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Economics instruction and the brave new world of monetary policy


  • John C. Williams


Economics education faces a challenge in keeping up with the changes that have swept through monetary policy in recent decades. Many central banking innovations, such as interest on reserves and large-scale asset purchases, aren't adequately treated in standard textbooks. The letter is adapted from a presentation made by the president and CEO of the Federal Reserve Bank of San Francisco to the AEA National Conference on Teaching Economics and Research in Economic Education in San Francisco on June 1, 2011.

Suggested Citation

  • John C. Williams, 2011. "Economics instruction and the brave new world of monetary policy," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue june6.
  • Handle: RePEc:fip:fedfel:y:2011:i:june6:n:2011-17

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    References listed on IDEAS

    1. Hess Chung & Jean-Philippe Laforte & David L. Reifschneider & John C. Williams, 2011. "Estimating the macroeconomic effects of the Fed’s asset purchases," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jan31.
    2. Antoine Martin & James J. McAndrews & David R. Skeie, 2011. "A note on bank lending in times of large bank reserves," Staff Reports 497, Federal Reserve Bank of New York.
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