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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Banking Supervision
We promote the safety and soundness of individual financial institutions and monitor their impact on the financial system as a whole, as well as ensure financial institutions are protecting consumers.
Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Region & Communities
We share research, data and resources and regularly engage regional leaders and policymakers to understand and address community‑specific economic issues.
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Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Working Papers

December 2004, No. 04-10

Alfred Marshall and the Quantity Theory of Money

Thomas M. Humphrey

December 2004, No. 04-8

The Effects of Technical Change on Labor Market Inequalities

Andreas Hornstein, Per Krusell and Giovanni L. Violante

December 2004, No. 04-9

Productivity, Employment, and Inventories

Pierre-Daniel G. Sarte, Andreas Hornstein and Yongsung Chang

September 2004, No. 04-7

Whither North Carolina Furniture Manufacturing?

Robert L. Lacy

August 2004, No. 04-6

The Output Gap, Expected Future Inflation and Inflation Dynamics: Another Look

June 2004, No. 04-5

Monetary Discretion, Pricing Complementarity, and Dynamic Multiple Equilibria

Robert G. King and Alexander L. Wolman

April 2004, No. 04-4

An Inquiry into the Existence and Uniqueness of Equilibrium with State-Dependent Pricing

A. Andrew John and Alexander L. Wolman

March 2004, No. 04-3

Bank Runs and Investment Decisions Revisited

Huberto M. Ennis and Todd Keister

February 2004, No. 04-2

State-Contingent Bank Regulation With Unobserved Actions and Unobserved Characteristics

David A. Marshall and Edward S. Prescott

February 2004, No. 04-1

Price Stability and Japanese Monetary Policy

Robert L. Hetzel

Contact Us

Katrina Mullen (804) 697-8145