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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

  • How Well Does the Cleveland Fed’s Systemic Risk Indicator Predict Stress?

    Ben R. Craig

    A number of financial stress measures were developed after the financial crisis of 2007–2009 in the hope that they could provide regulators with advance warning of conditions that might warrant a corrective response. The Cleveland Fed’s systemic risk indicator is one such measure. This Commentary provides a review of the SRI’s performance from 2001 to 2020 and finds that it has performed well, providing a reliable, valid, and timely signal of elevated levels of financial system stress. Read More

  • Forward Guidance during the Pandemic: Has It Changed the Public’s Expectations?

    Wesley Janson Chengcheng Jia

    In responding to the COVID-19 crisis, the Federal Reserve has both lowered the federal funds rate and provided forward guidance. We study whether the forward guidance given with the April and June 2020 FOMC meetings altered the public’s expectations of future policy rates, GDP growth, and inflation. We find that forward guidance was effective in altering the public’s expectations about future policy rates if it was accompanied by an SEP but not expectations about economic fundamentals. We suggest that the difference might be explained by FOMC statements being interpretable in two different ways and the public not having a dominant view on which interpretation was intended. Read More

  • The CRA Is Important for Underserved Communities, and Your Input Can Help Modernize It

    Susan Schaaf

    The Fed is seeking to modernize the Community Reinvestment Act in a way that significantly expands financial inclusion, and you can have a say in how it’s done. Read More

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