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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Research

Featured

Article

The Employment Recovery of Small and Large Employers

Special Reports

November 12, 2020

By Marios Karabarbounis, Matthew Murphy and Nicholas Trachter

Policymakers, national pundits, and researchers often point to the importance of small firms in job creation. Did small firms play a special role in the recovery of aggregate employment during the COVID-19 pandemic?

Econ Focus

Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. This publication covers economic issues affecting the Fifth Federal Reserve District and the nation.

Economic Brief

Based on staff economists’ ongoing research, this non-technical series of articles covers current economic issues and trends every month.

Working Papers

Papers written by Richmond Fed economists representing work prepared for later publication or presentation to professional meetings.

Economic Quarterly

This journal contains articles on monetary theory and policy, banking and finance, and the payment system. Its predecessor, Economic Review, was published from 1974 to 1992.

Richmond Fed Research Digest

This mid-year annual brings the externally published work of Research Department economists together in one place. It includes brief summaries, full citations, and links to the original work.

Retired Publications

Annual Report

This publication featured an essay on a current economic issue in addition to a review of the Richmond Fed's operations and activities during the previous year. The full report is no longer published as of 2019 but the Bank's financial statements are available on the Board of Governors’ website.

Conference Publications

Data & Analysis

Fifth District Survey of Manufacturing Activity

This monthly survey is sent to contacts whose firm type, firm size and location collectively match the profile of overall manufacturing in the Fifth District.

Fifth District Survey of Service Sector Activity

This monthly survey is sent to retail, wholesale, and services firms that are selected for participation according to their type of business, location, and firm size.

Special Reports

Economic Impact of COVID-19

Analysis of the national and regional economic impacts of the novel coronavirus and steps taken to contain the COVID-19 outbreak

Treasury-Federal Reserve Accord

Background information on the Treasury-Federal Reserve Accord, biographies of significant people involved with the historic agreement, related economic data, and references for further research.

Instruments of the Money Market

This publication describes the major money market instruments and the institutional arrangements of the markets in which these instruments are traded.

Read in Print or Online

Order past issues of Econ Focus magazine or subscribe to the print edition. You can also sign up to receive email alerts when new issues of Econ Focus and other Research publications are posted online.

Economic Research

The publications of the Richmond Fed's Research Department provide information and analysis that promote the public's understanding of the Bank and the Federal Reserve System, the economy of the Fifth Federal Reserve District, and economic policy issues and research.

Current Publications

Econ Focus
Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. The quarterly publication covers economic issues affecting the Fifth Federal Reserve District and the nation.

Economic Quarterly
This journal contains articles on monetary theory and policy, banking and finance, and the payment system. Its predecessor, Economic Review, was published from 1974 to 1992.

Working Papers
These papers are written by Richmond Fed economists, in some cases in collaboration with outside economists. They represent work prepared for later publication or presentation to professional meetings. They are circulated in this series for purposes of discussion and comment.

Economic Brief
These web-exclusive essays on current economic issues and trends are based on staff economists' ongoing research and published work.

Annual Report
This publication features an essay on a current economic issue. In addition, it reviews the Bank's operations, highlights the Bank's activities during the year, and presents financial statements.

Richmond Fed Research Digest
This mid-year annual brings the externally published work of Research Department economists together in one place. It includes brief summaries, full citations, and links to the original work.
Conference Publications

Richmond Fed-UVA Research Workshop, April 2019
This pamphlet summarizes the research presented by five economists from the Richmond Fed and the University of Virginia at their semi-annual workshop.

Macroeconomic Effects of Fiscal Policy, October 2018
This compendium includes a summary of a Richmond Fed conference aimed at improving our understanding of how fiscal policy issues affect the economy at both the national and regional levels as well as interviews with researchers who presented their work.

Richmond Fed-UVA Research Workshop, October 2018
This pamphlet summarizes the research presented by five economists from the Richmond Fed and the University of Virginia at their semi-annual workshop.

Regional Economics Workshop, September 2018
This pamphlet summarizes the research presented by six economists at the Richmond Fed's eighth annual workshop.

Cities in Transition, November 2017
This compendium includes an address discussing the Richmond Fed's interest in urban and regional economic topics, a summary of the conference, and interviews with the six researchers who presented their work.
Predecessor Publications

Economic Review
This bi-monthly journal is no longer published and has been replaced by Economic Quarterly. Back issues from Jan./Feb. 1974 to Nov./Dec. 1992 are available online.
Special Reports

The 50th Anniversary of the Treasury-Federal Reserve Accord
This web-exclusive supplement to the Winter 2001 special issue of Economic Quarterly includes background information on the Accord, biographies of significant people involved with the dispute, related economic data, and references for further research.

Macroeconomic Data: A User's Guide
Selected chapters from this popular 1995 reference: "Labor Market Data," "Macroeconomic Prices and Indexes," and "National Income and Product Accounts."

Instruments of the Money Market
This 1993 publication describes the major money market instruments and the institutional arrangements of the markets in which these instruments are traded.