Beige Book ( Eng. Beige Book ), also the “Beige Book” of the US Federal Reserve ( Fed's Beige Book ) - an economic review of the US Federal Reserve System , which is published on the basis of reporting documents of 12 regional banks included in its composition. The official title of the document is “ Summary of Commentary on Current Economic Conditions by Federal Reserve District ”.
Content
- 1 History
- 2 Contents
- 3 notes
- 4 References
History
The idea of writing this report was proposed by Arthur Burns , who became chairman of the US Federal Reserve in 1970. Prior to Burns, each of the presidents of regional banks presented at the Fed meeting information received from business contacts in their region. Burns considered that it would be more useful if the information was recorded and presented by the leaders of the US Federal Reserve before the meetings of the committee on open market operations [1] .
The Beige Book was first published in 1983. The Fed's beige book got its name because of the color of the cover.
Contents
In general, the report reflects the current state of industrial production, the labor market, real estate, the financial sector, the banking sector, agriculture and the services sector in the US regions. The report is compiled on the basis of unofficial comments collected by each of the federal reserve banks in its district. The reports of directors of banks and their branches are listened, including the reports of chief economists, market experts, and entrepreneurs. The beige book is considered an important tool for checking the overall stability of the economy [2] .
The beige book is one of three books offered by regional banks to the Open Market Committee. Meeting members also receive the Green Book , the national forecast for the next two years, made by the Governing Council's Department of Economic Research and Statistics and the Blue Book , which contains forecasts of monetary policy [3] [4] .
The Beige Book is the Fed’s only public book, published eight times a year, on Wednesdays, two weeks before the next meeting of the US Federal Reserve Open Market Committee (FOMC) at 14:15 Eastern Standard Time (at 22:00 Moscow time) time ). The book is published free of charge and is freely available on the official website of the US Federal Reserve [5] .
Notes
- ↑ Beige Book - An Economic Review of the US Federal Reserve
- ↑ Beige book (inaccessible link) . Date of treatment September 3, 2014. Archived on September 3, 2014.
- ↑ Box 14.4. Inside the Fed: Green, Blue, and Beige Books (link unavailable)
- ↑ Beige Book Definition | Investopedia
- ↑ FRB: Beige Book