Resources for Teaching Money and Banking in High School Classrooms - Classroom ECONnections from the Fed, Episode 2

ECONnections with the Fed icon

High school educators who teach about money and banking in economics, U.S. history or AP U.S. history courses will find this Classroom ECONnections with the Fed webinar useful. This webinar suggests key resources from the Federal Reserve System. Economic education experts point educators to a variety of materials—including printed lessons, publications, videos and online courses—to enhance instruction and better engage students.

Transcript:

Jean Roark: Good afternoon and welcome to today's Classroom ECONnections with the Fed webinar. Our discussion today focuses on money and banking. I'm Jean Roark from the St. Louis Fed and I'll be your facilitator. We've got an outstanding lineup of presenters today. From the Dallas Fed, we've got Princeton Williams. From Philadelphia, Andrew Hill. Gigi Wolf from the Kansas City Fed. Mark Bayles has joined me in our St. Louis studio and from the Atlanta Fed we have Amy Hennessy.

If you could join me on slide two we'll cover some call logistics. And if you haven't done so yet, click on the webinar link you received after registering. This option offers a few benefits. You can watch the slides as they are advanced, you can type questions to us, you can download the session materials, or even choose to listen to the audio through your PC speakers. I would like to note that the webinar [inaudible 00:00:58] depends on your connection. So if at any time you're having problems, just pick up the phone and dial the toll-free number. As for questions, you can submit them at any time by clicking on the "Ask Question" button in the webinar tools. Now then, let me welcome our first presenter, Princeton Williams from the Federal Reserve Bank of Dallas. Princeton, it's all yours.

Princeton Williams: Thanks, Jean. My name is Princeton Williams. I am going to be talking to you about Everyday Economics—an issue called money—and this is part of our Everyday Economics series that we publish free and in classrooms and the publications are available from the Federal Reserve Bank of Dallas, and I will show you that link at the end of my portion of the presentation. So if we could move to that slide.

So, today we're talking about money and banking and money is an important part of our economic system. But if you think about a world without money, it would be very different indeed. It turns out that you need transactions that would require barter and that requires a double coincidence of wants, so that you want what I have and I want what you have, and even if we could come to a pricing system, that would all be subjective and extremely variable. It turns out that I would just put a lot of work into managing my daily life. So the next slide.

When we have an advanced economy such as the one we live in, it turns out that money enables our economy to grow. So as economies get very large, they require a monetary system. It also means that when we specialize, we need money. It turns out that I don't find many meals available to me because of my expertise in economics. I rarely find a waiter that's willing to take an economics lesson for a tip. And it turns out, in the large complex transactions that are part of our modern economy, money is a useful tool. Go to the next slide.

So what is this money that we're talking about? It's anything that is acceptable for the payments of goods or services, or for the repayments of debts. Sometimes we say that money is what money does, and if it can be used as money, if you can use it to pay someone for something or to repay a debt, then that item is functioning as money. So it can be anything from an electronic credit in your checking account to currency that you carry in your billfold. In ancient societies it meant a lot of different things. But in our modern world, electronic money and currency are the primary forms. So on the next slide...

The question often comes up, What makes money valuable? And really that gets to the heart of what is money and what kinds of money have existed throughout time? Commodity money is any money that has intrinsic value. So you might imagine precious metal like gold and silver, or cattle, or livestock. Something that has value in and of itself regardless of its ability to stand in as a price for something else. On the other hand, representative money is paper money that represents a claim on something of value. So think about gold certificates or silver certificates—it's a piece of paper, but it represents a claim on something that has intrinsic value. And our current system of money is a fiat system where the money has value because of a government decree. So it is created by the government and it has value mainly because of its accessibility, rather anything standing behind that value. Go on to the next slide.

It turns out these monetary systems emerged in a variety of settings. Money is so basic to the human need to make exchanges that nations, or groups of nations, allow money—there was even an economic paper where economists studied prisoner of war communities during World War II and monetary systems emerged in those very restrictive conditions. So the next slide...

When you consider money, it's important to think about what are the characteristics? So we've got six characteristics on the next few slides. First of all, as we talked about, money needs to be acceptable, but it also needs to be durable. So we need money that lasts. We don't want it to wash away. That's why U.S. currency is made of cotton and linen. You can even wash it in your pants and it will come out the other side of that washing machine. The next slide.

Money has to be scarce. It turns out that if money really does grow on trees, then it loses its value. If someone doesn't regulate the supply of money, if someone doesn't ensure that money is scarce, then it loses its value because it is available everywhere. But it also helps to have money that is divisible. In the United States, we have a love affair with the penny so we continue to have our transactions divisible to one cent. You can imagine if that we got rid of the penny in the United States, we would only have transactions that were divisible to the nickel. If we only had hundred dollar bills, every transaction would have to be divisible by 100. To the next slide...

