In 1919, the first official ticker-tape parade took place to welcome soldiers home from World War I. From there, they became regular events, with papers flying out of Manhattan windows to help punctuate the celebratory environment of the parades through the streets. But, by the 1960s, ticker tape parades were becoming far more of a common nuisance than an over-the-top celebration, so were officially limited to specific and special occasions.
Today, you'll still see the odd ticker tape parade along the Canyon of Heroes, but it's done using shredded recycled paper instead of actual ticker tapes.