For students, what a textbook says is ground truth. But for nearly 15 years, leading introductory economics textbooks gave students an outdated or incomplete explanation of how the Federal Reserve ...

If book sales are any guide, then Modern Monetary Theory is gaining traction. The unorthodox doctrine, which says governments have spare capacity to borrow and spend, has won attention on Wall Street ...

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 ...

Indeed textbook theories explain this episode unusually well.” Textbooks grounded in the past and examining conditions like those of the early 1960’s would say such things. But to merely assume they ...

The Fed's decision to sustain quantitative easing for at least another month is the latest reflection of a fundamental shift in central banks' approach to monetary policy. What was once standard has ...

This is Part II of a three-part series titled “Rethinking the standard economics textbook presentation of the minimum wage.” You’ll find Part 1 here that explains why the horizontal axis in the ...