Annual Reports Prior to 1996
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Annual Report 1995:
Governments and Money
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Abraham Lincoln spoke these words, affirming the government’s ability and obligation to provide a stable currency, in an 1839 speech before the Illinois legislature. Even though most prominent U.S. thinkers have clearly recognized the importance of a sound currency, the means to ensure that governments actually provide it have proven elusive. Convincing evidence can be found in the somewhat dubious experience of the Greenback period, initiated in 1861 and lasting until 1879, when paper money issued by the government during the Civil War was made convertible into gold.
(PDF)
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Annual Report 1994:
Federal Reserve Policy Promotes Growth
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The U.S. economy performed in stellar fashion in 1994. Employment increased by more than 3 million, economic output grew rapidly, and inflation edged further below 3 percent. After the disappointing pace of expansion in 1992 and 1993, last year’s prosperity was very welcome indeed.
(PDF)
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Annual Report 1993:
Building a More Efficient Payments System
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The need for ever-increasing efficiency drives the Federal Reserve System in its role as the guardian of
the nation’s payments system. Since 1913, the Fed has been at the forefront of payments system technology. We have developed national transportation and accounting settlement systems that enable institutions to clear interbank check more efficiently, helped to design and test state-of-the-art check-processing systems, led the banking industry in setting standards for encoding check for more efficient processing, and implemented software and hardware to provide value-added services to our customer.
(PDF)
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Annual Report 1992:
A Continent Without Borders
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The notion of goods and services, labor and capital nowing freely across the vast spaces of the United States is commonplace to Americans. Although the United States is stratified by countless layers of governments, most of which have some power to tax goods and services, our founders saw the benefit of unfettered commerce among the various political entities. Most goods and services are transported across government boundaries without restrictions of tariffs or quotas; businesses have free access to markets across the country; people can live and work anyplace they choose.
(PDF)
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Annual Report 1991:
Central Banking in the United States: A Fragile Commitment to Price Stability and Independence
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During the past seven years, inflation in the United States averaged 3.9 percent, declining to a low of 2.9 percent in 1991. This represents a substantial improvement from the decade of the 1970s and marks our return to an elite group of low-inflation countries in the world. This achievement may be largely uncelebrated, because many Americans are currently focused on the stability of their jobs and incomes. However, both history and research suggest that very low inflation will improve economic performance, giving us reason to expect better times are ahead.
(PDF)
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Annual Report 1990:
The Banking Industry Withering Under the Umbrella of Protection
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The existing structure of the US banking system has been formed as much by regulation as by market forces. The broad regulatory structure implemented
following the financial chaos of the Great Depress ion was shaped by the belief that the banking business is “unique” or “special,” distinct from other financ ial industries. Yet today, finance companies, insurance companies, brokerage firms, and more broadly, capital markets provide many of the same
services as banks.
(PDF)
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Annual Report 1989:
Central Bank Independence
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The Federal Reserve’s independence has once again come under review. Legislation was introduced in Congress last year that would increase political influence over the nation’s central bank. In the months ahead such initiatives will evoke questions by elected officials about monetary policy and the Federal Reserve’s independence.
(PDF)
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Annual Report 1988:
Banking Deregulation: Examining the Myth
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The past year was especially eventful for the world evonomy, for the Fourth District, and for the Federal Reserve Bank of Cleveland. The economy continued to expand, and notable provess was made in reducing the trade deficit. Monetary policy has held the acceleration in the rate of inflation to very modest proportions so far, but directors of the Federal Reserve Bank of Cleveland and I are disappointed by the lack of progress being made toward a less inflationary environment.
(PDF)
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Annual Report 1987:
Developing-Country Debt
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The past year was especially eventful for the world economy, for the Fourth District, and for the Federal Reserve Bank of Cleveland. Events illustrated the sensitivity and resilience of financial markets and reminded us of the importance of consistent economic policy for the continuation of our economic prosperity.
(PDF)
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Annual Report 1986:
Common Bonds, Divergent Paths: An Economic Perspective of Four Cities
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Our nation’s economy showed many signs of strength in 1986. The economic expansion continued and interest rates remained low. Perhaps one of the most impressive aspects of the past two years is the enormous restructuring that has taken place in our economy during a period of overall stability and growth.
(PDF)
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Annual Report 1985:
Untoldings in Ohio
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While 1985 provided the Federal Reserve System with many challenges, the events surroundingthe closing of 70 privately insured savings and loan associations (S & Ls) in Ohio were unique for the Federal Reserve Bank of Cleveland.
(PDF)
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Annual Report 1984:
A Puzzle for the World
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Economic activity in 1984 was strong and steady and advanced without a significant increase in the rate of inflation. Perhaps the most puzzling aspect of the past year was the simultaneous strength of the dollar in foreign exchange markets and the growing imbalance in the US. international transactions. Instead of declining, as the current-account deficit approached record levels, the dollar continued to appreciate, buoyed by substantial net inflows of foreign capital.
(PDF)
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Annual Report 1983:
The Unfolding of the 1983 Recovery
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Economic recovery blossomed, both nationally and locally, in 1983. The Fourth Federal Reserve District’s economy normally lags the nation in recovering from a recession because of its heavy concentration of manufacturing industries. Nevertheless, strong consumer spending in the early stages of this recovery contributed to stronger-than-usual gains in the District’s automotive-related-goods industries. If our current expansion continues to support a strong investment rebound without reigniting inflation, the District’s capital-goods industries should expand employment in 1984. Stability in prices and interest rates is essential to the vitality of the Fourth District’s industries.
(PDF)
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Annual Report 1982:
The Year of Disinflation
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This past year has been a very exciting and eventful year at the Federal Reserve Bank of Cleveland. One very noteworthy event was the retirement of Willis J. Winn. who so ably served as this banks president for nearly eleven years. His contributions to a variety of Federal Reserve activities established pathways for many System programs, both during his presidency and afterward.
(PDF)
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Annual Report 1981:
Fragments of Transition
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As many of you know, 1982 is the year of my retirement from the presidency of this bank, from serving on the Federal Open Market Committee, from public life in general. I have reaped many benefits from my eleven years as president of the Federal Reserve Bank of Cleveland, and I have learned much from the many people who have touched my life and my work.
(PDF)
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Annual Report 1980:
The Monetary Control Act-Mandate for Change
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The past year has been exciting and challenging for this Bank- indeed, for all depository institutions. The passage of the Depository Institutions Deregulation and Monetary Control Act of 1980 has accelerated developments that in time may revolutionize our financial structure and the role of the central bank, as described in this Annual Report. The comprehensive nature of this legislation and the changes it has set in motion raise anumber of other issues that have not been resolved. It seems appropriate to mention them here, if only to call attention to the need for further discussion and for public awareness.
(PDF)
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