NPR.

Earlier this year we ran an episode about economics teachers dusting off their textbooks

and realizing a core part of what they had been teaching was wrong.

And today we're replaying that episode for you.

It's one of my favourites from the year.

Many students only take one economics class in their lifetime.

Jane Eyrig is a senior advisor at the US Central Bank, the Federal Reserve.

And so whether it's in high school or whether it's in college, let's teach them what's going on.

In particular, there's a problem with the way macroeconomics is taught.

And macroeconomics, that's the study of things like unemployment, inflation, interest rates.

So Jane's workplace, the Federal Reserve, it sets interest rates to manage the economy,

to try and keep jobs and inflation at just the right level.

But to a lot of us, our understanding of the Fed is all mistaken.

This is the indicator for plenty of money.

I'm Adrian Ma and I'm Diane Woods.

Today's show, The Quest to Better Teach the Fed.

One of the biggest things that the Federal Reserve does is set interest rates.

The Fed wants to keep inflation under control while also keeping people in jobs.

Interest rates are maybe the most important number for the economy.

But starting in 2008, the way that the Fed went about raising or lowering interest rates

completely changed.

Some big changes that are happening at the Fed that aren't really incorporated into the

...