Accessible Economic Expertise

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DL Thorton Economics
dan@dlthornton.com

Resources for Students/Teachers

Here are some short essays that can be used for high school economics courses either as background material to prepare for class, or for class reading assignment and discussion. They are listed by topic.

The Financial Crisis and Unconventional Monetary Policy:

  1. “The Efficacy of the FOMC’s Zero Interest Rate Policy.
    http://research.stlouisfed.org/publications/es/12/ES_2012-09-04.pdf
  2.  “The Downside of Quantitative Easing.”
    http://research.stlouisfed.org/publications/es/10/ES1034.pdf
  3. “Can the FOMC Increase the Funds Rate Without Reducing Reserves?”
    http://research.stlouisfed.org/publications/es/10/ES1028.pdf
  4. “Housing and the "R" Word.”
    http://research.stlouisfed.org/publications/es/08/ES0805.pdf
  5. “Quantitative Easing and Money Growth: Potential for Higher Inflation?”
    http://research.stlouisfed.org/publications/es/12/ES_2012-02-03.pdf
  6. “The Effect of the Fed’s Purchases of Long-Term Treasuries on the Yield Curve.”
    http://research.stlouisfed.org/publications/es/09/ES0925.pdf
  7. “What Caused Long-Term Rates to Rise?”
    http://research.stlouisfed.org/publications/es/09/ES0932.pdf
  8. “Why is Output Growth So Slow?”
    http://research.stlouisfed.org/publications/es/13/ES_4_2013-01-24.pdf
  9. “Why Is Employment Growth So Low?”
    http://research.stlouisfed.org/publications/es/11/ES1137.pdf
  10. “Is the FOMC’s Policy Inflating Asset Prices?”
    http://research.stlouisfed.org/publications/es/11/ES1118.pdf
  11. “Has QE Been Effective?”
    http://research.stlouisfed.org/publications/es/article/10050
  12. “Is the FOMC’s Unemployment Rate Threshold a Good Idea?"
    http://research.stlouisfed.org/publications/es/article/9604
  13. “A Perspective on Possible Fed Exit Strategies.”
    http://research.stlouisfed.org/publications/es/article/9873
  14. “Verbal Guidance and the Efficacy of Forward Guidance.”
    http://research.stlouisfed.org/publications/es/article/9473
  15. “Would QE2 Have a Significant Effect on Economic Growth, Employment, or Inflation?”
    http://research.stlouisfed.org/publications/es/10/ES1029.pdf
  16. “Would Quantitative Easing Sooner Have Tempered the Financial Crisis and Economic Recession?”
    http://research.stlouisfed.org/publications/es/09/ES0937.pdf
  17. “Negating the Inflation Potential of the Fed's Lending Programs.”
    http://research.stlouisfed.org/publications/es/09/ES0930.pdf
  18. "Monetary Policy at the Zero Bound"
    https://research.stlouisfed.org/publications/es/article/8668

The Fed’s Dual Mandate:

  1. “The Case for ‘Inflation First’ Monetary Policy.”
    http://research.stlouisfed.org/publications/es/09/ES0947.pdf
  2. “What Does the Change in the FOMC’s Statement of Objectives Mean?”
    http://research.stlouisfed.org/publications/es/11/ES1101.pdf
  3. “The Dual Mandate: Has the Fed Changed Its Objective? A longer essay for more advanced students on Teacher background.
    http://research.stlouisfed.org/publications/review/12/03/117-134Thornton.pdf

Monetary Policy:

  1. “The Efficacy of Monetary Policy: A Tale from Two Decades.”
    http://research.stlouisfed.org/publications/es/12/ES_2012-07-12.pdf
  2. “Measure for Measure: Headline versus Core Inflation.”
    http://research.stlouisfed.org/publications/es/07/ES0721.pdf
  3. “The Federal Funds and Long-Term Rates.”
    http://research.stlouisfed.org/publications/es/07/ES0710.pdf
  4. “The Fed’s Inflation Objective.”
    http://research.stlouisfed.org/publications/es/06/ES0615.pdf
  5. “Greenspan’s Unconventional View of the Long-Run Inflation/Output Trade-off.”
    http://research.stlouisfed.org/publications/es/06/ES0601.pdf
  6. “The Monetary Policy Transmission Mechanism?”
    http://research.stlouisfed.org/publications/es/05/ES0521.pdf
  7. “The FOMC’s “Considerable Period.”
    http://research.stlouisfed.org/publications/es/04/ES0403.pdf
  8. “Making Monetary Policy More Transparent.”
    http://research.stlouisfed.org/publications/es/04/ES0401.pdf
  9. “Alternative Policy Weapons?”
    http://research.stlouisfed.org/publications/es/03/ES0318.pdf
  10. “Predictability and Effectiveness of Monetary Policy.”
    http://research.stlouisfed.org/publications/es/03/ES0315.pdf
  11. “How Effective Is Monetary Policy?”
    http://research.stlouisfed.org/publications/es/03/ES0301.pdf

Miscellaneous:

  1. “Are Virtual “Currencies” Likely to Succeed?”
    http://research.stlouisfed.org/publications/es/article/10092
  2. “What the Libor-OIS Spread Says,”
    http://research.stlouisfed.org/publications/es/09/ES0924.pdf
  3. “Monetizing the Debt.”
    http://research.stlouisfed.org/publications/es/10/ES1014.pdf
  4. “Monetizing the Debt.” A longer essay for more advanced students on Teacher background.
    http://research.stlouisfed.org/publications/review/84/12/Monetizing_Dec1984.pdf
  5. “A Primer on the Mortgage Market and Mortgage Finance.” A longer essay for more advanced students on Teacher background.
    http://research.stlouisfed.org/publications/review/08/01/McDonald.pdf
  6. “Walter Bagehot, the Discount Window, and TAF.”
    http://research.stlouisfed.org/publications/es/08/ES0827.pdf
  7. “Is Nominal GDP Targeting a Rule Policymakers Could Accept?”
    http://research.stlouisfed.org/publications/es/article/9942
  8. “Social Security, Saving, and Wealth Accumulation.”
    http://research.stlouisfed.org/publications/es/05/ES0512.pdf
  9. “Public Officials and Job Creation.”
    http://research.stlouisfed.org/publications/es/04/ES0422.pdf
  10. “Withering Dissents.”
    http://research.stlouisfed.org/publications/es/02/ES0218.pdf

The Federal Debt and Deficits:

  1. “The Federal Debt: Too Little Revenue or Too Much Spending?”
    http://research.stlouisfed.org/publications/es/11/ES1120.pdf
  2. “The Federal Debt: What’s the Source of the Increase in Spending?”
    http://research.stlouisfed.org/publications/es/11/ES1121.pdf
  3. “Tax Rates and Revenue Since the 1970s.”
    http://research.stlouisfed.org/publications/es/11/ES1124.pdf
  4. “How Good Are the Government’s Deficit and Debt Projections and Should We Care?” A longer essay for more advanced students on Teacher background. 
    http://research.stlouisfed.org/publications/review/12/01/21-40Kliesen.pdf

Fiscal Policy:

  1. “Personal Saving and Economic Growth,”
    http://research.stlouisfed.org/publications/es/09/ES0946.pdf
  2. “Does the Economy Need More Spending Now?”
    http://research.stlouisfed.org/publications/es/13/ES_24_2013-08-20.pdf

Link to all of Dr. Thornton’s Federal Reserve Publications:

  1. https://www.fedinprint.org/authors/daniellthornton.html