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 at the New York Law Institute as well as an award-winning editor and author of 60 books including Law Librarianship in the Digital Age for which she won the AALL's 2014 Joseph L. Andrews Legal Literature Award. Her ten-book technology series, The Tech Set won the ALA's Best Book in Library Literature Award in 2011. She is a librarian, an adjunct faculty member at Pratt Institute, and an international conference speaker.
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