Nassau sustained the largest cuts in total funding and expenditure and Buffalo the smallest. These findings underscore the role that federal support can play in softening the impact of fiscal crises on schools when other forms of public funding are tight.
Author Disclosure Statement(s)
Rajashri Chakrabarti
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Max Livingston
The author declares that he has no relevant or material financial interests that relate to the research described in this paper.
The author declares that she has no relevant or material financial interests that relate to the research described in this paper.
Max Livingston
The author declares that he has no relevant or material financial interests that relate to the research described in this paper.
By continuing to use our site, you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement. 
