Reviews the Bank's operations and includes the article entitled "Mercantilists and Classicals: Insights from Doctrinal History"
Al Broaddus and Walter Varvel outline the Richmond Fed's activities in 1998.
Tom Humphrey provides a historical perspective on two competing camps of monetary theory and policy: mercantilists and classicals. The former, with their fears of hoarding and scarcity of money and their prescription of cheap and plentiful cash to stimulate real activity, tend to gain the upper hand when unemployment is the dominant problem. The latter, chanting their mantra that inflation is always and everywhere a monetary phenomenon, tend to prevail when price stability is the chief concern.
Highlights of the Richmond Fed's accomplishments in economic research and public outreach, banking supervision, and financial services and other operations.
Photos and listings of the Bank's directors and members of its advisory groups.
Administrative changes and a listing of Bank officers.
Comparative financial statements and footnotes for 1998. Also includes Management Assertion and Report of Independent Auditors.