Students Meet Lawrence Summers at Federal Reserve Bank

AMSA’s Advanced Placement Macroeconomics class and their instructor Mr. Pettinelli attended an event at the Federal Reserve Bank of Boston on February 10th. The Federal Reserve essentially sets the supply of money, interest rates and etc. to the United States. Today, it is arguably the most important factor of our economy.  Since AP Macroeconomics revolves around the study of the Federal Reserve, this trip into Boston was intended to show the students the real-life importance of economics.

At Boston’s Federal Reserve, AMSA’s macroeconomics class joined others from around the state to hear an interview of Lawrence H. Summers conducted by Charles Wheelan. Summers is an extremely influential and well known figure in economics and education. After receiving a PhD from Harvard University, he worked in Washington D.C. and returned to Harvard a year later to become a professor.  Summers was also the Secretary of the Treasury for President Clinton and Director of the National Economic Council for President Obama.

Summers’ interviewer, Charles Wheelan, is another prominent figure on the economics scene. Currently a professor of economics at Dartmouth College, Wheelan has published several books on the subject, including Naked Economics, a common textbook for students.

In organizing this field trip, Pettinelli aimed to increase interest in practical application and use of economics amongst his AP students. This trip did just that, as Summers described his extensive work in the field and how he became successful. The students learned the role of the United States in the international economy and the basics of how to set a national agenda. 

The students themselves particularly enjoyed Summers’ anecdotes involving Clinton and Obama.  Summers knew each personally and worked with both of them during their presidencies, and was therefore able to provide insight not many people share. One thing the students learned was the difference between the two styles of those presidents. One student, Sameer Barde, says, “The manners in which President Clinton and President Obama ran the White House are very different. President Clinton ran the White House in a very laid back manner but still effective while President Obama was more punctual attending meetings and carrying out tasks.”  Meeting Lawrence Summers gave the students economic and political perspective outside the classroom. 

 Pettinelli hopes that the Boston Federal Reserve will hold more events with speakers as well-renowned as Lawrence H. Summers. He looks forward to taking future classes on the same trip, so that they may also reap the benefits of hearing the thoughts of “the most important economists of our generation,” according to Pettinelli.