I, like many in this room, owe Stan Fischer a great debt. I was the last graduate student that he supervised. You could argue that I drove him out of academia into policymaking!
When Stan was teaching his macro course at MIT, in the very first lecture he used to say: you learn [the] ISLM and Mundell-Fleming [models] in your undergraduate course (and most of us learnt it from [Rudiger] Dornbusch and [Stanley] Fischer), then you come to graduate school and we cover that in half a lecture before moving onto teaching more advanced technologies.