FEDERAL RESERVE BULLETIN Is Issued Monthly Under the Direction of the Staff Publications Committee

Total Page:16

File Type:pdf, Size:1020Kb

FEDERAL RESERVE BULLETIN Is Issued Monthly Under the Direction of the Staff Publications Committee VOLUME 74 • NUMBER 5 • MAY 1988 FEDERAL RESERVE •Vv' BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, WASHINGTON, D.C. PUBLICATIONS COMMITTEE Joseph R. Coyne, Chairman • Michael Bradfield • S. David Frost • Griffith L. Garwood • Donald L. Kohn • Michael J. Prell • Edwin M. Truman ••-r. ' ... ' 1- lit The FEDERAL RESERVE BULLETIN is issued monthly under the direction of the staff publications committee. This committee is responsible for opinions expressed except in official statements and signed articles. It is assisted by the Economic Editing Section headed by Mendelle T. Berenson, the Graphic Communications Section under the direction of Peter G. Thomas, and Publications Services supervised by Linda C. Kyles. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table of Contents 279 U.S. INTERNATIONAL framework put forward by Secretary of the TRANSACTIONS IN 1987 Treasury Baker in Seoul, before the Sub- committees on International Development For 1987 as a whole, the U.S. external deficit Institutions and Finance and on Interna- widened further, although exports advanced tional Finance, Trade and Monetary Policy rapidly and the trade deficit showed signs of of the House Committee on Banking, Fi- having leveled off during the year. nance and Urban Affairs, March 9, 1988. 289 STAFF STUDIES 301 Chairman Greenspan discusses the current In "International Banking Trends for U.S. economic situation and the outlook for 1988 Banks and Banking Markets," the author including, In particular, the process of ex- discusses the ways in which banks conduct ternal-adjustment that is aow under way their international banking activities, the and the challenge that it poses to our econ- nature and size of their business, and the omy, before the Joint Economic Committee extent to which they have penetrated key of the CONGRESSMAN 15, 1988. markets. The study provides much data not 304 William Taylor, Staff Director of the easily obtained from other sources. Board's Division of Banking Supervision and Regulation, discusses the Real Estate 291 INDUSTRIAL PRODUCTION Reform Act of 1987, an act that would Industrial production increased an esti- establish a federal interagency council mated 0.2 percent in February. charged with the mission of promoting throughout the United States real estate appraisals formulated by qualified apprais- 293 STATEMENTS TO CONGRESS ers in accordance with high industry stan- Alan Greenspan, Chairman, Board of Gov- dards, before the Subcommittee on Com- ernors, discusses further actions in support merce, Consumer and Monetary Affairs of of a long-term policy of reducing budget the House Committee on Government Op- deficits and the associated claims on the erations, March 15, 1988. nation's supply of saving and says that the benefit from taking credible actions to curb 307 Martha R. Seger, Member, Board of Gov- federal outlays and related demands will be ernors, discusses the Community Reinvest- enormous, before the Senate Committee on ment Act and the role that the Federal the Budget, March 2, 1988. (Chairman Reserve has played in administering it, be- Greenspan presented identical testimony fore the Senate Committee on Banking, before the House Budget Committee on Housing, and Urban Affairs, March 23, March 3, 1988.) 1988. 297 Manuel H. Johnson, Vice Chairman, Board 312 Chairman Greenspan reviews initiatives to of Governors, assesses the international strengthen financial markets in response to debt situation in light of recent develop- the events of last October and says that it is ments and says that he sees no alternative essential to have as clear an understanding to the case-by-case approach of dealing as possible of what happened last October with international debt problems in the and why before taking action, before the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Senate Committee on Banking, Housing, gates. The reserve conditions contemplated and Urban Affairs, March 31, 1988. by the Committee were expected to be con- sistent with growth in both M2 and M3 over 317 ANNOUNCEMENTS the period from November through March at Issuance of staff commentaries on Regula- annual rates of about 6 to 7 percent. The tions B, E, and Z. Committee decided not to indicate any expec- tation regarding the growth of Ml over the Proposal regarding risk-based capital guide- months ahead. The members agreed that the lines for U.S. banking organizations. intermeeting range for the federal funds rate should be left unchanged at 4 to 8 percent. Admission of one state bank to membership in the Federal Reserve System. 