No. ERA+ is just ERA compared to the league average, adjusted for park. My above "analysis" was very crude and simple.
A better stat would be something like Baseball Prospectus's WXRL - expected wins added over a replacement level pitcher. It measures the effect the reliever has on his team's win expectency, accounting for game situation, inherited runners, and the like.
As a team, the Yankees have 7.801 WXRL to the Red Sox 3.538. However, nearly half of the Yankees WXRL is from Mariano Rivera (3.9).
Take out the two closers (Papelbon has 2.015), and you get the Yankees with 3.901 and the Red Sox with 1.523, still a sizeable advantage to the Yankees. 1.072 of that is Joba Chamberlain. Kyle Farnsworth makes up 1.841 of that.
The Red Sox have nobody over 1. Their three relievers I mentioned - Lopez, Okajima, Aardsma - are at 0.883, 0.755, and 0.765, respectively. For the Yankees, besides the above mentioned Chamberlain and Farnsworth, Jose Veras is higher than that at 0.982 and Edwar Ramirez is a tad below at 0.693.
Again, outside of the vast difference between the two closers, the Red Sox bullpen matches up pretty evenly with the Yankees, except that the Yankees have gotten better performances from the guys at the edges of the bullpen (Giese, Robertson, etc.).
As I said, the Yankees bullpen is better than the Red Sox, but besides the closers, the difference isn't all that huge. Rivera, by himself, makes the gap considerable though..
For completeness, the bullpens with a higher WXRL than the Yankees are the Angels, Dodgers, Phillies, and Rays. The Red Sox are 22nd in the majors.





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