|
Open & Operating: The Federal Reserve
Responds to September 11
This video-based lesson is designed for high school and college students to answer these important questions and provide teachers of history and economics a flexible format in which to introduce the Federal Reserve System.
- What is the purpose of a central bank?
- How did an extraordinary event challenge the infrastructure of the financial system?
- What role does the central bank play in responding to a crisis situation?
The events of September 11, 2001 provide the context for this
lesson, documenting how the Federal Reserve acted decisively
to calm the financial markets, keep funds moving, and stabilize
the economy. Students will participate in an opening discussion,
actively view the Open and Operating video, and complete a
culminating assignment.
The video combines news footage and interviews with Federal
Reserve officials to illustrate how the Fed functions in the
real world. The accompanying lesson plan addresses the voluntary
national content standards in economics and explains concepts
such as "liquidity," "monetary policy tools," and
the "payments system." View/download
the Open & Operating
brochure (PDF - 71KB).
Student
Objectives
|
| Through this curriculum, students
will be able to: |
| • |
Identify the steps taken by the Federal Reserve
System to stabilize financial markets following
the events of September 11. |
| • |
Define liquidity and its significance in providing
a stable economic environment in which individuals
and businesses conduct daily activities. |
| • |
Create graphic organizers depicting the actions
of the Federal Reserve in response to the events
of September 11. |
| • |
Utilize graphic organizers to write a summary
outlining the benefits of a well-functioning
central bank. |
How do I get involved?
For more information regarding Open and Operating, please contact
your local Federal
Reserve Public Information representative.
Read more September 11 related articles published
by the Federal Reserve:
- Bram, Jason, and Andrew Haughwout, and James Orr. "Has
September 11 Affected New York City's Growth Potential." FRBNY
Economic Policy Review, November 2002, Volume 8, Number 2.
- In
Plain English. "Why a Federal Reserve System?" Federal
Reserve Bank of Saint Louis.
- Ferguson, Roger W., Vice Chairman of the Federal Reserve
Board. "September 11, the Federal Reserve, and the Financial
System." Speech delivered
to Vanderbilt University, Nashville, Tennessee, February 5,
2003.
- McAndrews, James J. and Simon M. Potter. "Liquidity
Effects of the Events of September 11, 2001." FRBNY
Economic Policy Review, November 2002, Volume 8, Number 2.
- Parry, Robert T. "The U.S. Economy after September
11." FRBSF Economic Letter, Number 2001-35, 2001.
- "Responding to September 11 and Future Prospects for
the New York Regional Economy." Federal Reserve Bank
of New York Annual Report, 2001.
- "Stability in a Crisis." Federal Reserve Bank
of Philadelphia Annual Report, 2001.
- "The
Economic Effects of September 11." FRBNY
Economic Policy Review, October/December 2002, vol.
8, no. 2.
- Yellen, Janet L. "Remarks on the U.S. Economy and
Monetary Policy." Speech delivered to a Seattle Community
Leaders Luncheon, Seattle, WA. September 9, 2004.
|