327 LEGAL DEVELOPMENTS 318 RECORD OF POLICY ACTIONS OF THE Various bank holding company, bank ser- FEDERAL OPEN MARKET COMMITTEE vice corporation, and bank merger orders; At its meeting on February 9-10, 1988, the and pending cases. Committee established ranges of 4 to 8 percent for growth in both M2 and M3 for 345 DIRECTORS OF FEDERAL RESERVE the year. No range was set for Ml, while BANKS AND BRANCHES the monitoring range for growth in total List of directors by Federal Reserve Dis- domestic nonfinancial debt was set at 7 to trict. 11 percent for the year. In carrying out policy the Committee would continue to Ai FINANCIAL AND BUSINESS STATISTICS judge the behavior of the monetary aggre- gates against the background of develop- A3 Domestic Financial Statistics ments in the economy and financial mar- A44 Domestic Nonfinancial Statistics kets, including attention to the sources and A53 International Statistics extent of price pressures in the economy, the performance of the dollar in foreign A69 GUIDE TO TABULAR PRESENTATION, exchange markets, and other indicators of STATISTICAL RELEASES, AND SPECIAL the impact of monetary policy. TABLES With regard to the implementation of pol- icy for the period immediately ahead, the A76 BOARD OF GOVERNORS AND STAFF Committee adopted a directive that called for maintaining the slightly easier degree of re- A78 FEDERAL OPEN MARKET COMMITTEE serve pressure that had been sought recently. AND STAFF; ADVISORY COUNCILS It was understood that some flexibility might continue to be needed in the conduct of open A80 FEDERAL RESERVE BOARD market operations. Taking account of condi- PUBLICATIONS tions in financial markets, somewhat less or somewhat more reserve restraint would be A83 INDEX TO STATISTICAL TABLES acceptable, depending on the strength of the business expansion, indications of inflation, A85 FEDERAL RESERVE BANKS, BRANCHES, the performance of the dollar in foreign ex- AND OFFICES change markets, with consideration also given to the behavior of the monetary aggre- A86 MAP OF FEDERAL RESERVE SYSTEM Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis U.S. International Transactions in 1987 William R. Melick, of the Board's Division of nificant further increase in net payments on port- International Finance, prepared this article. folio investment income and in U.S. net foreign indebtedness. In 1987, the U.S. external deficit increased for the sixth year in a row. Both the merchandise - -V trade and the current account balances, mea- INFLUENCES ON U.S. INTERNATIONAL sures of the deficit, deteriorated. Even though TRANSACTIONS the growth of non-oil imports slowed, because it started from a larger base, it offset the rapid In recent years, U.S. international transactions growth of exports. have responded both to relative rates of growth Over the course of 1987, however, the down- in income at home and abroad and to changes in ward trend in the trade balance leveled off; and in U.S. international price competitiveness. As in- the fourth quarter, the current account deficit come growth differentials have narrowed, the narrowed (chart 1). These developments in the importance of that factor has diminished. For nominal balances, bolstered by the sustained most of 1982-85, the economy of the United reduction in the real external deficit, laid the States grew much more rapidly than the econo- foundation for an improvement in the current mies of the rest of the world combined, a situa- account deficit in 1988. tion that helped widen the U.S. external deficit Extending developments that began in 1986, significantly. Since HfcBSj'h6WeVer, U.S. growth net capital inflows, which were the counterpart rates have been close to average foreign growth to the 1987 current account deficit, included rates. In 1987, the economies of Canada, Japan, heavier purchases of U.S. assets by official mon- and the United Kingdom grew more rapidly than etary authorities. Foreign acquisitions of U.S. that of the United States; but those of Germany, plant and equipment and other direct invest- l^l^^ ltaly grew -more slowly. In lite past ments increased strongly, and by slightly more nomic activity fir the less-developed than U.S. direct investments abroad. The mag- continued to expand, as the rapid nitude of the current account deficit and the the newly industrialized countries in associated net capital inflows constituted a sig- nated the slow growth in Latin Amer- 2). 1. U.S. trade and current account balances, 1980-871 SAs one measure of international price compet- Billions of dollars itiveness, the real exchange value of the dollar can help explain much of the recent behavior of the U.S. external accounts. From its peak in early 1985 through 1986, the dollar depreciated sharply in real terms (adjusted with consumer price indexes) against the currencies of most foreign industrial countries, a small amount against the Canadian dollar, and not at all against the currencies of developing countries (chart 3). As the dollar declined further during 1987, the 1981 1983 1985 1987 disparity of changes across currencies dimin- ished considerably: for the first time since the SOURCE. U.S. Department of Commerce, Bureau of Economic Analysis, U.S. International Transactions Accounts. dollar peaked against the currencies of the other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St.
