1.0Liberty Street Economicshttps://libertystreeteconomics.newyorkfed.orgblog authorhttps://libertystreeteconomics.newyorkfed.org/author/blog-author/Historical Echoes: Not-So-Classical Opera Explains Interest Rates - Liberty Street Economicsrich600338<blockquote class="wp-embedded-content" data-secret="xfulXO1Gmx"><a href="https://libertystreeteconomics.newyorkfed.org/2012/08/historical-echoes-not-so-classical-opera-explains-interest-rates/">Historical Echoes: Not‑So‑Classical Opera Explains Interest Rates</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://libertystreeteconomics.newyorkfed.org/2012/08/historical-echoes-not-so-classical-opera-explains-interest-rates/embed/#?secret=xfulXO1Gmx" width="600" height="338" title="“Historical Echoes: Not‑So‑Classical Opera Explains Interest Rates” — Liberty Street Economics" data-secret="xfulXO1Gmx" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script>
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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!