1993 Reports

Miracle on Sixth Avenue: Information Externalities and Search

Caplin, Andrew; Leahy, John

"At one time Lower Sixth Avenue was one of the most fashionable retail centers
in Manhattan, but the area collapsed as a retail center when the affluent moved
further uptown and to the suburbs. Today, Sixth Avenue is in the midst of a rapid
turnaround, as reported in the Sunday New York Times by Claudia Deutsch. How can we account for the revitalization of this depressed area in the middle of
a recession?"