Recommended publications
  • Citizens Financial Group, Inc
    Citizens Financial Group, Inc. 165(d) Resolution Plan Public Summary December 31, 2016 CFG 165(d) Resolution Plan Public Section PUBLIC SECTION Table of Contents Introduction ......................................................................................................................... 1 1. Material Entities............................................................................................................... 3 2. Core Business Lines ....................................................................................................... 3 3. Summary of Financial Information, Capital and Major Funding Sources........................ 7 4. Derivative and Hedging Activities.................................................................................... 10 5. Membership in Material Payment, Clearing and Settlement Systems ............................ 12 6. Foreign Operations ......................................................................................................... 13 7. Material Supervisory Authorities...................................................................................... 13 8. Principal Officers ............................................................................................................. 14 9. Resolution Planning Corporate Governance, Structure and Processes ......................... 14 10. Material Management Information Systems.................................................................. 14 11. High Level Description of Citizens' Resolution Strategy...............................................
    [Show full text]
  • Technical Details of the Elliott 152 and 153
    Appendix 1 Technical Details of the Elliott 152 and 153 Introduction The Elliott 152 computer was part of the Admiralty’s MRS5 (medium range system 5) naval gunnery project, described in Chap. 2. The Elliott 153 computer, also known as the D/F (direction-finding) computer, was built for GCHQ and the Admiralty as described in Chap. 3. The information in this appendix is intended to supplement the overall descriptions of the machines as given in Chaps. 2 and 3. A1.1 The Elliott 152 Work on the MRS5 contract at Borehamwood began in October 1946 and was essen- tially finished in 1950. Novel target-tracking radar was at the heart of the project, the radar being synchronized to the computer’s clock. In his enthusiasm for perfecting the radar technology, John Coales seems to have spent little time on what we would now call an overall systems design. When Harry Carpenter joined the staff of the Computing Division at Borehamwood on 1 January 1949, he recalls that nobody had yet defined the way in which the control program, running on the 152 computer, would interface with guns and radar. Furthermore, nobody yet appeared to be working on the computational algorithms necessary for three-dimensional trajectory predic- tion. As for the guns that the MRS5 system was intended to control, not even the basic ballistics parameters seemed to be known with any accuracy at Borehamwood [1, 2]. A1.1.1 Communication and Data-Rate The physical separation, between radar in the Borehamwood car park and digital computer in the laboratory, necessitated an interconnecting cable of about 150 m in length.
    [Show full text]
  • Nomination Procedures
    Nomination Procedures To the Member Banks of the Fourth Federal Reserve District: An election will be held under the provisions of Section 4 of the Federal Reserve Act, as amended, for the positions held by the directors of the Federal Reserve Bank of Cleveland whose terms expire on December 31, 2020: Class A Director Class B Director Mr. Dean Miller Mr. Charles Brown President and Chief Executive Officer Retired Executive Advisor First National Bank Toyota Motor North America Bellevue, Ohio Florence, Kentucky Mr. Miller is completing his first term that concludes on December 31, 2020, as a Class A, Group 3 director. He is eligible for reelection. The director in this seat will be chosen in a vote by banks in Group 3, which consists of member banks with combined capital and surplus of less than $30million. Mr. Brown is completing his second term, which concludes on December 31, 2020, as a Class B, Group 3 director. He is not eligible for reelection. His successor will be chosen in a vote by banks in Group 3, which consists of member banks with combined capital and surplus of less than $30 million. A member bank's voting group is determined by its capitalization. A list of member banks in each classification can be found in Appendix A. The nomination procedure for a bank participating in this election* is as follows: Each bank in Group 3 may nominate one candidate for Class A director and one candidate for Class B director. (See the limitations on eligibility for nomination for Class A and Class B directors.) The nominations must be made by a duly authorized officer of the bank and submitted on or before November 24, 2020.