Finally, money has to be uniform. It has to be recognizable. You have to recognize the security features of your money. You have to have a common way of accessing bank deposits—through a check that you recognize the institution or through the use of a debit card that has a Visa or MasterCard logo on it. It also has to be portable. It has to be easy to carry, which facilitates its use. And then on to the next slide.

Money has taken many different forms and in this publication, we take you on a tour of U.S. currency through the years. So all the way from Continental Notes that were issued by the Continental Congress in Philadelphia to—on the next slide—the only piece of U.S. currency that ever featured the portrait of a woman, the silver certificate from the late 19th century that features Martha Washington. On the next slide, you notice the five dollar bill at the top. It looks like the five dollar bills that you're used to seeing, except that it has “HAWAII” stamped across the image of the Lincoln Memorial on the back and on either side. These were notes that were used during World War II and were issued in Hawaii in case the islands fell to the Japanese, then that money could be invalidated. It would be recognized as money that had been issued. The largest denomination that was ever circulated in the United States was a $10,000 note. Today, the largest note that we circulate is the one hundred dollar bill. So the next slide...

Modern currency, like this fifty dollar bill, has a number of security features on it. So there are watermarks, there are security threads, there is intaglio printing, there's microprinting. Modern money is recognizable by all of these security features. The newer designs even have different colors on it, even though it has retained the look and feel of traditional U.S. currency. And on the next slide—the most technologically advanced bill in circulation today is the new one hundred dollar bill. It has a holographic strip. It has color-changing ink, and a number of other security features that make it very safe and very difficult to counterfeit. So the next slide...

Every issue of the Everyday Economic series has a center spread on economic content, and then Money that center spread is on inflation. And we have a feature there about how inflation is measured using a shopping cart with a CPI market basket of those items. So on the next slide...

We talked about the multiple deposit expansion of the money that Andrew is going to tell you more about in just a moment. We have an illustration with our car hop right here showing off the talents of our illustrator. And then on the next slide—we even talk about the different names that money has gone by through the course of the years. And then my last slide, I believe.

Everyday Economics is available as a free classroom set for you to use for your school and that order form is on that website indicated on the slide, or you can just search for it at dallasfed.org/educate. And I'll turn it back over to Jean—if there's been any questions.

Jean Roarke: Thanks so much, Princeton. Okay, just a quick reminder to our participants. You can ask questions of our presenters today by clicking that "Ask Question" button. Type your question right in there and I can cue those up for our presenters. If you have any for Princeton, you can send those to us now. We'll pause and stall for just a quick second to see if anyone has questions and actually, Princeton, it doesn't look like we have any questions but that doesn't get you off the hook because there may be some later. They may come up with a couple. So with that...

Princeton Williams: No worries. Thanks, Jean.

Jean Roarke: Thanks, Princeton. And I will transition to Andrew Hill.

Andrew Hill: Hi, Jean. Hi, folks. So glad to have an opportunity to talk to you a little bit about one of my favorite lessons—The Case of the Gigantic $100,000 Bill. As Princeton mentioned, the $100,000 bill was our largest note, but it never actually circulated amongst the public. It was used for transfers between reserve banks. But we've developed a lesson that makes use of the $100,000 bill as a tool for teaching about fractional reserve banking and money creation. So Jean, let's go to the next slide.

Teaching about fractional reserve banking and money creation can be very important topics certainly in a general economics class in high school. If you're teaching AP Macro, this is one of the topics that is going to be covered on the AP Macro exam and it's something that needs to be covered there. But it's also important to cover this material in personal finance classes where we're talking about banking products and how banks work, and as well as in terms of talking about the availability of credit and how credit becomes available in our economy. So, again, an important topic. Let's go to the next slide.

It's always a difficult topic to teach fractional reserve banking and money creation. It's perhaps once of the most difficult concepts for students to get their heads around. So students and, of course, also many adults, one of the reasons that they have difficulty with the topic of money creation and fractional reserve banking, is they consider that every dollar that exists in the world is going to be represented by a green piece of paper. So we all know that that's not the case. We know that because we know that the majority of dollars that exist in the world are on book entry or electronic dollars, some might say. And we know that because M1, for instance, only half of the M1 money supply is actually coin and paper currency. The other half is checkable deposits so, therefore, it's not possible for every dollar to be represented by a green piece of paper. But conceptually, this is something that people have not always thought of before they're actually confronted with it in a lesson like this one. So that's one reason why this is a difficult topic to cover. Another reason is that the traditional approach for teaching about money creation was to go right into using this T-account structure or framework, and I've snipped out an example of this from a very excellent activity that's part of the Council for Economic Education’s AP Macroeconomics curriculum. So here you see the assets and liabilities, and using that approach to teach about fractional reserve banking and money creation. So, again, one of the things that's hard here is that students don't always view the T-account approach as the most intuitive. Jean, let's go to the next slide.

