My early experiences with making reserve decisions for a tiny community bank makes it much easier to connect the dots between Federal Reserve actions to add or withdraw reserves, bankers’ decisions to manage their reserve accounts, and the resulting impact on interest rates, which in turn influence economic activity.
The banking industry has a tradition of teaching basic concepts of bank management through in-house or industry-sponsored banking schools. Once I realized that my talent for banking was much stronger than my natural acting ability, I started going to banking schools  BIS central bankers’ speeches  1  to learn about bank investments, lending, and bank management.