New England Economic Partnership

New England Economic Partnership
Name	New England Economic Partnership
Formation	1990s
Type	Regional economic research consortium
Headquarters	Boston, Massachusetts
Region served	New England
Leader title	Director
Affiliations	Federal Reserve Bank of Boston, Massachusetts Institute of Technology, Boston University

New England Economic Partnership The New England Economic Partnership is a regional consortium of academic, public, and private institutions that produces short- and medium-term forecasts and applied research for Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. It coordinates work among universities, state government agencies, and financial institutions to inform policy debates in venues such as the Federal Reserve System, the US Congress, and state legislatures, and it contributes to discussions at conferences like the National Bureau of Economic Research meetings and the American Economic Association annual meeting. The Partnership's outputs are cited by organizations such as the Boston Globe, the New York Times, and the Wall Street Journal in coverage of regional conditions and forecasts.

Overview

The Partnership functions as a collaborative research network linking faculty from institutions including Harvard University, Tufts University, Brandeis University, Northeastern University, University of Massachusetts, Yale University, and Brown University with staff from the Federal Reserve Bank of Boston and analysts from financial firms such as Goldman Sachs and JPMorgan Chase. Its primary products include regional employment projections, industry-level analyses for sectors like healthcare and technology tied to firms such as Biogen and Raytheon Technologies, and policy briefs used by agencies including the Massachusetts Department of Transportation and the Connecticut Department of Economic and Community Development. The Partnership archives reports at institutions like the Harvard Kennedy School and distributes summaries to outlets including WBUR and WGBH.

History and Formation

The group emerged from collaborations in the late 1980s and early 1990s among scholars associated with Dartmouth College and University of Connecticut who had participated in panels with staff from the Federal Reserve Bank of Boston and consultants from McKinsey & Company. Founding participants included faculty who had ties to projects at the National Bureau of Economic Research and to regional planning bodies such as the Metropolitan Area Planning Council. Early funding sources featured grants from foundations like the Ford Foundation and partnerships with state agencies including the Massachusetts Office of Business Development.

Membership and Governance

Membership comprises academics, state economists, and private-sector analysts drawn from institutions such as Brown University, University of Rhode Island, University of New Hampshire, Maine State Chamber of Commerce, and consulting firms like Deloitte. Governance is typically overseen by an executive committee with representatives from universities (for example, Boston University and Worcester Polytechnic Institute), state agencies (for example, the Vermont Agency of Commerce and Community Development), and the Federal Reserve Bank of Boston; advisory boards have included former officials from the Office of Management and Budget and scholars affiliated with the Brookings Institution and the American Enterprise Institute.

Research and Publications

The Partnership issues regular publications that include regional forecast bulletins, technical working papers, and policy memos. Examples mirror formats used by the National Bureau of Economic Research working papers and the Brookings Institution reports and are circulated to outlets such as the Boston Herald and the Associated Press. Research topics have included labor market dynamics influenced by employers such as CVS Health and Mass General Brigham, housing market studies that reference the Federal Housing Finance Agency indices, and sectoral analyses touching on higher education institutions like MIT and Boston College.

Economic Forecasting and Methodology

Forecasting approaches combine time-series models, panel techniques, and structural models similar to tools used at the Federal Reserve Board and in studies from the International Monetary Fund. Methodologies leverage data from sources such as the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau, and they incorporate indicators tracked by organizations like S&P Global and Moody's Analytics. Forecasts are calibrated against historical episodes like the Great Recession and the COVID-19 pandemic and compared to projections produced by private forecasters at IHS Markit and public institutions including the Congressional Budget Office.

Events and Outreach

The Partnership organizes seminars, workshops, and regional conferences bringing together speakers from universities (e.g., Harvard Kennedy School), central banks (e.g., Federal Reserve Bank of Boston speakers), and private sector leaders from firms such as State Street Corporation and Fidelity Investments. Outreach includes briefings for state governors' offices, testimony before legislative committees in capitals such as Boston and Hartford, and collaborative events with regional planners like the Metropolitan Area Planning Council and civic groups such as Common Cause.

Impact and Criticism

Supporters cite the Partnership's role in improving regional forecasting accuracy and informing policy decisions by agencies including state departments of labor and transportation; its analyses have appeared in policy discussions alongside research from the Economic Policy Institute and the Pew Charitable Trusts. Critics question model transparency and potential bias from private-sector members such as banking and consulting firms, drawing comparisons to debates over influence in reports from think tanks like the Heritage Foundation and the Cato Institute. Academic reviewers from Boston College and Northeastern University have recommended greater disclosure of assumptions and alternative scenario analyses similar to best practices advocated by the International Monetary Fund.

Category:Research institutes in the United States