Volume 9, no. 1 (Spring 2006)
References to the works of the economists and economic schools of thought are a relatively recent development in texts of reviews published by Federal Reserve System member banks. Text references in reviews were rare in the central bank's first half-century (1914–1964) of operation. Explicit references to economists and schools of thought began appearing in the late 1950s and early 1960s. The essays in the late 1960s and early 1970s featured references to Keynes and Milton Friedman on the importance of fiscal versus monetary policy. Outstanding examples were in the reviews of New York and St. Louis banks.