So we developed this lesson a number of years ago—it was probably almost 10 years ago now that we've put it out but it's been redone a number of times, it's been re-published and folks have gotten an opportunity to see this so many of you may be familiar with this lesson, but I'm hoping that for many of you this is new and something new that we can share with you. So it's developed based on an activity that originally used the $100 bill and that original activity was developed by the Federal Reserve Bank of Minneapolis in the late-1970s. I was lucky enough to have a colleague who still had an old copy of that publication—no one else really knew much about it—and she shared it with me and I was able to develop this new lesson based on the original activity. So in this case you're making use of a large $100,000 bill that you can create on any kind of paper, but the paper needs to be exactly a meter long. And so this actually shows you a mock-up $100,000 bill that I'm using with some students in the classroom. Let's go to the next slide, Jean.

So you want to make sure that that bill is exactly 100 centimeters long and you need to use centimeters and not a yard stick because we're going to make use of those 100 centimeters to make the math associated with reserve requirement be very easy. So when you're talking about 20% of 100 centimeters, it's easy to see that that's going to be 20 centimeters that's going to be held in reserve in the first round in this activity. Let's go to the next slide. So in that lesson, we assume initially that the reserve requirement is 20%. This is twice the size of the largest reserve requirement in the United States today, but it makes the math relatively easy. So this $100,000 bill that the teacher finds under the floorboards in their house gets deposited into a bank, and the result then is that the bank's going to keep 20%—in this case 20 centimeters in reserve—and the students actually, you choose a student to come up and actually cut 20 centimeters off that large bill that you've created, and then they're able to lend out the additional 80%, or 80 centimeters. And you can go through the entire set of cycles of loans and deposits, continue to cut off the reserves and then lend out the excess, and the students actually get to then see visually, as well as kinetically, how the money creation process works. Let's go to the next slide.

So throughout the lesson, each amount of money that's created is going to be traced also on the board. So you can do this on your whiteboard or your chalkboard or you can put up some paper across the front of your classroom and actually do the tracing. And so what the students get to see then is that originally we had $100,000 that was part of M1, but then we created by the first loan that gets made, we created then $80,000. And those cycles continue and you continue to trace the additional amounts of M1 that are created through this process. So this, again, gives the students a visual way of seeing how money is actually being created. Let's go to the next slide.

And then there's also a worksheet in the lesson that students are actually following along as you complete this. So this sort of guided practice of counting out the expansions of the money supply that come about as each round is carried out in the deposit and loan cycles, and then also seeing what sort of little mini statements are for each of the financial institutions as they calculate the 20% reserves for each of these institutions. And you go through five rounds of this, starting off with depository institution A and going through depository institution E. And then you have a discussion about how do you figure out the total amount that's created, because clearly we can't just keep doing rounds of this. We need to have a mechanism for figuring out what the total amount that would be created given any specific deposit. Let's go to the next slide.

So here what we're doing then is we discuss in the lesson the simple money multiplier, how to calculate the simple money multiplier and then how to make use of that simple money multiplier to figure out, given a certain amount of initial excess reserves based on a deposit, how much the total amount of money that will be created through the successive deposits and loans would be. And so, actually, there in the pink, we've shown what it would be for our example. We deposited $100,000 bill into the bank. The bank kept 20% in reserve in order to meet the reserve requirement. And then they have a simple money multiplier then, based on that required reserve ratio of five. So 80x5 would be $400,000 would be created if we continue the cycles of loans and deposits until we got to the point where we had lent the last penny out.

We then also talk to the students about, well, how would it be different if we, for instance, had a 25% reserve requirement? And I've shown that one there in green at the bottom of the slide. Let's go to the next slide.

So where can you find this lesson? Well, you can find it on our website, philadelphiafed.org/education/teacher/lessonplans—you could also just land at philadelphiafed.org/education and then go to lesson plans—and it's under the high school tab. So you can always get it there as a free PDF download. The lesson is also published in the Council for Economic Education's High School Economics, 3rd Edition. So it's also there, so if you have that book, you can also get access of it there. We had contributed it to that book. Let's go to the next slide.

