In this timely report, a number of chief executive officers talk frankly about how they've managed to increase profits and improve market shares for their companies without government intervention even in the face of economic hard times and foreign competition. Drawn from companies in both well-established and fast-growing non-traditional industries, these success stories represent a broad range of experience and expertise. In addition, Rosabeth Moss Kanter and Alan M. Kantrow offer their own perspectives on corporate success. "How to Compete Beyond the 1980S" clearly shows that, through the increased imagination and efforts of individual corporations and institutions, America's lagging productivity can be revived.

The question of why some companies succeed while others languish prompted the Federal Reserve Bank of Atlanta to sponsor the March 1983 conference on Growth Industries in the 1980s from which this book was derived. Experts from key industries addressed the question at a time when recession caused bankruptcy in many businesses. Paradoxically, many small companies, primarily in high technology areas, grew dynamically and added 15 million jobs to the nation's economy. This book, presenting the current thinking of highly regarded contributors, offers insights into how this nation can encourage the growth of companies and industries that will restore our competitive advantage.

Interstate banking, which has been the subject of increasingly heated debate, seems to be arriving at a faster pace than previously imagined. Recognizing the burgeoning interest in this controversial subject, the Federal Reserve Bank of Atlanta invited a blue-ribbon panel of financial industry experts, regulatory authorities, and analysts to participate in a forum that addressed the potential economic impact of interstate banking on both the banking system and the public and also explored alternative strategies for large and small banks for dealing with these challenges. Participants close to the situation summarized recent developments, assessed their implications, and discussed strategies that smaller institutions can adopt to assure that they won't be trampled by huge competitors.

One of the most difficult challenges facing central banks is how to conduct monetary policy in an uncertain economic environment. This challenge is magnified when ongoing changes in the structure of the economy make economic models and forecasts less reliable. How should policymakers act in an environment of increased uncertainty? Should they be more cautious and wait for additional information about the economy that might reduce uncertainty? Or, should they react more aggressively in an attempt to keep the economy on course? In designing monetary policy in an uncertain world, how much should policymakers depend on formal rules, and how much should they rely on judgment? To address these questions, the Federal Reserve Bank of Kansas City sponsored a symposium, titled, "Monetary Policy and Uncertainty: Adapting to a Changing Economy," at Jackson Hole, Wyoming, on August 28-30, 2003. The symposium brought together a distinguished group of central bank officials, academic economists, and business economists to discuss and debate these issues. Over the years, the Jackson Hole symposium has provided a forum for the exchange of ideas on important public policy issues of interest to central banks around the world. Its continuing success is due to the contributions of all those who participate, including authors, discussants, panelists, and audience members. Special thanks also go to Craig Hakkio, Gordon Sellon, and other members of the Bank's Research Division who developed this year's program. Thomas M. Hoenig President and Chief Executive Officer Federal Reserve Bank of Kansas City

The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.

Northeastern Wood Utilization Council Bulletin No. 30.

The Federal Reserve Archival System for Economic Research (FRASER) started in 2004 as a data preservation and accessibility project of the Federal Reserve Bank of St. Louis. FRASER's mission is to safeguard and provide easy access to the nation's economic history-particularly the history of the Federal Reserve System-through digitization of documents related to the U.S. financial system. FRASER preserves and provides access to economic and banking data and policy documents. To this end, various types of documents have been digitized, including: publications of the Board of Governors of the Federal Reserve System, publications of District Federal Reserve Banks, states and speeches of Federal Reserve policymakers, archival materials of Federal Reserve policymakers, government data publications, statistical releases, books and Congressional hearings.

What is money? The purpose of this booklet, published by the Federal Reserve Bank of Chicago, is to describe the basic process of money creation through the "fractional reserve" banking system. Money is such a routine part of everyday living that its existence and acceptance ordinarily are taken for granted. A user may sense that money must come into being either automatically as a result of economic activity or as an outgrowth of some government operation. But just how this happens all too often remains a mystery. This official publication is published by the Federal Reserve Bank of Chicago, but is now out of print from the original publisher.

CONTENTS The Federal Reserve Wire Transfer Network An Overview of the Operations of The Options Clearing Corporation Clearing and Settlement Through the Board of Trade Clearing Corporation The Chicago Mercantile Exchange A Study of Large-Dollar Payment Flows Through CHIPS and Fedwire Securities Lending CHAPS: The Clearing House Automated Payment System CHIPS: The Clearing House Interbank Payments System Trading of Foreign Currency Options and Futures in Philadelphia The International Money Markets in London and First Chicago's Role In Clearing and Settling for Dollar Instruments Exchanges and Clearing Houses For Financial Futures and Options in The United Kingdom Clearing and Settling the Euro-Securities Market: Euro-Clear and Cedel

Few economic issues have such far-reaching implications as excessive government budget deficits and debt. It is almost universally agreed that fiscal imbalances retard economic growth, impose heavy burdens on future generations, and heighten the risk of financial market disruption. It is also agreed, however, that correcting such imbalances is a difficult task. Around the world, countries are attempting to address the problem of excessive deficits and debt. This issue is at the core of many political and economic debates. To gain a better understanding of the problem and to consider potential solutions, the Federal Reserve Bank of Kansas City sponsored a symposium on Budget Deficits and Debt: Issues and Options at Jackson Hole, Wyoming, on August 31-September 2, 1995. A distinguished group of central bankers, finance ministers, academics, and financial market representatives shared their views and research results on this vital topic. The opening remarks are by Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve System.

For some time, the use of monetary and fiscal policies to smooth business cycle fluctuations has taken a back seat to longer-term objectives of restoring price stability and fiscal balance. Many policymakers and academic economists have held the view that fiscal policy had little or no short-run stabilization role and that monetary policy should give priority to maintaining price stability. More recently, however, weaker economic performance in some of the world's economies, most notably in Japan and the United States, has led to renewed interest in the use of short-run stabilization policy. The Federal Reserve Bank of Kansas City sponsored a symposium, "Rethinking Stabilization Policy," at Jackson Hole, Wyoming, on August 29-31, 2002. The symposium brought together a distinguished group of central bank officials, academic economists, and business economists to discuss the potential scope for stabilization policy in today's new environment. Our goal for this symposium was straight-forward, although hardly simple. It was to provide a forum to discuss the roles of monetary and fiscal stabilization policies, their effectiveness, and their limitations. And finally, so as not to lose sight of a consensus from earlier meetings, we analyzed these stabilization policies' compatibility with long-run price stability and fiscal sustainability, which are critical to the success of any economy - industrial or emerging. Thomas M. Hoenig President Federal Reserve Bank of Kansas City

The economies of the industrialized counties are being reshaped by the rapid development and diffusion of advanced information and communications technologies. Access to information is unprecedented, and the ability to process and exchange information has helped businesses increase efficiency and households raise their standards of living. There has been considerable agreement as to the broad features of the emerging information economy. But there has been less consensus on the likely magnitude and significance of the economic effects or on the important policy issues raised by these developments. The Federal Reserve Bank of Kansas City sponsored a symposium, "Economic Policy for the Information Economy," at Jackson Hole, Wyoming, on August 30 - September 1, 2001. The symposium brought together a distinguished group of central bankers, academics, and financial market experts to examine how the information economy will alter the structure of economic activity. The symposium also served as a forum for addressing key policy challenges resulting from the information age changing the microeconomic and macroeconomic structure of the U.S. and foreign economies. We hope these proceedings will contribute to a better understanding of how the information economy will alter the structure of economic activity. Thomas M. Hoenig President Federal Reserve Bank of Kansas City