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Annual Report

2015

2015 Annual Report

Reviews the Bank's operations and includes the article "A 'New Normal'? The Prospects for Long-Term Growth in the United States"

Message from the President

Jeffrey M. Lacker discusses the long-term prospects for the U.S. economy, the topic of the feature essay in this year's Annual Report.

Feature Essay: "A 'New Normal'? The Prospects for Long-Term Growth in the United States"

Aaron Steelman, director of publications, and John A. Weinberg, senior vice president and special advisor to the president, examine the claim that the U.S. economy has reached a "new normal" of roughly 2 percent annual growth. This has been the average growth rate since the end of the Great Recession, considerably lower than the post-World War II average. Proponents of the new normal hypothesis argue, among other things, that innovation has slowed and is unlikely to improve. They also believe that demographic trends pose serious problems for U.S. fiscal policy and will exert a drag on the economy. Steelman and Weinberg concede that such issues are significant, but they argue that the prospects for innovations that improve standards of living are stronger than skeptics maintain. They also suggest there are policy areas that, if addressed thoughtfully, likely could yield improvements in economic performance.

Fifth District Economic Report

A summary of economic conditions in the Fifth District during 2015.

Boards of Directors and Advisory Councils

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

Officers and Senior Professionals

Photo of the Bank's Management Committee and listing of officers and senior professionals.

Federal Reserve Information Technology (FRIT)

Photo of the FRIT Management Council and listing of officers and senior professionals.

Financial Statements

Includes comparative financial statements for 2015, management's report on internal control over financial reporting, and the independent auditors' report.

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