Annual Report 2018 | Federal Reserve Bank of St. Louis
Do You Know FRASER?
By Aaron Collie and Genevieve Podleski
FRASER, the St. Louis Fed's digital library of economic history, was originally created to store economic data publications. When it launched on July 1, 2004, FRASER was considered an adjunct to FRED’s database.
Former Research Director Bob Rasche, who was instrumental in the creation of FRASER (Federal Reserve Archival System for Economic Research), believed that economists need to be able to see the data as they were published to understand the "expectational forces" that sway the economy (that is, the expectations that the data created at the time). Data contained in FRASER are frozen in a specific moment and show the limitations of estimation and forecasting in a way that continually revised FRED data cannot.
The FRASER collection started with just a handful of scanned statistical publications, one data release from the Federal Reserve Board of Governors, and one Senate document related to the Federal Reserve Act. But FRASER has grown significantly in its 15 years, with input and guidance from Fed economists, museum and archives partners, educators, and scholars such as Allan Meltzer, who literally “wrote the book” on the Fed.
FRASER holds over a half-million documents today, including:
- The most complete collection of Fed statistical releases available anywhere
- Unique digital copies of the archival papers of Fed policymakers and economists
- Publications from across the entire Fed System
- A growing number of photos, videos and audio recordings
All of this helps explain the decisions that shaped the U.S. economy while shedding light on the people who made them.
Hear the voices of economist Milton Friedman and others who helped shape the U.S. economy in this Timely Topics podcast. David Wheelock, right, St. Louis Fed group vice president and deputy director of research, provides historical and policy background, and FRASER's director Katrina Stierholz, center, talks about oral history interviews and other resources available in FRASER.
The collection is now so large and eclectic that the FRASER team of librarians and digitization experts has created a variety of signposts and tools to help guide users. Like your local library’s collection, FRASER is searchable by author, title or subject. Users can also browse "themes," or special collections of the best or most-thorough FRASER documents on topics such as "The Great Depression" or "Women in the Economy."
Teachers and students of all ages can find ready-to-go classroom materials in the "Teaching and Learning with FRASER" portal. History buffs can follow us on Twitter (@FedFRASER) for daily updates on everything FRASER, from Alexander Hamilton to market commentary on 1978’s top-selling Cher doll. And the Inside FRASER blog provides a deeper dive where readers can learn about the Fed's famous "punch bowl" metaphor or the history of the $20 bill.
To browse the collection or for help with how to use FRASER, visit FRASER's home.
FRASER in the Library
Marie Concannon
Head of Government Information and Data Archives, University of Missouri—Columbia
Marie Concannon is head of Government Information and Data Archives for Ellis Library at the University of Missouri—Columbia. Ellis Library has over 3 million books, but since most of the older volumes are in remote storage, the staff often directs patrons to the digital realm. One go-to tool that Concannon and her team of library professionals use frequently is FRASER:
“As a librarian, it’s much faster and easier for me to use a digitized version in FRASER than it is to use our library’s own physical copy. With FRASER, you can search an entire volume for words or phrases within a few seconds. Its page-level linking feature allows me to easily share the results of my search. It’s great for providing reference service!
“Our library maintains a website that points to data tables found in primary source, digitized books and government documents. Roughly half of our links lead to pages in the FRASER digital library. We feel confident pointing to FRASER because it provides ‘envelope information’ for every page. Even first-time visitors can easily see and understand the source for the data they view.
“These days, when anyone can put content on the web, it is crucial to have access to trustworthy, authentic economic data from authoritative sources. FRASER provides all of that.”
Collie is the manager of the FRASER digital library. He oversees collection development, scanning and metadata operations, and regional and national digitization partnerships. He is active in the National Digital Stewardship Alliance, among other groups.
Podleski is a metadata and outreach specialist who also serves as FRASER’s reference librarian. In her role, she collaborates with Research staff to improve the visibility, usability and educational value of the division’s online content.
