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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

  • Custom Comparison Groups in the Integrated Postsecondary Education Data System

    Peter L. Hinrichs

    This Economic Commentary studies the behavior of colleges when they are asked to list a set of comparison group colleges in annual data reporting for the US Department of Education but are given little direction on how to do so. I find that, relative to themselves, colleges tend to list for comparison colleges that are more selective, are larger, and have better resources. One possible interpretation of these findings is that colleges overestimate where they stand relative to others, although an alternative interpretation is that colleges have accurate views but list comparison institutions based on aspirations. Read More

  • What Is Behind the Persistence of the Racial Wealth Gap?

    Dionissi Aliprantis Daniel R. Carroll

    Most studies of the persistent gap in wealth between whites and blacks have investigated the large gap in income earned by the two groups. Those studies generally concluded that the wealth gap was “too big” to be explained by differences in income. We study the issue using a different approach, capturing the dynamics of wealth accumulation over time. We find that the income gap is the primary driver behind the wealth gap and that it is large enough to explain the persistent difference in wealth accumulation. The key policy implication of our work is that policies designed to speed the closing of the racial wealth gap would do well to focus on closing the racial income gap. Read More

  • Why We All Should Care about Lead

    Treye Johnson

    Though the need to remediate lead seems to be a public health issue with a housing-based solution, the impacts of this crisis are far-reaching. Lead poisoning impacts all of us. The more people and organizations see themselves as part of the solution, the more likely we’ll find success. Read More

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