Annual Report
2006
Reviews the Bank's operations and includes the article entitled "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"
Download issueMessage from the President
Reviews the Bank's operations and includes the article entitled "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"
Feature Article: "Inflation and Unemployment: A Layperson's Guide to the Phillips Curve"
A slowing economy and rising inflation are typically understood to require opposite policy responses — lowering the short-term interest rate to counter slower real growth while raising the rate to tame inflation. What, then, is the nature of the relationship between growth and inflation and how is it related to monetary policy? Jeff Lacker and John Weinberg explore this question by looking at the history of the Phillips curve, the statistical relationship between inflation and unemployment, in this article.
Fifth District Economic Report
A look back at 2006 economic conditions in the Fifth District, including analysis and data on employment, personal income and household financial conditions, business conditions, and housing and commercial real estate.
Message from Management
First Vice President Sarah G. Green highlights the Bank's many roles and 2006 initiatives.
The Bank in the Community
An overview of the Bank's community involvement and programs in this area throughout the year.
Boards of Directors and Advisory Groups
Photos and listings of the Bank's boards of directors and advisory councils.
Officers
Photo of the Management Committee and listing of Bank officers.
Financial Statements
Comparative financial statements and footnotes for 2006. Also includes Management Assertion and Report of Independent Auditors.