    [Show full text]
  • UNITED STATES SECURITIES and EXCHANGE COMMISSION Washington, D.C
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the FISCAL YEAR ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission Registrant; State of Incorporation; I.R.S. Employer File Number Address; and Telephone Number Identification No. 333-21011 FIRSTENERGY CORP 34-1843785 (An Ohio Corporation) 76 South Main Street Akron OH 44308 Telephone (800) 736-3402 SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $0.10 par value per share FE New York Stock Exchange SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
    [Show full text]
  • A Model of the International Monetary System∗
    A MODEL OF THE INTERNATIONAL MONETARY SYSTEM∗ EMMANUEL FARHI AND MATTEO MAGGIORI We propose a simple model of the international monetary system. We study the world supply and demand for reserve assets denominated in different curren- cies under a variety of scenarios: a hegemon versus a multipolar world; abundant versus scarce reserve assets; and a gold exchange standard versus a floating rate system. We rationalize the Triffin dilemma, which posits the fundamental insta- bility of the system, as well as the common prediction regarding the natural and beneficial emergence of a multipolar world, the Nurkse warning that a multipolar world is more unstable than a hegemon world, and the Keynesian argument that a scarcity of reserve assets under a gold standard or at the zero lower bound is recessionary. Our analysis is both positive and normative. JEL Codes: D42, E12, E42, E44, F3, F55, G15, G28. I. INTRODUCTION We propose a formal model of the the International Mone- tary System (IMS). We consider the IMS as the collection of three key attributes: (i) the supply of and demand for reserve assets; (ii) the exchange rate regime; and (iii) international monetary in- stitutions. We show how modern theories developed to analyze sovereign debt crises, oligopolistic competition, and Keynesian ∗We thank Pol Antras,` Julien Bengui, Guillermo Calvo, Dick Cooper, Ana Fostel, Jeffry Frieden, Mark Gertler, Gita Gopinath, Pierre-Olivier Gourinchas, Veronica Guerrieri, Guido Lorenzoni, Arnaud Mehl, Brent Neiman, Jaromir Nosal, Maurice Obstfeld, Jonathan Ostry,
    [Show full text]
  • Joint Industry Programme
    CETACEAN STOCK ASSESSMENT IN RELATION TO EXPLORATION AND PRODUCTION INDUSTRY SOUND by Prepared for Joint Industry Programme 30 September 2009 LGL Report TA4582-1 CETACEAN STOCK ASSESSMENT IN RELATION TO EXPLORATION AND PRODUCTION INDUSTRY SOUND by LGL Limited, environmental research associates 22 Fisher Street, POB 280 King City, Ontario, Canada L7B 1A6 9768 Second Street Sidney, British Columbia, Canada V8L 3Y8 and LGL Alaska Research Associates Inc. 1101 East 76th Avenue, Suite B Anchorage, Alaska, United States 99518 Prepared for Joint Industry Programme 30 September 2009 LGL Report TA4582-1 Executive Summary Purpose and Objectives This project investigated the relationship between the oil industry‘s offshore E&P activities and trends in the distribution, abundance and rates of increase of key cetacean stocks found in three areas where E&P activities are intensive. The approach taken was to compare the status and population trends of stocks of key cetacean species in three areas with E&P activities―Alaska (subdivided into three regions, the Beaufort, Bering and Chukchi seas), Australia (Western and southeast regions), and Sakhalin Island, Russia―with corresponding parameters for stocks of the same species (where possible) in areas where E&P activities were absent or greatly reduced. The project involved a critical review of existing and historical data on cetacean stocks, and a compilation of data on E&P activities and non-industry factors that may have influenced stocks, in the areas of interest. Data were assessed in terms of quality, quantity, and temporal and spatial coverage to determine whether sufficient data were available for a reasonable assessment of correlations between cetacean populations and E&P activities.