We have an exciting thing that's coming down the pike, just to let everyone know about, and that is that we're going to be releasing a three-hour online professional development program on money creation and it'll really center around this case of the Gigantic $100,000 Bill. It includes video lesson demonstrations where I teach the lesson with high school students and then I also provide helpful teaching tips, and then you get some practice with the money creation content. Currently we're piloting this with 18 high school teachers and the pilot will end later this month. Let's go to the next slide. This is just a little picture of what that pilot looks like in our—we're using the Canvas learning management system. So we're really excited about this offering and having the opportunity to bring it to teachers nationwide. Let's go to the next slide.

So I really want to thank everyone for giving me the opportunity to share a little bit about The Case of the Gigantic $100,000 Bill lesson and I hope you'll make use of it in your own classroom. But, Jean, I wanted to know if maybe there were some questions.

Jean Roarke: There actually is a question that has come in and the question is how inflation is measured?

Andrew Hill: Okay. So that's not directly related necessarily to this lesson...

Jean Roarke: It may have come in at the tail end of Princeton's so if you want to kick that to Princeton, you certainly can.

Andrew Hill: Well, there are a number of different ways that we measure inflation. I'll give it a stab. But the one that we talk about most is actually the Bureau of Labor Statistics’ calculation of the CPI where if a market basket of 45,000 different items that a typical household would purchase, and then we also, of course, have the core CPI, Consumer Price Index. So that's the principal way. There's certainly some other indices that are used—whether it be the Producer Price Index or the PCE, there is other types of indices. But these are done to a statistical method of calculating and watching prices across the entire economy. So one thing to really emphasize is the fact that when we're talking about inflation, we're talking about the average level of prices across the economy. Not anything about prices in specific sectors or in specific markets. We're talking about the average price level across the economy.

Jean Roarke: Well, thank you for that, Andrew. That was very nicely done. I am just going to pause for a second and see if any of our participants have a question for Andrew. You can just click that "Ask Question" button and I can get that cued up for him. While I'm pausing I have to say, we've done a couple of these webinars with Andrew and we always get shout-outs to us, so Andrew I'll be on the lookout for fun comments about you. I haven't gotten any yet. And I've hit refresh a couple of times and I don't see any in our in-box, so Andrew, I'm going to actually turn it over to Ms. Gigi Wolf.

Gigi Wolf: Thanks, Jean. So with my time with you today, I'm going to share a little bit about our Money Circle curriculum and another lesson that we have that ties into this topic. For those who may be familiar with the Money Circle curriculum series, it was released several years ago and was recently revamped at the end of last year so that it better correlated to the newer national standards, including the Common Core as far as reading, writing and a little bit of math, as well as the national standards for economics and personal finance. The curriculum series as a whole looks at the concept of money from a holistic perspective, as you'll see as we talk through just a brief overview.

So if we can go to the next slide—there are eight stand-alone lessons within the curriculum series. Those lessons are broken down into four themes. So Each of the themes has two lessons. In the first theme, we're looking at building upon what Princeton shared with you in the money booklet—understanding the history, functions, characteristics of money, how it's evolved over time, and how the changes in money have been influenced by certain eras within American history. In theme two, we look at how education and training impact potential or future earnings. There's also some research and data incorporated in there that's tied to demographic correlations or connections. And then we also get into using credit wisely within those lessons. In theme three, we look at hands-on practical tools for budgeting and for saving and investing. In theme four, we're looking at how the money supply is influenced by the Federal Reserve, the central banking system, and then more specifically how our monetary policy tools influence the stability within our monetary financial and economic system. So that just gives you an overview of all of the lessons.

What we'll focus on today are the two lessons within theme one—if we can go to the next slide. Something else I'll mention is that you'll find a thread throughout the lessons that ties into the essential question of: How does the Federal Reserve promote a stable economic environment that enables consumers to make more informed personal financial decisions? In theme one, Money Fundamentals, there are two lessons within there—lesson one Money Is What Money Does—where we look at functions, characteristics of money, building on what Princeton has shared. In fact, one of the supplemental resources that this particular lesson is tied to is the money booklet that Princeton provided an overview of earlier.

In lesson two, we're looking at how our monetary systems have evolved over history. So if we take a look at the next slide, let's get into what you'll actually find in lesson one.

