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...Finance and economics discussion series divisions of research statistics monetary aairs federal reserve board washington d c let s close the gap revising teaching materials to reect how implements policy jane ihrig scott wolla please cite this paper as governors system https doi org feds note sta working papers in are preliminary circulated stimulate critical comment analysis conclusions set forth those authors do not indicate concurrence by other members or references publications than acknowledgement should be cleared with author protect tentative character these reflect october abstract topic fed implementation has a significant presence textbooks well standards guidelines for instruction likely reflects fact that it is framework helps ensure desired level its interest rate transmitted financial markets which steer economy toward congressional dual mandate maximum employment price stability over past decade so purposefully shifted way an environment ample reserves banking introduced...