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Print-Friendly VersionEconomic Education Events

Money Makes the World Go Round: The Role of the Federal Reserve
Economic Summit 2007
June 7–8
Dallas Fed

For centuries, monetary systems have evolved to be more efficient and effective. The Federal Reserve serves a crucial role in this evolutionary process. In addition to advancing and maintaining our cash and payments system, the Fed faces the challenge of interpreting economic data and understanding the impact that an increasingly integrated global system has on policymaking.

This conference addressed the history and evolution of money and the key facets of the Federal Reserve System’s purposes and functions. Economists discussed such topics as how inflation is measured, how conducting monetary policy has changed and what operational changes have occurred through the years. Attendees also learned about inflation targeting as well as globalization’s impact on monetary policy.

Participants received activities to take back to the classroom as well as copies of many of the presentations.

Date
  • Thursday, June 7, 2007
    8:30 a.m.–3:30 p.m.
     
  • Friday, June 8, 2007
    8:30 a.m.–3:30 p.m.
Location
  • Federal Reserve Bank of Dallas
    2200 N. Pearl St.
    Dallas, Texas 75201
More Information
Agenda & Presentations
Thursday, June 7
8:00 a.m.   Registration and Continental Breakfast
8:50 a.m.   Welcome
Gloria Vasquez Brown

Vice President of Public Affairs
9:00 a.m.   History and Evolution of Money PDF
Steve Cobb
Associate Professor and Chair, Department of Economics,
University of North Texas
9:45 a.m.   Federal Reserve System: Our Central Bank at Work PDF
Ed Skelton
International Financial Analyst
10:30 a.m.   Break
10:45 a.m.   The Business Side of Cash PDF
William C. Morse
Vice President
11:30 a.m.   Assessing the Regional Economy PDF
Fiona Sigalla
Economist
12:15 p.m.   Lunch and Address
    The Role of Community Affairs
Alfreda B. Norman
Assistant Vice President
1:15 p.m.   Rapid Changes in Payments Services PDF
Diane M. Holloway
Vice President
2:00 p.m.   FOMC Simulation Classroom Activity
Princeton Williams
Senior Economic Education Specialist
3:30 p.m.   Bank Tour (optional)

Friday, June 8
8:30 a.m.   Continental Breakfast
9:00 a.m.   Understanding Inflation PDF
Jim Dolmas
Senior Economist
9:45 a.m.   Through a Glass, Darkly: How Data Revisions Complicate Monetary Policy PDF
Evan Koenig
Vice President and Senior Economist
10:30 a.m.   Break
10:45 a.m.   A Historical Perspective on Monetary Policy PDF
Kenneth J. Robinson
Senior Economist and Policy Advisor
11:30 a.m.   What Is Inflation Targeting?PDF
Mark A. Wynne
Vice President and Senior Economist
12:15 p.m.   Lunch
1:15 p.m.   Globalization and Monetary Policy: Racing to the Top
W. Michael Cox
Senior Vice President and Chief Economist
2:00 p.m.   Taking Conference Content Back to Your Classroom PDF
Anne Macy
Associate Professor of Finance, West Texas A&M University
3:30 p.m.   Adjourn

All speakers are from the Federal Reserve Bank of Dallas unless otherwise noted.

Speakers

Steve Cobb
Associate Professor and Chair,
Department of Economics
University of North Texas

Cobb is completing his 12th year as chair of UNT’s economics department and serves as director of the university’s Center for Economic Education. He has been published in numerous journals and coauthored the textbook International Economics, now in its fifth edition. Cobb has been involved in the National Council on Economic Education’s Economics International Training of Trainers program for the past 10 years, helping more than 500 faculty members in the former Soviet Union teach economics from a market perspective. In 2005, the NCEE presented Cobb with the Albert Beekhuis Award for Centers of Excellence in Economic Education, and the Southern Economic Association gave him its Kenneth G. Elzinga Distinguished Teaching Award. He was the 2006 recipient of the Bessie B. Moore Service Award from the National Association of Economic Educators, for which he served as president in 1999–2000. Cobb received his Ph.D. in economics from the University of North Carolina at Chapel Hill.

