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Annual Report


1998 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Mercantilists and Classicals: Insights from Doctrinal History"

Message from the President and First Vice President

Al Broaddus and Walter Varvel outline the Richmond Fed's activities in 1998.

Feature Article: "Mercantilists and Classicals: Insights from Doctrinal History"

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.

Year In Review

Highlights of the Richmond Fed's accomplishments in economic research and public outreach, banking supervision, and financial services and other 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 statements and footnotes for 1998. Also includes Management Assertion and Report of Independent Auditors.

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