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Series:Annual Report  Bank:Federal Reserve Bank of Cleveland 

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Rhetoric aligned with theory: talking productively about interest rates

If the recession that began in March 2001 has ended, as many believe, it will be hard to oppose the sentiment that the U.S. economy has navigated some fairly treacherous waters with minimal damage. To many, no doubt, the 475 basis point reduction in the federal funds rate engineered by the FOMC will be one of the heroes of the recovery?expansion story. Should we not, then, re-evaluate the position this Bank has taken in the past?that policymakers should keep their eyes on long-term objectives rather than reacting to perceived, short-term gaps between output and its ?potential??
Annual Report

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Can economics help save our schools?

Education and the flexibility to adapt to change are the most important factors in stimulating innovation and economic growth. Educated societies possess people who have the skills that enable them to induce change and then to successfully adapt.
Annual Report

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Adapting, Evolving, Learning

The Federal Reserve is an adapting, evolving, and learning organization. In the Federal Reserve Bank of Cleveland's 2012 Annual Report, we take a close look at how it has changed since its creation 100 years ago. Our essay describes some of the seminal episodes that have influenced the Federal Reserve as we know it today. Times have changed, economic theories have developed, and the Federal Reserve has adapted to meet new demands. In fact, over the course of its 100 years, the Federal Reserve has proved not only a willingness to change, but also an appetite for embracing and initiating change ...
Annual Report

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Governments and money

A discussion of the history of attempts to protect the purchasing power of money, which contends that fostering competition among currencies may be the best way to generate economic growth through price stability.
Annual Report , Issue Jan , Pages 4-10

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Understanding the persistence of poverty

Millions of U.S. citizens continue to live in poverty within one of the wealthiest and most productive nations in the world. The Federal Reserve Bank of Cleveland's 2006 Annual Report reviews some of the reasons for the persistence of poverty in America and suggests that better education and training may be the best defense against poverty.
Annual Report

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Altered states: a perspective on 75 years of state income growth

According to a study featured in the Federal Reserve Bank of Cleveland's 2005 Annual Report, differences in state income levels can be explained largely by two factors: innovation and workforce skills. The study's findings suggest that increasing a region's knowledge base should be a primary component of economic development strategies.
Annual Report

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Federal Reserve policy promotes growth

A view of the relationship between monetary policy and the economy, reflecting the belief that maintaining price stability does not require high interest rates and less growth.
Annual Report

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Price stability: why we seek it and how best to achieve it

Federal Reserve Bank of Cleveland President Sandra Pianalto explains why price stability is essential for maximum employment and how the adoption of a numerical target for inflation may improve the central bank?s ability to achieve both objectives. Find the essay, along with Frequently Asked Questions about inflation.
Annual Report

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The unfolding of the 1983 recovery

An examination of the 1983 economic expansion focusing on the effects of monetary policy and a discussion of the prospects for continued economic growth.
Annual Report , Issue Jun

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2013 Annual Report Why Inflation Is Very Low, and Why It Matters

One of the Federal Reserve?s mandates is maintaining stable prices. During my more than three decades in the Federal Reserve System, the focus has been primarily on avoiding high and variable inflation, and over most of that period, the Federal Reserve has successfully fulfilled its objective to keep inflation in check. More recently, however, our attention has turned to a less familiar concern?persistently low inflation. While high inflation has well-known costs for economic performance, the problems posed by persistently low inflation can be equally harmful. As its title promises, this ...
Annual Report

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