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2017 Annual Report

May 10, 2018

Richmond Fed Annual Report Explores Slowdown in Educational Attainment

A new report from the Richmond Fed asks why the United States is not producing more college graduates in response to a large and persistent wage gap between workers who graduate from college and those who do not.

In the Bank’s 2017 Annual Report, senior policy economist Urvi Neelakantan and economics writer Jessie Romero consider several factors that may help answer this question, including inadequate preparation during students’ K–12 years. They discuss how K–12 preparation varies with socioeconomic status and how “school-choice” initiatives are intended to give more children access to high-quality schools.

In addition to this educational-attainment essay, the Annual Report includes a summary of the region’s economic performance in 2017, a new section that highlights key functions of the Richmond Fed and a link to the Bank’s financial statements. The report is available on the Bank’s website.


As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District—including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia—to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.

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