Lesson one of theme one is called Money Is What Money Does. The objective within this lesson allow students to define the functions of money, explaining the characteristics and demonstrating how those have evolved. It takes 50-60 minutes, or typically one class period, to conduct this lesson. On the next slide you can see snippets from the activities that are included within the lesson. It starts out by showing the pictures on the left-hand side there of things that may or may not have been used as currency in the past, and how they have had to evolve in a transient market. And then, again, building upon the reading, the informational text within the Money booklet, students are then asked to identify or describe examples of those functions, those characteristics, also explaining why bartering is not as efficient today as it may have been in the past. And then on the next slide, the students are asked to do an activity where they create a role play scenario. And so they're broken down into small groups, three small groups. The first group will look at money in the bartering age or ages, and then the second group will look into the years between bartering and currency that we know today, and then the third small group will look at money of today and basically putting together a role play that demonstrates how their form of currency during their specific time has impacted that society, that economy, and then next steps, how it evolved during that timeframe.

The assessment for this particular lesson is asking students to go back to the Money booklet and specifically looking at purchasing power and how money helps to stabilize the purchasing power, whereas bartering does not—of money or currency as we know it today. So this particular lesson ties into voluntary economic standards and common core for reading informational text and writing based on the research that the students do.

On the next slide, we'll look at the overview for lesson two called The Evolution of Money. The objectives in this lesson include identifying currency designed throughout history, explaining how money has evolved—specifically through certain eras of American history. Students will also have an opportunity to research historical text by reading some informational text about different forms of currency. And this particular lesson covers or expands over two class periods, or two 50- to 60-minute sessions.

On the next slide you can see the visuals that kickoff this lesson. They're images from currency that are pulled from American culture and so it starts a discussion about where we've seen these images, how they're integrated into money or currency, and why they may have some significance. Students are then asked to use another resource, a website that's been created out of the San Francisco Federal Reserve District called American Currency Exhibit. That website you can see a snapshot of on the next slide. Right now we should be on slide 42. There we go. And so you can see a snapshot on the top left there, that's how the website is broken down. And so as you click into each of these eras within currency's history, you'll then get to see that snapshot of what you see on the bottom right, where actual images of currency during that period will be shown. If you click on the actual images themselves, then you can see the backs of those images, in some cases, or a closer up look at those to see some of the detail that's included within those images. So students can really learn about and better understand the different changes within currency throughout American history and then specifically how those changes were impacted because of what was going on at the time. There is an activity where students are asked to record those changes as they see them through the website and then to also review the changes in the look and the feel of currency, as well.

The assessment for this particular lesson—students are doing some more research. They're picking one of these eras from the website and they're doing some additional research about their era and then putting together a visual display or summary of the currency, how it evolved, that type of information. The standards that correlate to this lesson are the voluntary economic standards as well as common core standards for reading informational text and some more writing.

On the next slide, you can see how to access the Money Circle curriculum series by going to www.kansascityfed.org/education/moneycircle, all one word. When you go to that URL you'll see a page that looks like what you see here. That's the landing page for the curriculum and as you look down towards the middle, you can see access to each of the four themes. When you click on each of the themes, you'll then get access to each of the lessons that go along with those. Or, if you see on the top or right above where the lessons are, towards the middle there, there's a link to download the entire curriculum— all eight lessons. All eight lessons can be used in tandem or stand-alone, and that's the easiest way to get to them there. One other resource that I'll share with you very quickly because I see that I'm over my time, is on the next slide, a resource called Teaching Tips: Is Your Bank Account Safe? Our Teaching Tips series pulls actual research conducted by our Fed economists and puts it into a classroom-ready activity. So this particular one is using research that's conducted by our Fed economists about the banking system. And students read the article to learn more about what happens when banks fail, how the FDIC and the National Credit Union Association help to protect consumer deposits, and then there are discussion questions and key vocabulary concepts that are reviewed as part of the classroom activities. They usually take about 30-60 minutes each. On the next slide, you can see exactly how to access this resource, again going to the Kansas City Fed website/education. Put teaching tips into the search field and then you'll get a list of the Teaching Tip series and you can choose this particular one—Is Your Bank Account Safe?

Thank you so much for the opportunity to share these resources. Now, I'll send it back to Jean.

Jean Roarke: All right. Thanks so much, Gigi. You actually got a couple of questions so I'm just going to just fire off the first one. What age group or class year is the Money Circle geared to?

Gigi Wolf: The Money Circle is geared toward high school, so 9th through 12th grade.

Jean Roarke: All right. Thanks. Just one more, Gigi. How long are the lessons and activities?

Gigi Wolf: Each of the Money Circle lessons that I shared with you—the first one was actually a 50-60 minute lesson. The second one takes place over two classroom periods because there's so much information on the American Currency Exhibit website. We allow time for the students to really delve into that and research all of those areas, so that was done over two 50-60 minute periods. The Teaching Tips lesson, the last one, can be done in 30-60 minutes, depending on how much discussion time you want to have tied to those questions and the key concepts.

