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.
The New York Fed engages with individuals, households and businesses in the Second District and maintains an active dialogue in the region. The Bank gathers and shares regional economic intelligence to inform our community and policy makers, and promotes sound financial and economic decisions through community development and education programs.
You might hear: “Economy eschmonomy.” Another possibility is: “Economy schmeconomy.” This phenomenon of repeating a word with the prefix shm- (or sometimes “schm-”), is called shm-reduplication. It challenges the relevance and sometimes the value of the repeated word, and examples can be found in articles like this Newsday clip “The High End: Economy, shmeconomy — the rich still travel.”
Which of the following statements is true (you may choose more than one): (a) you are more likely to get a job at the Fed if you look like a Barbie doll, (b) you are less likely to get a job at the Fed if you look like a Barbie doll, (c) the inventor of the Barbie doll sat on the Board of Directors of a Federal Reserve Bank, (d) a key cleaner/restorer of the Federal Reserve Bank of New York building has strong ties to Architect Barbie, (e) a Federal Reserve Bank has used Barbie in its economic education program.
Have you seen these people? You might come upon them wearing historic period garb. The Society for Creative Anachronism (SCA), founded in 1966, is, according to its website, “an international organization dedicated to researching and re-creating the arts and skills of pre-17th-century Europe.” The members like to recreate life in an earlier time, which means using the technology existing at that time and eschewing later technology (not all the time, just when they are in “anachronism mode”).
Mary Roebling (1904-94) was the first woman to serve as president of a major U.S. bank. (She was also the first woman governor of the American Stock Exchange, among numerous other honors.) According to a New York Times obituary, she came into her position through a combination of happenstance and preparation:
Correction: In the original version of this post, a quote from the Museum of American Finance website stated that the telegraph arrived in the 1950s. This actually took place in the 1850s. The museum has now revised its site to reflect the correct year and we have revised the relevant text in our post. We regret the error.
One could say that Sesame Street character Bert’s extreme interest in paper clips is misguided, but his obsession with pigeons? Maybe not so much. Pigeons have played a role in financial history, with one such role described by Tony Chen during his walking tour of the Hutong district in Beijing. When his group of tourists reaches the Qianshi hutong (see video), he gives an almost unbelievable account of pigeons, exchange rates, and bank robbers during the Ming dynasty, as reported in Time Out Beijing:
Within the New York Public Library Digital Collections is the Robert N. Dennis Collection of Stereoscopic Views. Stereoscopic photographs were viewed with a stereoscopic viewer or stereoscope. According to the “About” tab of the NYPL page for the collection, “During the period between the 1850s and the 1910s, stereos were a mainstay of home entertainment, perhaps second only to reading as a personal leisure activity.” They also functioned as a way for people to travel vicariously, or as an aid to the study of history and other cultures. You know you’ve found an image meant to be seen with a stereoscopic viewer when it is double, with the images slightly askew from one another. The kinds of images that were particularly suitable as subjects for stereoscopic photography were those involving objects at varying distances from the viewer (for example, landscapes and cityscapes). (This is only one form of stereoscopy, which incorporates other technologies.)
U.S. savings bonds were created in 1935 under President Franklin D. Roosevelt to assist the United States in raising funds for a variety of government programs.
One popular marketing tool was to enlist popular culture to sell the bonds, with television proving to be a natural outlet. An example was a commercial featuring Lucille Ball and Desi Arnaz encouraging people to buy U.S. savings bonds for Christmas.
It’s almost Valentine’s Day, and we’re not asking you questions or dispensing advice about it—that’s not (yet) our business. However, we can offer two attempts at humor regarding the Bank of England and amorous activity. The first touches upon a central bank’s fear for its reputation and the second its fear of being “manhandled” by the government.
Did’ya ever notice how silly those Historical Echoes posts can get? Andy Rooney passed in November 2011 (see the New York Timesobituary and the obituary from CBS), so he missed his chance to comment on the Liberty Street Economics blog (although here’s a guy pretending to be Mr. Rooney talking about blogs). But while he was alive he sure had a lot of funny and insightful things to say on a lot of topics, including bank names.
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.
The editors are Michael Fleming, Andrew Haughwout, Thomas Klitgaard, and Asani Sarkar, all economists in the Bank’s Research Group.
Liberty Street Economics does not publish new posts during the blackout periods surrounding Federal Open Market Committee meetings.
The views expressed are those of the authors, and do not necessarily reflect the position of the New York Fed or the Federal Reserve System.
Economic Research Tracker
Liberty Street Economics is now available on the iPhone® and iPad® and can be customized by economic research topic or economist.
We encourage your comments and queries on our posts and will publish them (below the post) subject to the following guidelines:
Please be brief: Comments are limited to 1500 characters.
Please be quick: Comments submitted after COB on Friday will not be published until Monday morning.
Please be aware: Comments submitted shortly before or during the FOMC blackout may not be published until after the blackout.
Please be on-topic and patient: Comments are moderated and will not appear until they have been reviewed to ensure that they are substantive and clearly related to the topic of the post. We reserve the right not to post any comment, and will not post comments that are abusive, harassing, obscene, or commercial in nature. No notice will be given regarding whether a submission will or will not be posted.
The LSE editors ask authors submitting a post to the blog to confirm that they have no conflicts of interest as defined by the American Economic Association in its Disclosure Policy. If an author has sources of financial support or other interests that could be perceived as influencing the research presented in the post, we disclose that fact in a statement prepared by the author and appended to the author information at the end of the post. If the author has no such interests to disclose, no statement is provided. Note, however, that we do indicate in all cases if a data vendor or other party has a right to review a post.