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.
As the FOMC continues to shape its communication strategy, perhaps it should consider opera. On August 6, 1979, Paul A. Volcker became chairman of the Federal Reserve Board, and shortly afterward a very short opera was broadcast attempting to explain to the general public the pros and cons of raising interest rates. The opera (11 min.) was masterminded by Robert Krulwich, a creative broadcast journalist who’s still going strong using radio to explain complex scientific and economic concepts to the layman. Although the broadcast is very comical, it isn’t comic opera!
In our recent post on the state and local sector, we argued that structural problems in state and local budgets were exacerbated by the recession and would likely restrain the sector’s growth for years to come.
Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.
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