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Annual Report 2003: Innovation, Growth, and Economic Policy in an Environment of Change

12.31.03

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  1. President’s Foreword
  2. Innovation, Growth, and Economic Policy in an Environment of Change
  3. Operational Highlights
  4. Management’s Report on Responsibility for Financial Reporting
  5. Report of Independent Accountants on Financial Reporting
  6. Report of Independent Auditors
  7. Comparative Financial Statements
  8. Notes to Financial Statements
  9. Officers and Consultants
  10. Boards of Directors
  11. Business Advisory Council and Community Bank Advisory Council

Acknowledgements

  • Manager, Communications Support: Michael Galka
  • Editor: Deborah Ring
  • Designer: Lori Boehm
  • Portrait Photography: Bill Pappas

The Annual Report was prepared by the Public Information and Research departments of the Federal Reserve Bank of Cleveland. For additional copies, contact the Research Library, Federal Reserve Bank of Cleveland, PO Box 6387, Cleveland, OH 44101, or call 216.579.2052. We invite your comments and questions. Please email us at editor@clev.frb.org.

Headlines

  • A Growth-Augmented Phillips Curve

    Kristen Tauber Willem Van Zandweghe

    Empirical studies find that the link between inflation and economic slack has weakened in recent decades, a development that could hamper monetary policymakers as they aim to achieve their inflation objective. We show that while the role of economic slack has diminished, economic growth has become a significant driver of inflation dynamics, indicating that the link between inflation and economic activity remains but the relevant gauge of activity has changed. The new evidence suggests that the COVID-19-related recession could induce substantial disinflationary pressure. Read More

  • The Information Effect of Monetary Policy: Self-Defeating or Optimal?

    Wesley Janson Chengcheng Jia

    As the Federal Reserve has become more transparent about its decisions on the federal funds target rate, the general public has begun to regard the rate as not only a benchmark interest rate, but also as a signal about the state of the economy. However, the specific information considered by the public to be revealed is not clearly understood. We investigate this question and find that the information revealed by monetary policy decisions is regarding future output growth, not inflation, and that such an information effect is theoretically optimal and does not make interest-rate policies self-defeating. Read More

  • Skills Are Bridges Not Gaps: A Skills-Based Approach for Transitioning Workers to Higher-Paying Occupations

    Kyle Fee

    Skills-based hiring practices—those that prioritize skills necessary to succeed in a role over formal educational credentials—show potential for securing higher positions for lower-wage workers and helping employers get the workers they need. Read More

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