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Annual Report 2005: Altered States: A Perspective on 75 Years of State Income Growth

12.31.05

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  1. President's Foreword
  2. Altered States: A Perspective on 75 Years of State Income Growth
  3. Operational Highlights: Even the Treasury Needs a Bank
  4. Management's Report on Responsibility for Financial Reporting
  5. Report of Independent Accountants
  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 Councils

Acknowledgements

  • Manager, Communications Support: Michael Galka
  • Editor: Amy Koehnen
  • Designer: Lori Boehm
  • Portrait Photography: Bill Pappas Photography, Inc.
  • Stock photography provided by Corbis, Fotosearch, Getty Images, The Granger Collection, The Image Finders, Inmagine, Jupiterimages, and the Ohio Historical Society

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

  • Semiconductor Shortages and Vehicle Production and Prices

    Pawel Krolikowski Kristoph Naggert

    Vehicle production has fallen since the beginning of the pandemic recession. We investigate reasons for this decline. Manufacturers in this industry cite insufficient materials, including a lack of semiconductors, as increasingly responsible. Demand seems to be less of an issue. In fact, demand has been strong, and together with accelerating prices and sharply declining inventories, it suggests an insufficient supply of new cars. Our best guess is that the materials shortages and their effects on new car prices will subside within the next six to nine months. Read More

  • Why Has Durable Goods Spending Been So Strong during the COVID-19 Pandemic?

    Kristen Tauber Willem Van Zandweghe

    Consumers increased their purchases of durable goods notably during the COVID-19 pandemic. The pandemic may have lifted the demand for durable goods directly, by shifting consumer preferences away from services toward a variety of durable goods. It may also have stimulated spending on durable goods indirectly, by prompting a strong fiscal policy response that raised disposable income. We estimate the historical relationship between durable goods spending and income and find that income gains in 2020 accounted for about half of the increase in durable goods spending, indicating that the direct and indirect effects of the pandemic on durable goods spending were about equally important. Read More

  • Why Wasn’t there a Nonbank Mortgage Servicer Liquidity Crisis?

    Lara Loewenstein

    In March 2020, in the early days of the COVID-19 pandemic, many were concerned about the liquidity of nonbank mortgage servicers. As it turned out, the vast majority of these servicers did not face a liquidity crisis. In this Commentary I detail the reasons why, including lower than expected take up rates of forbearance, the role played by mortgage origination income, and the actions taken by the government-sponsored enterprises, Ginnie Mae, and housing agencies. Read More

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