Sky News recently reported that the Bank of England is considering using social media in its determination of interest rates. The central bank has created a taskforce to monitor the internet and social networks for early signs of economic developments. According to the central bank’s chief economist, “Official statistics tend to be lagging and tend to be revised. And what this scraping of the web can do is give us a better today read on what’s going on.”
Could Social Media Influence Interest Rates?
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About the Author: Ellyssa
Ellyssa Valenti Kroski is the Director of Information Technology and Marketing at the New York Law Institute as well as an award-winning editor and author of 75 books including Law Librarianship in the Age of AI for which she won the AALL's 2020 Joseph L. Andrews Legal Literature Award. She is a librarian, an adjunct faculty member at Drexel and San Jose State Universities, and an international conference speaker. She received the 2017 Library Hi Tech Award from the ALA/LITA for her long-term contributions in the area of Library and Information Science technology and its application. She can be found at: http://www.amazon.com/author/ellyssa
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