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Journal Article
Effective supervision and the evolving financial services industry
Technology, market consolidation, international competition, and new legislation are changing the face of the financial services industry. How are the agencies responsible for ensuring the safety and soundness of our financial system responding? This Commentary is adapted from a keynote address given by Jerry L. Jordan, president and chief executive officer of the Federal Reserve Bank of Cleveland, at the 111th Annual Meeting of the Ohio Bankers association in May 2001.
Journal Article
Jobs creation and government policy
An argument by Federal Reserve Bank of Cleveland President Jerry Jordan that the proper focal point of public policy is not creating jobs but creating wealth, thus allowing for the highest standard of living.
Journal Article
Riding the S-curve: thriving in a technological revolution
The present information technology revolution offers a great opportunity to take a leap forward in our collective prosperity. All of us stand to benefit. But some will take to the revolution more easily than others, a lesson that policymakers have learned from previous experience. This Economic Commentary is adapted from a speech that Jerry L. Jordan, president and CEO of the Federal Reserve Bank of Cleveland, gave to the Ohio Aerospace Institute on October 12, 2000.
Journal Article
Not as easy as it looks: regulating effective corporate governance
Accounting scandals, executive misconduct, and poor management at once-prosperous corporations have shaken investor confidence in corporate integrity, and worse, in the mechanisms that are supposed to ensure good corporate management. What will it take to restore confidence? This Commentary suggests that the markets will respond with innovations and adjustments that lead to better management, accounting, and disclosure. Greater government policing has an important, but limited, role to play.
Journal Article
Member bank income - 1968
Journal Article
Money and monetary policy for the twenty-first century
This essay challenges the conventional wisdom about money and monetary policy. The role of money in fostering prosperity is a function of the quality, as well as the quantity, of money. Inflation always harms the performance of an economy. Deflations caused by productivity and innovation can be virtuous. A definition of a non-inflationary environment is set forth. Rapid real growth and low unemployment cannot cause inflation. There is no trade-off between inflation and employment. Higher commodity prices or "weak" exchange rates cannot cause inflation. High market interest rates are a ...
Journal Article
Money, fiscal discipline, and growth
An examination of the role of sound money in promoting national prosperity, emphasizing the hazards that emanate from fiscal policies and the challenges that will accompany the European Monetary Union.
Journal Article
How to keep growing “new economies”
Rather than debate whether technical advances have created a ?new economy,? economists should focus on the more interesting and useful question: How do we create the sort of environment in which innovation and the productive use of new technology thrive, thereby creating economic prosperity? This Economic Commentary discusses the features governments must incorporate into their institutions in order to build an economic infrastructure that promotes prosperity.