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Domain: federalreserve.gov
Stories and comments across the archive that link to federalreserve.gov.
Stories · 8
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Fed Says Millennials Are Just Like Their Parents. Only Poorer (bloomberg.com)
Millennials, long presumed to have less interest in the nonstop consumption of goods that underpins the American economy, might not be that different after all, a new study from the Federal Reserve says. From a report: Their spending habits are a lot like the generations that came before them, they just have less money at this point in their lives, the Fed study found. The group born between 1981 and 1997 has fallen behind because many of them came of age during the financial crisis. "We find little evidence that millennial households have tastes and preference for consumption that are lower than those of earlier generations, once the effects of age, income, and a wide range of demographic characteristics are taken into account," wrote authors Christopher Kurz, Geng Li and Daniel J. Vine.
Their findings [PDF] are grounded in an analysis of spending, income, debt, net worth, and demographic factors among different generations. The conclusion that millennials aren't all that different also holds for the researchers' more granular examination of expenditures on cars, food, and housing. "It primarily is the differences in average age and then differences in average income that explain a large and important portion of the consumption wedge between millennials and other cohorts," they conclude. So much for the young folks favoring "experiences" over tangible goods. -
Former Fed Employee Fined $5,000 For Installing Bitcoin Software On Server (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: A former Federal Reserve employee was sentenced Friday to 12 months probation and a $5,000 fine after pleading guilty in October to installing unauthorized software on a computer server at the U.S. central bank. Nicholas Berthaume, who as a communications analyst had access to computer servers at the Fed's Board of Governors in Washington, installed software that connected to an online bitcoin network in order to earn units of the digital currency, according to a statement Monday from the central bank's Office of Inspector General. Berthaume also "modified certain security safeguards so that he could remotely access the server from home," the statement said. When confronted, he tried to cover up his actions by deleting the software; eventually he was fired and admitted guilt, the office said. His actions didn't result in the loss of any Fed information, and the board has enhanced security since the incident, the internal watchdog said. The story was first reported by The Wall Street Journal (Warning: source may be paywalled). -
Researchers Unable To Replicate Findings of Published Economics Studies (businessinsider.com)
An anonymous reader writes: Federal Reserve economists Andrew Chang and Phillip Li looked at 67 papers in 13 reputable academic journals. Their findings were shocking. Without the help of the authors, only a third of the results could be independently replicated. Even with the author's help, only about half, or 49%, could. Business Insider reports: "It's a pretty massive issue for economics, especially given the impact that the subject has on public policy. Li and Chang use a well-known paper by Carmen Reinhart and Ken Rogoff as an example. The study showed a significant growth drop-off once a country's national debts reached 90% of gross domestic product, but three years after being published the study was found to contain a significant Microsoft Excel error that changed the magnitude of the effect." With cancer studies and most recently psychology studies all having replication trouble, these economics papers have some company. -
Federal Reserve To Use Internet For Money Transfer
An anonymous reader writes "According to the New York Post, the Federal Reserve (i.e. Alan Greenspan and Co.) is going to change the way that it transfers money between banks so that transfers now take place over the internet instead of via a private banking network. They aren't specifying the types of security measures that will be used (security through obscurity?) Am I the only one who thinks that this is a very bad idea? Might a DDOS attack on the Fed's computers bring down the entire banking system?" The banks have put some thought into security. -
Federal Reserve To Use Internet For Money Transfer
An anonymous reader writes "According to the New York Post, the Federal Reserve (i.e. Alan Greenspan and Co.) is going to change the way that it transfers money between banks so that transfers now take place over the internet instead of via a private banking network. They aren't specifying the types of security measures that will be used (security through obscurity?) Am I the only one who thinks that this is a very bad idea? Might a DDOS attack on the Fed's computers bring down the entire banking system?" The banks have put some thought into security. -
Greenspan Examines the Economics of IP
lilgerry writes "Alan Greenspan is asking some tough questions about the correct balance between rewarding innovators and inhibiting follow-on innovators. There's not many answers here, but there's a hint that there could be some clear economic thinking coming to be added to the discussion. Several good questions raised, and in very precise terms that should get papers published on these topics for years to come." -
Libraries Are 31337
tiltowait writes In response to the incredulity expressed in this story about the technical prowess of libraries, I'd like to present a short essay titled "Librarians: We're Not What You Think" - read on for more. Update: 10/20 18:15 GMT by M : The author has also put up his essay on his own webpage. From the spinster librarian in It's a Wonderful Life to the crochety archivist in Attack of the Clones, librarians are often portrayed (in everything from movies, musicals, children's books, literature, science fiction, comics and cartoons to pornography - yes, pornography) as something less than noble or admirable. The perception of librarians has been a popular topic recently, with several articles focusing on the fringe-type librarians (ska, rockabilly, bellydancing, modified, bodybuilding, laughing, and lipstick). Although something of an anti-stereotype, these people illustrate the range of librarian personalities.Many people may hold the image of a librarian as a shushing school marm who does little more than stamp and shelve books because that's all they've seen librarians do. Well think again - that's about as inaccurate as believing that Alan Greenspan is nothing more than a glorified bank teller. The job titles may change but the mission of the profession remains the same: organize information and help people find it. Libraries have been around a lot longer than the Internet, and even library technology can hold its own with the best out there. For example, Google's savvy results ranking was hardly the birth of citation analysis (next up: metadata - cough, cataloging, cough), and there are enormous library systems that also predate the Internet.
Although library geeks and technology nerds may have contrary images, in today's world the boundary between the career of the librarian and the information technologist is disappearing. Librarians today not only administer Web servers and dynamic databases to help manage large digital collections and thousands of electronic resources, they teach people how to use library systems. And just as enlightened computer engineers are advocates of noncommercial software and campaign for online rights, the library profession has a long history of staunchly defending freedom - from book burnings to the FBI's Library Awareness Program to the latest copyright battles and almost all other current issues in intellectual freedom.
Check out LISNews.com (recognize the format?) and some library blogs if you're interested in reading more about real librarians.
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Greenbacks No More
Chacham writes "The Financial Times has an article about the US adding colors to some denominations of US currency. Apparently, with both size and color the same, foreigners have a hard time differenciating between the bills.I still haven't gotten used to the larger pictures. And now this? As Kermit the frog sang, It's not easy being green." The Federal Reserve has a press release. At least there's no mention of RFID tags.