1: Fed, Banking System and Monetary Policy Overview

Course Description

Examine the objectives of monetary policy and learn how policy is formulated and executed. Dr. Stone will discuss how the Fed interacts with the money markets, the role of the Fed as fiscal agent for the Treasury Department, the role of the primary dealers in the transmission of policy and the financing of the Federal Government. Students will also review how the Fed has traditionally operated, in addition to examining the many unconventional policies conducted by the Fed in recent years.


1: Objectives of the Federal Reserve

2: Traditional Instruments of Monetary Policy

3: Role of the Banking System and Primary Dealers

4: Unconventional Federal Reserve Instruments

5: The Unwinding of Unconventional Policies


$995 for students, governments and non-profits

$1650 for corporate and for-profit entities

Group pricing for teams of 5 or more

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Course Requirements


There are no prerequisites for this course

Program Level


Field of Study


Credit Hours


Course Instructor

Ray Stone, Ph.D.

Co-Founder and Managing Director, Stone & McCarthy Research Associates


Prior to forming SMRA Dr. Ray Stone was the Director of Global Fixed Income and Economic Research at Merrill Lynch. During his tenure at Merrill, Ray also served as the firm's Chief Financial Economist. Ray's first entry into the private sector was as an economist with the Fidelity Bank in Philadelphia. Ray started his career in the International Research Department at the Federal Reserve Bank of New York. There he was involved in the analysis of international capital and trade flows and the preparation of materials used for briefings prior to FOMC meetings. Ray Stone has served as the President of the Money Marketeers of NYU, the forecasting chair of the Downtown Economist Club, and as a former President of the Princeton Financial Markets Society. In the spring of 2006 Ray was named a "Fellow" of the Money Marketeers of NYU. Ray has been actively involved in economic education and was recognized in 2004 for his contributions on this front as an inductee into the Federal Reserve Bank of New York's "Fed Challenge Hall of Fame". He is currently a Part-time Lecturer at Rutgers University, where he teaches Money & Banking. Ray has testified before Congress on the conduct of monetary policy, and has served as an advisor to the U.S. Department of Commerce on improving economic statistics. He holds a Ph.D. in Economics from Rutgers University and a BS from New York University.

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