The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
Do you throw coins into a fountain when you see that others
have done so? A comprehensive and
project on wishing well use in Southern California has been posted on the
internet by University of California, Irvine, anthropology professor Bill Maurer.
The 2006 project bases its findings on interviews of people throwing coins into
fountains and states that:
Although the exact origins of this
practice are unknown, offering money to water is an old tradition that can be
dated back to Roman-British and Celtic mythology. Since then, the tradition of
making a wish with a coin has been passed down through generations by
socialization, evolving from a religious ritual into a fun, yet superstitious,
cultural practice in Southern California.
Perhaps you enjoy being read to out loud. Perhaps you enjoy
being read to on subjects related to central banking. Perhaps you would enjoy
being read the Wikipedia entries for central banks around the world. If so, and
your reader was to read the following beginning sentences for central bank entries, you would hear:
The central bank of Trinidad and Tobago is the central
bank of Trinidad and Tobago . . . . The central bank of Yemen is the central bank of
Yemen . . . . The central bank of The Bahamas is the central bank of The Bahamas . . . . The
central bank of Jordan is the central bank of Jordan . . .
Rajashri Chakrabarti, Amy Farber, and Max Livingston
In two recent posts on New York and New Jersey and a series of interactive graphics, we explored the effect of the Great Recession on school district finances. But if we expand our scope a little wider, we see that school finances have been changing significantly over the past century. This makes sense, as schools have also changed a lot. Although we may take our current system for granted, schools at the turn of the century looked rather different from their present-day counterparts. As ideas of how to educate students changed, and as education became more common in the population, momentous changes took place not only in how education is imparted, but also in how much education costs and how it’s funded.
Quesnay, an eighteenth-century brain surgeon and physician to France’s King Louis XV, was also
the first to put economic data into a table. He became
interested in economics while serving the king at Versailles. Quesnay led the physiocrats, the
first economic school of thinking and supporters of a reduction in taxes on
agriculture and of relatively laissez-faire policy. In 1758, he wrote Tableau Oeconomique (Economic Table - the table itself
appears on Roman numeral p. x), which explores the relationship between
economic classes. (You can view the tabular
part of the original manuscript of the Economic Table on the Archives de France website and a larger image here.)
The visual representation of information, knowledge, or data has been around since the time of the caveman. But it wasn’t until 1786,
Playfair, a Scottish engineer, published The Commercial and Political
Atlas, illustrating for the first time how economic data could be represented by charts. Playfair’s work preceded
that of Florence
acknowledged as the founder of modern nursing—who used information graphics
in the 1850s to convince Queen Victoria that reform was needed in the British
military health service. Nightingale developed the Coxcomb chart—a combination of stacked pie and bar charts—to assess
mortality among soldiers during the Crimean War.
In 1965, Baby-Boomer kids may have been treated to TV footage
of a high-stepping chorus line and thousands of people cheering to the background
tune “Happy Days
Are Here Again.” They may have
noticed the tinny sound of the singing and the antiquated clothing styles of
the people in the footage and, not knowing why they were looking at this,
thought: Hey, this is a really great song.
Money has been a topic of keen interest throughout
history. As noted in a previous
post, this fascination has extended into artwork created
centuries ago through modern times. One artist who expanded the concept of what
people perceive as art was Andy Warhol.
(see this amusing four-minute video), popular in the
first half of the nineteenth century, was the study of skull shape and contours
(believed to indicate the location of more- and less-developed areas of the
brain) in order to discern individuals’ abilities and personality traits
(called “faculties” in the phrenologists’ jargon). A clear
map of the various skull sections and their corresponding faculties can be
found in this excerpt from Samuel Wells’ version of the 1840
Fowler's Practical Phrenology: Giving a Concise Elementary View of Phrenology.
In May 1953, an article from Kiplinger’s Changing Times titled “No, All
Banks Are Not Alike” advised, “You want a bank that is safe,
convenient, pleasant to visit; one that offers all the regular banking services
and makes reasonable charges for them; one that is well managed and competently
staffed, and whose officers and tellers are friendly and willing to advise you
on your major financial problems.” It also recommends considering whether the officers of the bank participate in civic affairs and whether the bank provides tours for children.
In November 1965, the northeastern United States experienced
a thirteen-hour blackout—the biggest in history to that date. Life magazine did a
spread (p. 36) with some surreal and gloomy pictures of stranded, dazed, well-dressed
passengers sleeping every which way all over New York City’s Grand Central
Terminal. A book was written that same year by the staff of the New York Times, When the Lights Went Out, which describes in detail how people and various
agencies in New York had to cope and make emergency adjustments.
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