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Annual Report


2003 Annual Report cover

Reviews the Bank's operations and includes the article entitled "Sustaining Price Stability"

Message from the President and First Vice President

Al Broaddus and Walter Varvel discuss economic conditions in 2003, as well as the challenges faced by the Richmond Fed and its accomplishments in the past year.

Feature Article: "Sustaining Price Stability"

Academic and central bank economists have devoted considerable attention recently to determining how central banks can best maintain price stability. Al Broaddus and Marvin Goodfriend present an analytical framework, based on the new neoclassical synthesis, for understanding inflation and deflation. They explore the implications of this framework for some of the current challenges facing the Fed and other central banks. One key implication is that open and effective communication is critical to a central bank's credibility. The authors explain how an inflation target would work to support the Fed's credibility and its efforts to sustain price stability.

Boards of Directors and Advisory Councils

Photos and listings of the Bank's boards of directors and advisory councils.


Photo and list of Bank officers.

Financial Statements

Comparative financial statements and footnotes for 2003. Also includes Management Assertion and Report of Independent Auditors.

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