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Banking and Policy Issues Magazine 2003 Annual Report Issue

Message from the President
Gary H. Stern, Federal Reserve Bank of Minneapolis

The Industrial Revolution: Past and Future
"We live in a world of staggering and unprecedented income inequality," writes Nobel Laureate Robert Lucas in this year's annual report essay. Lucas goes on to use economic history to frame explanations and present possible solutions to this global quandary.

2003 Operations Report

Message from the First Vice President
James M. Lyon, Federal Reserve Bank of Minneapolis

2003 By the Numbers

2003 Financial Statements [327K PDF]

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