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Banking and Policy Issues Magazine

December 2001

Top of the Ninth
Gary Stern, president of the Federal Reserve Bank of Minneapolis, discusses the appropriate role of the Fed in the shift from paper checks to electronic payments.

Railroad Redux
A look at a study by two Minneapolis Fed economists on the railroads' impact on the U.S. economy.

“A Million Mutinies”
An excerpt from Lectures on Economic Growth by Robert E. Lucas, Jr.

Assessing the Euro Three Years After Its Launch
Noted economist Anna Schwartz shares her skepticism on the success of a united European currency.

Cost v. Benefit: Clearing the Air
Should the government consider costs when setting standards for clean air? In a case with wide-ranging implications—and against the advice of 42 eminent economists—the U.S. Supreme Court just ruled 'no'.

Anti-dumping: The Free-Trade Antacid
The use of anti-dumping and countervailing duties has increased around the globe, born from protectionist tendencies most countries have toward their home industries.

Photo of Tommaso Padoa-Schioppa Interview with Tommaso
Padoa-Schioppa


A charter member of the Executive Board of the European Central Bank discusses the evolution of that institution, the upcoming rollout of the euro in 12 European countries and how the ECB and the Fed compare, among other issues.

Remembering When ...
Multi-function check processing machines were installed at the Cleveland Fed in 1946.

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