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Annual Report


Annual Report 2010 Cover

Reviews the Bank's operations and includes the article "The Rise in Long-Term Unemployment: Potential Causes and Implications."

Message from the President

Jeffrey M. Lacker discusses the importance—and the difficulty—of determining the causes of the recent recession, and the best policies to support the nation's recovery. The rise in long-term unemployment is especially challenging for policymakers, as it may not readily respond to monetary stimulus. The most important thing policymakers can do to support job creation, Lacker says, is to pursue policies that promote long-term price stability.

Feature Essay: "The Rise in Long-Term Unemployment: Potential Causes and Implications"

Long-term unemployment rose dramatically during the recent recession and remains elevated. In this essay, Richmond Fed vice president Andreas Hornstein and senior economist Thomas A. Lubik analyze the potential causes of this increase and explore various explanations of “duration dependence,” the fact that the likelihood of finding a job decreases the longer a worker is unemployed. The authors find that more workers with inherently low job finding rates have become unemployed, which suggests that monetary policy may have a limited effect on reducing the incidence of long-term unemployment. The authors also discuss what lessons might be drawn from policy responses to long-term unemployment in Europe.

Message from Management

Sarah G. Green, first vice president and chief operating officer, talks about how diversity and inclusion are vital to fulfilling both the Bank’s mission and the mission of the Federal Reserve System as a whole.

The Bank in the Community

The Bank's partnerships with educators, business leaders, nonprofits, and local governments enable it to reach communities throughout the Fifth District and support the economic recovery at the local level.

Fifth District Economic Report

A look back at labor markets, household and business conditions, and housing and commercial real estate markets shows that while conditions overall remain relatively weak, the Fifth District saw many signs of improvement in 2010.

Boards of Directors and Advisory Councils

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


Photo of the Management Committee and listing of Bank officers.

Financial Statements

Comparative financial statements for 2010, management's report on internal control over financial reporting, and the independent auditors' report.

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