W. Michael Cox
Senior Vice President and Chief Economist
Federal Reserve Bank of Dallas

Cox advises the Dallas Fed’s president on monetary policy and economic issues and authors the Bank’s annual report essays. He has published in the Journal of Monetary Economics and Review of Economics and Statistics, among others, and is coauthor of the book Myths of Rich and Poor. Cox is past president of the Association of Private Enterprise Education, a Cato Institute adjunct scholar and a National Center for Policy Analysis senior fellow. He has taught economics at Southern Methodist University since 1985. His 25 years of teaching also include Virginia Tech and the universities of Rochester and Western Ontario. Cox holds a B.A. from Hendrix College and a Ph.D. from Tulane University.

Jim Dolmas
Senior Economist
Federal Reserve Bank of Dallas

Dolmas’ main research interests lie in the field of macroeconomics, where he has worked on topics such as the effectiveness of stabilization policy, the costs associated with business cycles and the politico-economic determinants of inflation and immigration policy. Before coming to the Dallas Fed in June 2000, he taught economics for seven years at Southern Methodist University. He has also taught at the University of Rochester and the University of Texas at Austin. Dolmas holds a Ph.D. in economics from the University of Rochester and a bachelor’s degree in economics from the University of Chicago.

Diane M. Holloway
Vice President
Federal Reserve Bank of Dallas

Holloway began her career at the Dallas Fed in 1978 and has held various positions, primarily in Payments Services. As vice president, she directs the marketing and sales activities for the Eleventh District. Holloway has served as a business development representative, marketing financial services to financial institutions in East Texas and northern Louisiana. She also served as an ACH liaison to the Southwestern Automated Clearing House Association in developing a campaign to market electronic payments to financial institutions, corporations and consumers. Holloway is a graduate of the University of Colorado’s Graduate School of Banking.

Evan Koenig
Vice President and Senior Economist
Federal Reserve Bank of Dallas

Koenig oversees macroeconomic research and analysis in the Dallas Fed’s Research Department, briefs the Bank’s president and directors on national economic conditions, and writes articles for Bank publications and scholarly journals. He joined the Dallas Fed in 1988 after teaching at the University of Washington. Koenig’s research focuses on explaining and predicting movements in prices, output and employment, particularly as these movements are affected by monetary policy. His articles have appeared in such publications as The Quarterly Journal of Economics, The Review of Economics and Statistics and the Journal of Public Economics. He is also an adjunct professor of economics at Southern Methodist University. Koenig holds B.A. degrees in mathematics and economics from the University of Wisconsin and a Ph.D. in economics from Harvard University.

Anne Macy
Associate Professor of Finance and Director of the
College of Business Investment Series
West Texas A&M University

Macy teaches several finance and investment courses at West Texas A&M and frequently speaks at financial and economic education seminars. She is widely published in such journals as the Economics and Economic Education Research Journal, Southwestern Economic Review and Journal of Entrepreneurship Education. Macy is the recipient of numerous distinguished research and outstanding professor awards. She serves on the editorial review board of the Institute of Finance Case Research and the Academy for Economics and Economic Education. She is secretary/ treasurer for the Southwestern Society of Economists and an active member of the Texas Council on Economic Education. Macy holds a bachelor’s degree in economics from the University of South Dakota and master’s and Ph.D. degrees in economics from Texas Tech University.

William C. Morse
Vice President
Federal Reserve Bank of Dallas

Morse is vice president in charge of cash operations. He joined the Dallas Fed in 1985 and has served in numerous capacities, including several analytical and managerial roles. Morse spent a year with the Federal Reserve Bank of Richmond before returning to the Dallas Fed as manager in the Cash Department in 1997. He also served as operations officer of electronic check and automated clearinghouse services. He became cash operations officer in 1999 and a vice president in 2003. Morse received a bachelor’s degree from the University of Virginia and an M.B.A. from the University of Texas at Arlington. He holds graduate certificates from the Graduate School of Banking at the University of Colorado and the Center for Creative Leadership in Greensboro, North Carolina.

