Educators have been teaching monetary policy the same way for decades: The Fed conducts open market operations (OMO) to move the federal funds rate higher or lower. However, this approach has been out-of-date for over a decade.

This session will describe the Fed’s current framework and offer teaching resources for teaching the new monetary policy framework. 

Participants will:

• Learn how monetary policy evolved from pre-crisis, during the crisis, and to where it stands today.
• Learn about the new tools and strategies used by the Federal Reserve in the implementation of monetary policy.
• Discover new strategies for teaching the new monetary policy framework.
•  Learn about classroom resources available that accurately describe the new framework.
• Learn how to access relevant Federal Reserve education resources online.

Presenters

Scott Wolla - Economic Education Coordinator, Federal Reserve Bank of St. Louis

Scott Wolla is an economic education coordinator at the Federal Reserve Bank of St. Louis, where he develops economics curricula including lessons, online learning modules, videos, and podcasts. His articles have been published in journals such as Journal of Economic Education, and The American Economist, and his work has been highlighted in major publications including The Economist, Bloomberg News, and BBC News. Prior to coming to the St. Louis Fed, Scott taught social studies in Minnesota for fourteen years.

Jane Ihrig -  Senior Advisor, Board of Governors of the Federal Reserve System

Jane Ihrig has been an economist at the Federal Reserve Board for 20 years.  In her role, she is actively involved in discussions about the appropriate setting of monetary policy and how that might best be implemented.   She has written numerous articles on this topic, including a recent primer on monetary policy implementation in the new ample-reserves regime.