Jean Roarke: All right. Great. Thanks so much for that, Gigi. All right. I am actually smiling at our next presenter as I transition to Mark Bayles.

Mark Bayles: Thank you, smiling Jean. I'm Mark Bayles. This afternoon I'm going to visit with you about a number of money-themed resources that are available from the St. Louis Fed Econ Lowdown website. Several of the resources I'll be talking about are integrated with the Econ Lowdown's instructor management panel, the IMP. The IMP is an online portal that teachers use to deliver and assess interactive content with their students. Our next presenter from the Atlanta Fed, Amy Hennessy, I believe, will also talk about using the IMP with some of her bank's resources. Before we get to that, however, I want to make sure that you know about one of our most popular classroom offerings which is Page One Economics that I think you can see right now.

Page One Economics is published nine times a year in both the classroom and a teacher's edition. The classroom edition gives you a simple short overview of a headline news economic or financial development or event that gives students an opportunity to use close reading strategies. The teacher's guide provides questions and an answer key. The sample issue that you can see on the slide focuses on the relationship between money—our topic today—and prices or inflation. We had a question about that earlier. Recent issues have focused on the U.S. dollar exchange rate and the debate on whether or not to return to a gold standard. If you notice, the FRED Graph on the second page—page one will always have a FRED Graph and you can use that to expand on your student's graphic awareness in your classroom.

Moving to the next slide, you're going to see also from page one, an example of a student handout on the left side with the key on the right side. In this particular issue, the student handout provided not only an excellent review of the advantages and functions of money—something we've seen several lessons that cover—as well as the effects of inflation. It also has a question about the Fed's 2% inflation target. Teachers tell us all the time that Page One is terrific for extra credit, make-up assignments and as an extension activity for their students.

Going to the next slide, it's going to show you very briefly how easy it is to subscribe to Page One Economics and get every new issue as it appears. Just click on the link that's shown here or you can just Google "subscribe Page One Economics" and you'll see the signup web form. If you check both of the boxes on the form, you'll also receive information on new classroom content from the St. Louis Fed Econ Lowdown website.

So we're ready to go to the next slide please and, as promised, I'm going to let you know about some of our money-themed interactive content. This slide shows a screenshot from the online monetary policy course. This particular course would be great for an economics principles or macroeconomics course, high school or college, and probably would take the average high school student about 90 minutes to complete. This particular course has three distinct sections and it explains the relationship between the money supply and prices, the role of the Federal Reserve System and the types and tools of modern monetary policy. Just a reminder, monetary policy is also included in the AP Government and Politics curriculum. So if you teach AP Government and Politics, or if you have colleagues who do, let them know that we have this online monetary policy course.

On the next slide, I'm going to ask if you're wondering about how all of this fits in with online teaching and learning. Please take a close look at the top left corner of what is our Econ Lowdown landing page, and if you Google Econ Lowdown, this is most likely the link that you'll get. Do you see the apples in the top left corner? One's red and one's green. Clicking on the red apple will take you to the teacher's IMP, that's Instructor Management Panel, login page. From there, you can login to your free account and go straight to your online classrooms. New account signup is available here too for teachers who don't yet have an account.

As we can see on our next slide, not only can you deliver online course and videos to your students via the IMP, but you can also push discussion board questions to students and carry out online polling. There's a mechanism where you can write your own discussion questions or put forth polling questions that the students can respond to. And because the online courses all feature a pre-test and a post-test, the website integrates up-to-date reporting on student progress and quizzes.

Moving to our next slide you'll see that upon logging in, a teacher receives a personal greeting. This is one that I got from my time as a classroom teacher using this resource, and it has instant access to your virtual classrooms. From the IMP, teachers create their individual classes and enroll students in those classes, and then assign content. A three-step process that the interface will walk you through so that you can see that you're moving along and using it correctly. Student usernames can be generated automatically or they can be imported from a teacher's existing class list, or you can even input them by hand. The choice is yours. Once classes are created and students are enrolled, you're ready to assign online lessons and videos. Student access, by the way, can be date limited and you can monitor student progress as it occurs. Each student will have his or her own progress bar so you can see if students have started, completed or where they are in the process.

Speaking of students, let's look at the IMP from the student's point of view. You remember the apples—the red apple, the green apple? The green apple is for students. Teachers can e-mail the content links or they can easily print out hard copies for students. Your students receive clear instructions and there's space to add additional instructions or encouragement. So this is an example of what your students will see. You can either e-mail that, as I said, or you can print out hard copies and pass that out to students.[unintelligible 00:45:25].

