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Annual Report


1996 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Monetary Policy Comes of Age: A 20th Century Odyssey"

Message from the President and First Vice President

Al Broaddus and Walter Varvel outline the Richmond Fed's activities in 1996.

Feature Article: "Monetary Policy Comes of Age: A 20th Century Odyssey"

A permanent national commitment to price stability requires that citizens unfamiliar with the trauma of high inflation understand the rationale for price stability and the policy actions needed to maintain it. In this article, Marvin Goodfriend reviews the history of U.S. monetary policy in the 20th century with the aim of providing that understanding. The author identifies mistakes that led to high and volatile inflation, lessons learned from these experiences, and principles applied in the pursuit of low inflation today.

Year In Review

Highlights of the Richmond Fed's accomplishments regarding policy issues, public information and outreach, community development, and other aspects of its operations.

Boards of Directors and Advisory Groups

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


Administrative changes and a listing of Bank officers.

Financial Statements

Comparative financial information for 1996.

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