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!
August 24, 2012
August 22, 2012
The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The PDCF
During the height of the 2007-09 financial crisis, intermediation activities across the financial sector collapsed.
August 20, 2012
The Fed’s Emergency Liquidity Facilities during the Financial Crisis: The CPFF
This is the first post in a series that details the steps taken by the Fed in its role as lender of last resort during the 2007-09 financial crisis.
Posted at 9:48 am in Fed Funds, Financial Markets, Liquidity, Monetary Policy, Nonbank (NBFI) | Permalink
August 17, 2012
Historical Echoes: Famous Storyteller a Victim of Bank Mismanagement
O. Henry (William Sydney Porter), one of America’s most beloved short story writers, is famous for ending his stories with a twist.
Posted at 7:00 am in Historical Echoes | Permalink
August 15, 2012
The Untold Story of Municipal Bond Defaults
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.
August 14, 2012
Just Released: Going Mobile – Census Bureau Launches Economic Data App
We encounter important economic data every single day. From reports on housing starts to unemployment to gross domestic product to construction spending, economic data are constantly shaping the news and our world. Now, the Census Bureau has made it even easier to keep our fingers on the pulse of these important economic indicators, with the launch of its first mobile application, “America’s Economy.”
August 13, 2012
Good News or Bad on New York City Jobs?
Unlike much of the nation, New York City has seen a robust rebound in employment since the recession.
August 10, 2012
Historical Echoes: Zola’s L’Argent: A Portrait of a Corrupt Financial World
Elements of finance and banking have found their way into novels for a long time (see one ist of sites about such fiction.
Posted at 7:00 am in Historical Echoes | Permalink
August 8, 2012
The European Debt Crisis and the Dollar Funding Gap
Against the backdrop of the ongoing debt crisis in Europe, the difficulties faced by European banks in borrowing U.S. dollars have attracted increased attention.
Posted at 7:00 am in Banks, Exchange Rates, Fed Funds, International Economics, Liquidity | Permalink | Comments (2)
August 6, 2012
Intraday Liquidity Flows
Transactions denominated in U.S. dollars flow around the clock and around the globe, filling the pipelines that support commerce.
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