Reviews the Bank's operations and includes the article entitled "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"

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Jeff Lacker discusses the relationship between inflation and unemployment in his introduction to the feature article.

A slowing economy and rising inflation are typically understood to require opposite policy responses ? lowering the short-term interest rate to counter slower real growth while raising the rate to tame inflation. What, then, is the nature of the relationship between growth and inflation and how is it related to monetary policy? President Jeff Lacker and Senior Vice President and Director of Research John Weinberg explore this question looking at the history of the Phillips curve, the statistical relationship between inflation and unemployment, in the feature article.

A look back at 2006 economic conditions in the Fifth District, including analysis and data on employment, personal income and household financial conditions, business conditions, and housing and commercial real estate.

First Vice President Sally Green highlights the Bank's many roles and 2006 initiatives.

An overview of the Bank's community involvement and programs in this area throughout the year.

Photos and listings of the Bank's boards of directors and advisory groups.

Photo of Management Committee and listing of Bank officers.

Comparative financial statements and footnotes for 2006. Also includes Management Assertion and Report of Independent Auditors.