    [Show full text]
  • During the Past Two Decades, the U.S. Housing Finance System Experienced Changes of a Magnitude Unseen Since the New Deal Era
    FOREWORD During the past two decades, the U.S. housing finance system experienced changes of a magnitude unseen since the New Deal era. In the 1980s, the primary mortgage market restructured and consolidated as a result of the savings and loan crisis, adjustable-rate mortgages became widely available, and the secondary mortgage market grew rapidly. The 1990s saw continued industry consolidation, as well as significant technological de- velopments in mortgage finance. In addition, the past decade was a time of considerable innovation in affordable mortgage lending, part of a growing movement to connect his- torically underserved households and communities to the mainstream housing finance system. This volume examines this movement through case studies of organizations recognized by their peers as leaders in expanding homeownership opportunities. In an extension of their earlier research for the U.S. Department of Housing and Urban Development, the authors describe the efforts of a broad cross section of industry participants, including small and large lenders, nonprofit community-based organizations (CBOs), and lending consortia. They document a wide range of strategies—in the areas of management, out- reach, borrower qualification, and homeowner retention—designed to expand and sus- tain homeownership among lower-income and minority households. The case studies illustrate three notable aspects of recent efforts to extend the reach of homeownership. First, they demonstrate that leaders in the mortgage finance industry view historically underserved populations and communities as viable business markets rather than regulatory burdens, and back this perspective with action. Second, the stud- ies show the vital role that partnership plays in expanding opportunity.
    [Show full text]
  • MOISA 2: Fostering Regional Partnerships and Innovation for Maritime Security, Safety, and Resilience
    MOISA 2: Fostering Regional Partnerships and Innovation for Maritime Security, Safety, and Resilience September 2015 Version 1.1 Prepared by the Department of Human Centered Design & Engineering at the University of Washington Prepared for the Department of Homeland Security Interagency Operations Center, the National Maritime Intelligence-Integration Office, and the Program Manager for the Information Sharing Environment Copyright © 2015 University of Washington PREPARED FOR THE DEPARTMENT OF HOMELAND SECURITY INTERAGENCY OPERATIONS CENTER, THE NATIONAL MARITIME INTELLIGENCE-INTEGRATION OFFICE, AND THE PROGRAM MANAGER FOR THE INFORMATION SHARING ENVIRONMENT, BY THE UNIVERSITY OF WASHINGTON DEPARTMENT OF HUMAN CENTERED DESIGN & ENGINEERING This report was prepared as an account of work sponsored by an agency of the United States Government. Neither the United States Government nor any agency thereof, nor any of their employees, nor any of their contractors, subcontractors or their employees, makes any warranty, express or implied, or assumes any legal liability or responsibility for the accuracy, completeness, or any third party’s use or the results of such use of any information, apparatus, product, or process disclosed, or represents that its use would not infringe privately owned rights. Reference herein to any specific commercial product, process, or service by trade name, trademark, manufacturer, or otherwise, does not necessarily constitute or imply its endorsement, recommendation, or favoring by the United States Government or any agency thereof or its contractors or subcontractors. The views and opinions of authors expressed herein do not necessarily state or reflect those of the United States Government or any agency thereof. First printing, September 2015 TITLE PAGE IMAGES US Coast Guard photo by Petty Officer 3rd Class Nathan Bradshaw.