Alfreda B. Norman
Assistant Vice President and Community Affairs Officer
Federal Reserve Bank of Dallas

Norman is responsible for supporting the Federal Reserve System’s economic growth objectives by promoting community and economic development and fair and impartial access to credit. One of the first neighborhood development officers hired by Bank of America in Texas in 1992, she was responsible for developing a strategic community development plan to extend credit to low- and moderate-income communities. Norman went on to assume statewide Community Reinvestment Act responsibilities with Bank of America’s mortgage lending group. In addition to banking, she has been a supervisor in the city of Dallas Office of Cultural Affairs and held management positions at The Container Store headquarters in Dallas. Norman earned a B.A. from Southern Methodist University and is a graduate of the University of Virginia’s Graduate School of Retail Banking.

Kenneth J. Robinson
Senior Economist and Policy Advisor,
Financial Industry Studies
Federal Reserve Bank of Dallas

Robinson has been with the Dallas Fed since 1986, specializing in macroeconomics as well as money and banking. His current research focuses on how financial structure, monetary policy and economic activity affect U.S. financial markets. He has published articles in several academic journals, including the Journal of International Money and Finance, Journal of Financial Services Research and Journal of Macroeconomics. Robinson holds a B.S. from the University of New Orleans, an M.S. from Louisiana State University and a Ph.D. from Ohio State University.

Fiona Sigalla
Economist
Federal Reserve Bank of Dallas

Sigalla is a regional economist at the Dallas Fed. In this capacity, she helps prepare briefing material for the Bank president prior to Federal Open Market Committee meetings and is responsible for production and writing of the Beige Book. Sigalla leads the team that produces the Texas Manufacturing Outlook Survey and writes the monthly release. She also conducts economic research and is a regular contributor to the Bank’s publications, including Southwest Economy. Sigalla received a B.A. in economics and political science from the University of Washington and an M.S. in applied economics from the University of Minnesota.

Ed Skelton
International Financial Analyst
Federal Reserve Bank of Dallas

Skelton has been with the Dallas Fed since 1996. His research focuses on the Mexican economy and financial system. This work supports the Federal Reserve’s supervision of foreign banks with offices in the United States. Skelton is also an adjunct faculty member of Southern Methodist University, where he teaches economics and has received numerous awards for teaching excellence. Skelton received a B.B.A. in economics from Baylor University and an M.A. in economics from Southern Methodist University.

Princeton Williams
Senior Economic Education Specialist
Federal Reserve Bank of Dallas

Williams joined the Dallas Fed in 2006. Prior to coming to the Bank, he taught economics, A.P. macroeconomics and A.P. microeconomics at R. L. Paschal High School in Fort Worth. Williams was selected as the lead teacher for A.P. economics for the Fort Worth Independent School District. As part of his district academic responsibilities, he mentored new economics teachers, conducted citywide review sessions for A.P. students, coauthored the district’s economics curriculum and facilitated district professional development activities. Williams interned in the economic and market analysis division of the Department of Housing and Urban Development during his graduate studies. He received a B.B.A. from Southern Methodist University and an M.A. in economics from the University of Texas at Arlington.

Mark A. Wynne
Vice President and Senior Economist
Federal Reserve Bank of Dallas

Wynne’s primary research interests are in the fields of monetary economics and macroeconomics, and he has published in many leading professional journals. He has taught at the University of Rochester and Southern Methodist University and is an academic board member of the Open Republic Institute in Dublin. During 1997–98, Wynne worked on issues related to monetary policy strategy under economic and monetary union for the European Monetary Institute and, later, the European Central Bank. Wynne holds B.A. and M.A. degrees from the National University of Ireland (University College, Dublin) and an M.A. and a Ph.D. from the University of Rochester.

 


 





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