Moving to the next slide, students follow the link to the course or the video that you've assigned and they login through the student portal that's shown here. Very simple, very clean, very easy for students to use, and then they work at their own pace. As a classroom teacher, I regularly assigned these lessons and often launched the assignment during a class with the expectation that the students would finish over the next day or two. Based on my personal experience, I can vouch for the IMP's ease of use and reliability. And by the way, to date, I believe there have been over 2,000,000 student registrations for these online courses and videos, which speaks to the ease of use, the quality of the content and the reliability of the internet.

Moving to the next slide, I want to visit with you about some of the online courses that fit in with today's topics. We have online courses on monetary policy, fiscal policy, inflation, GDP and a host of other topics. You can also assign videos as is shown on this slide. What you're seeing here is a screen cap from about an 11-minute long money and inflation video from the Feducation video series. There are four videos in this series and teachers can assign any number of them. There's a student quiz for each video and teachers receive scores just as they would with an online quiz. Speaking of quizzes, the next slide just very simply shows you an example of a video quiz question.

Speaking of videos, let's move to the next slide and we'll move to a different grade band focusing for a moment on lower elementary. This is a view from our Explore Economics video series and this is a 3-minute video on money. These animated videos are excellent, as I said, for lower elementary student's social studies classes.

In the next slide, I want to tell you that in addition to videos and interactive online content, we also support teachers with lessons in PDF format, along with supporting PowerPoint slides and, in many cases, whiteboard slides. This particular lesson, which is written in collaboration with one of our presenters, Princeton Williams, who you've heard from Dallas, teaches students about the mechanics of monetary policy and walks them through the steps involved in expanding and contracting our money supply as you can see in the graphics on the right side of the slide.

So I don't know if there's a question out there, but we can move to the next slide—I would like to know if anybody cares to know about podcasts. Currently we have 16 episodes in the Economic Lowdown podcast series and episode 9 is on the functions of money. In less than nine minutes, students can listen to the history of and functions of money.

If we can go to the next slide, I can visit with you about lessons we have for the history classroom. We have a lesson on the Free Silver Movement and Inflation that covers 19th century American history and the national debate over paper money versus a precious metal standard. In about 90 minutes, students can learn about the role in history of fiat money, which we've heard about today, and engage in a classroom auction while learning about the relationship between prices and the sizes of nations' money supply. This lesson, as I said, comes as a PDF download and includes full-size color cartoons that illustrate the depth of political feeling that surrounds our national monetary system. By the way, this lesson received a 2015 Curriculum Gold Award from the National Association of Economic Educators.

My final slides show that you can use the instructor management portal to obtain professional development credit through the website. Teachers using these resources can earn CPDU credit, FRB, Federal Reserve Bank Certification, and even an hour of college credit through the University of Colorado. There's a very low fee, by the way, for the college credit that's collected by the university and not by the Federal Reserve Bank of St. Louis.

My final slide will tell you that besides money and monetary policy, teachers can also earn professional development credit for teaching lessons and completing online assessments on GDP, inflation and unemployment. Further information about professional development opportunities can be found on the Econ Lowdown website and if you have questions about that, we'd be happy to take them if you can't find what you're looking for. So I thank you all for your kind attention and now I'm going to turn it back to Jean.

Jean Roarke: All right. Thanks, Mark. Exciting stuff here. We did receive a question and the question is: Does a credit card meet all the functions of money?

Mark Bayles: Credit cards cannot be considered money for several reasons. Because a credit card is really a loan to the user from the card's issuer, it isn't the same as money. Recall that to meet the definition of money, an article must not only be accepted as a medium of exchange, it must also act as a store of value and as a unit of account. A credit card is neither. It might be more helpful to think of a credit card as a loan that must be repaid with money. So even though credit cards are widely accepted today, they do not meet the definition of money.

Jean Roarke: We did get a question. I want to ask that real quick before we turn it over to Amy. Do you have lessons in Spanish?

Mark Bayles: You know, we do have some lessons in Spanish. If you go to the Econ Lowdown website, there is a search filter there where you can pick Spanish language lessons and it will pop up all of the Spanish language lessons.

Jean Roarke: All right. Great. At this point, we'll turn it over to Amy. Amy, you may have to unmute if you've started speaking.

Amy Hennessy: Thanks, Jean. I appreciate it. Good afternoon, everyone. And before I begin, I'd like to just draw everybody's attention to the button that's under Mark's picture right now and the sentence that indicates that you can access a PDF version of today's presentation by clicking that button that says "Materials" and that will enable you to have access to all of the websites, all of the URLs that have been shared, because I know we have shared a number of web addresses with you throughout this presentation. So I encourage you to download that PDF version of today's presentation.

