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.
Would it ever occur to anyone that Charlie and the Chocolate Factory (Roald Dahl, 1964) teaches economic lessons about “incentives, poverty, scarcity, producers, consumers, and competition”? Or that The Lorax (Dr. Seuss, 1971) covers “natural resources, choices, and scarcity”? Or that Curious George Goes to a Chocolate Factory (Margret and H. A. Rey, 1998) is an examination of “producers, capital resources, and goods”?
In a prior blog post, we saw how Maiden Lane evolved over time. It was here that a momentous event occurred in
1790, changing the history of the United States.
While serving as Secretary of State in 1790, Thomas
Jefferson rented a “mean house” at 57 Maiden Lane "for
106 pounds per year" and “not approving much of the stiff style and
etiquette of New York he gave up all his time to the establishment of his new
department, foreign affairs, and home." There was much to occupy
Jefferson’s time while he was in residence here—in particular, the debt crisis
In the 1600s, a stream flowed near the land now occupied by
the Federal Reserve Bank of New York, running all the way to the East River. At
that time, maidens followed a footpath to the stream’s banks to wash laundry in
its fresh water, earning the path the name Maidens’ Path (or in Dutch—Maagde Paatje). When the English arrived
in 1664, the name of the street changed to Maiden Lane. As New York City
expanded beyond its downtown origins over the years, city planners covered over
the stream—but the street’s name stuck.
The Grinch (from the Dr. Seuss children’s book) and Santa are often invoked to describe what’s happening with consumer spending around the holidays. If consumers are able to spend more, then Santa’s responsible. But if they’re unable to spend more, then they’re forced to be more penny-pinching (which isn’t like the Grinch really, but more like Scrooge; either way, there’s the sense of Christmas being ruined).
Black Monday, Black Friday, Green Monday, Black Thursday, Silver
Thursday, Red Thursday, Black Tuesday—How to keep track? The more famous of
these phrases refer to either political or economic/financial events. Black usually
symbolizes something negative (and when finance-related, usually refers to a
market crash), but it also suggests something positive (being “in the black,” or
out of debt). All the days near Thanksgiving called “black” are “black” in this
way. Red seems to refer to fire, communism, being “in the red” (in debt), or
Thursday is caused by retail workers being forced to work on Thanksgiving).
“White” days are often religious. “Blue” and “purple” and sometimes “pink” tend
to be for social causes. For some reason, British miners like these
appellations—they have Red Friday
and White Thursday.
Silver does come up—Silver Thursday
refers to a commodities market panic that began with a steep drop in the price of
silver in 1980.
The Postal Savings System began in 1911 as a means
for communities without banks to allow their citizens access to basic banking
services. The system was seen as a means for banking without directly competing
with banks. The height of utilization was during the period after the Great
Depression through the end of World War II, when traditional banks
reestablished themselves as secure sources of financial services.
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.)
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