Beige Book Archive
Economic Timeline4th Q 1969 - 4th Q 1970: Recession August 1971: President Nixon announces wage-price controls November 1973: OPEC moves to embargo shipments to the United States, Western Europe and Japan 4th Q 1973 - 1st Q 1975: Recession 1979: Consumer prices rise 13.3 percent, the largest increase in 33 years October 1979: FOMC switches from targeting the federal funds to the money supply 1st Q 1980 - 3rd Q 1980: Recession December 1980: Prime rate reaches 20.35 percent 3rd Q 1981 - 4th Q 1982: Recession November 1982: Unemployment rate reaches 10.8 percent October 1987: Stock Market Crash August 1990: Iraq invades Kuwait 3rd Q 1990 - 1st Q 1991: Recession 1992: “It's the economy, stupid” 3rd Q 1993: Flooding in nine Midwestern states December 1996: Chairman Greenspan declares “irrational exuberance” in the stock market Summer 1997: Asian financial turmoil March 1999: Unemployment at 4.2 percent, lowest level in 29 years March 2001: Recession September 11, 2001: Terrorist Attacks |
What is the Beige Book?District banks have been printing summaries of the economic conditions in their districts since 1970. Initially this “Red Book” was prepared for policymakers only and was not intended for public consumption. It was made public in 1983. To mark this change, the color of the cover was changed and the publication became known as the Beige Book. The Beige Book is released two weeks prior to each FOMC meeting eight times per year. Each Federal Reserve bank gathers anecdotal information on current economic conditions in its district through reports from bank and branch directors and interviews with key businessmen, economists, market experts, and other sources. The Beige Book summarizes this information by district and sector. It is not a commentary on the views of Federal Reserve officials. Links
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