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The Beige Book Mirrors the Economy

Chart and Timeline

March 1, 1999

The Beige Book Mirrors the Economy

Economic Chart

Real GDP Growth
(Annual Rate)

Percentage computed
from initial estimates
of real GDP

Beige Book Output Score
For overall output, economists assigned a score between +2 and -2 in increments of 0.5 with +2 indicating very strong and expanding economic conditions and a -2 a very weak and declining economy.

Key Economic Dates

August 1971

President Nixon announces wage-price controls

October 1973

OPEC moves to embargo shipments to the United States, Western Europe and Japan


Consumer prices rise 13.3 percent, the largest increase in 33 years

October 1979

FOMC switches from targeting the federal funds rate to the money supply

December 1980

Prime rate reaches 20.35 percent

November 1982

Unemployment rate reaches 10.8 percent

October 1987

Stock Market Crash

August 1990

Iraq invades Kuwait

November 1991

Chairman Greenspan indicates headwinds are holding back economy


"It's the economy, stupid"

3rd Qtr 1993

Flooding in nine Midwestern states

December 1996

Chairman Greenspan declares "irrational exuberance" in the stock market

Summer 1997

Asian financial turmoil

Return to: The Federal Reserve's Beige Book