I'm very excited to share with you the Classroom Economist resources from the Atlanta Fed. If you'll advance please. The Classroom Economist is a series of modules featuring primarily macroeconomic concepts, but also we have some infographics as well. You'll see here, our main landing page for frbatlanta.org and notice in the top ribbon the tab for education, and when you do the dropdown, you will find there the link to the Classroom Economist. Advance. And when you actually land on the Classroom Economist page, from there you'll notice that we have what looks like file folders and the very first file folder is a tab for the modules on banking. And we have, as identified there by the arrows, a Fractional Reserve Banking module as well as a What is Money? module. So please advance.

Once you actually land on a main module, you will notice the various different resources available. So here is our What is Money? module and each of the modules have the common lesson components and then the video components. And under the lessons, you'll see a lesson—there's a narrated or voiceover PowerPoint presentation. There are SMART Board files and over under our related links on this page, you can see that we have instructions on how to open a SMART notebook file without actually having the SMART software. So if you have your PC connected to an overhead projector that projects that onto your whiteboard, you can actually access the SMART files without having to have the SMART software. We also have an interactive test-your-knowledge feature that you can use with your students. It's an interactive PowerPoint. The video feature—we have videos of some of our economists from our research department who take a deeper dive into the topic at hand. And so with the What is Money?, gets into the early forms of money and much of what has been shared by my colleagues today as well as All About Fiat Money and the different characteristics and functions of money. The lesson demonstration video is a master teacher who is demonstrating the lesson—in this case the Why Money? lesson from the Philadelphia Fed Museum—and then the teacher shares their thoughts on why it's important to use interactive lessons. Please advance.

So then in addition to the modules that you can find on frbatlanta.org, we have uploaded all of our classroom economist videos to the Econ Lowdown Instructor Management Tool, and here you see a screenshot of the Classroom Economist specifically featuring the video on the early forms of money. And this feature enables you to assign as a class, your students to watch the video and then to take the multiple choice questions that follow, and their results populate in your gradebook. If you'll advance the slide, please. Once you have selected and assigned your students, the students will actually then be able to watch the video multiple times. And so when you are looking in your gradebook, you would see the student progress and that would indicate how many times they've viewed the video—so we should be on slide 69—and then the number of times that they've taken the quiz, or attempted to take the quiz, and then their highest score. And so you'll see here, if you're going to differentiate instruction, that with student AE, the student chose not to watch the video, took the quiz and scored 100. This gives you the opportunity to provide that student with some enrichment activity, while student AA didn't watch the video, took the quiz and scored a 40. So, obviously, that student needs to go back and watch the video and take the quiz again. If you'll advance, please.

In addition to the Classroom Economist videos that we have available in the Econ Lowdown, we also have an infographic that speaks less to the idea of fractional reserve banking and that role in the economy, and more from a personal finance standpoint on where do you bank, why it's important to be banked, what are factors you considered when choosing banking services, and all about the different types of accounts that are available, and the ease of access, in terms of liquidity factors. And if you'll advance please, you can use this URL that is being featured to place an order for a poster version of this infographic. But you can also access the infographic and those links are found on frbatlanta.org/education. You can pull up a PDF version for that and these are in support of other curricula materials that we have in personal finance. So at that point, that's what I would like to share with you. And before I hand it over to Jean, I'd just like to thank you on behalf of my colleagues for participating in today's webinar and remind you again that you can get a PDF version by clicking that materials button so that you have access to all of the URLs that were shared today. And then encourage you to keep your eyes out for the next ECONnections webinar that we will be conducting on April 26, from 4:00-5:00 Eastern time. And that theme being that week is Money Smart Week as well as April is the National Personal Finance Month, we will be doing a topic around our resources from throughout the System on personal finance. So, I'm going to hand it over to Jean now and, again, thank you all for participating.

Jean Roarke: Thank you, Amy. And wow, that was such a nice summary to the end of our session and I really appreciate it. I am going to just check our in-box to see if we got any questions before I let everyone go today. So if you have a question, you just have to click that "Ask Question" button and I know that we have reached the end of our time. I thought maybe we'd get one more, but it doesn't look like we have any questions at this time. So it's a good thing we took those questions during our session. If you joined us in the webinar, you'll likely see a survey link pop up on your screen. Please do take a moment to complete it and let us know how we did. And we'll also be sending that survey via e-mail. Just so you know, you only have to fill that out once. With that I'll officially bring this session to a close. Thanks for joining us and have a great rest of your day.

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Audience:   High School, College, Consumers
Language:   English
Subjects:   Economics, Civics/Government, History
Resource Types:   Webinar
Concepts:   Banks, Money
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