    [Show full text]
  • School of Economics & Business Administration Master of Science in Management “MERGERS and ACQUISITIONS in the GREEK BANKI
    School of Economics & Business Administration Master of Science in Management “MERGERS AND ACQUISITIONS IN THE GREEK BANKING SECTOR.” Panolis Dimitrios 1102100134 Teti Kondyliana Iliana 1102100002 30th September 2010 Acknowledgements We would like to thank our families for their continuous economic and psychological support and our colleagues in EFG Eurobank Ergasias Bank and Marfin Egnatia Bank for their noteworthy contribution to our research. Last but not least, we would like to thank our academic advisor Dr. Lida Kyrgidou, for her significant assistance and contribution. Panolis Dimitrios Teti Kondyliana Iliana ii Abstract M&As is a phenomenon that first appeared in the beginning of the 20th century, increased during the first decade of the 21st century and is expected to expand in the foreseeable future. The current global crisis is one of the most determining factors affecting M&As‟ expansion. The scope of this dissertation is to examine the M&As that occurred in the Greek banking context, focusing primarily on the managerial dimension associated with the phenomenon, taking employees‟ perspective with regard to M&As into consideration. Two of the largest banks in Greece, EFG EUROBANK ERGASIAS and MARFIN EGNATIA BANK, which have both experienced M&As, serve as the platform for the current study. Our results generate important theoretical and managerial implications and contribute to the applicability of the phenomenon, while providing insight with regard to M&As‟ future within the next years. Keywords: Mergers &Acquisitions, Greek banking sector iii Contents 1. Introduction ................................................................................................................ 1 2. Literature Review .......................................................................................................... 4 2.1 Streams of Research in M&As ................................................................................ 4 2.1.1 The Effect of M&As on banks‟ performance ..................................................
    [Show full text]
  • Staff Study 174
    Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects.
    [Show full text]
  • John Dickinson Papers Dickinson Finding Aid Prepared by Finding Aid Prepared by Holly Mengel
    John Dickinson papers Dickinson Finding aid prepared by Finding aid prepared by Holly Mengel.. Last updated on September 02, 2020. Library Company of Philadelphia 2010.09.30 John Dickinson papers Table of Contents Summary Information....................................................................................................................................3 Biography/History..........................................................................................................................................4 Scope and Contents....................................................................................................................................... 6 Administrative Information........................................................................................................................... 8 Related Materials......................................................................................................................................... 10 Controlled Access Headings........................................................................................................................10 Collection Inventory.................................................................................................................................... 13 Series I. John Dickinson........................................................................................................................13 Series II. Mary Norris Dickinson..........................................................................................................33
    [Show full text]
  • Lessons for Eu Integration from Us History
    LESSONS FOR EU INTEGRATION FROM US HISTORY Jacob Funk Kirkegaard and Adam S. Posen, editors Report to the European Commission under Tender Reference 2016: ECFIN 004/A Washington, DC January 2018 © 2018 European Commission. All rights reserved. The Peterson Institute for International Economics is a private nonpartisan, nonprofit institution for rigorous, intellectually open, and indepth study and discussion of international economic policy. Its purpose is to identify and analyze important issues to make globalization beneficial and sustainable for the people of the United States and the world, and then to develop and communicate practical new approaches for dealing with them. Its work is funded by a highly diverse group of philanthropic foundations, private corporations, and interested individuals, as well as income on its capital fund. About 35 percent of the Institute’s resources in its latest fiscal year were provided by contributors from outside the United States. Funders are not given the right to final review of a publication prior to its release. A list of all financial supporters is posted at https://piie.com/sites/default/files/supporters.pdf. Table of Contents 1 Realistic European Integration in Light of US Economic History 2 Jacob Funk Kirkegaard and Adam S. Posen 2 A More Perfect (Fiscal) Union: US Experience in Establishing a 16 Continent‐Sized Fiscal Union and Its Key Elements Most Relevant to the Euro Area Jacob Funk Kirkegaard 3 Federalizing a Central Bank: A Comparative Study of the Early 108 Years of the Federal Reserve and the European Central Bank Jérémie Cohen‐Setton and Shahin Vallée 4 The Long Road to a US Banking Union: Lessons for Europe 143 Anna Gelpern and Nicolas Véron 5 The Synchronization of US Regional Business Cycles: Evidence 185 from Retail Sales, 1919–62 Jérémie Cohen‐Setton and Egor Gornostay 1 Realistic European Integration in Light of US Economic History Jacob Funk Kirkegaard and Adam S.
    [Show full text]