IN THIS ISSUE

The Richmond Fed’s Marvin Goodfriend leads off by tracing the history of the Federal Reserve System and monetary policy in the United States. His essay provides interesting background information about the gold standard as well as lessons on inflation and price stability.

Then three economics educators share hands-on lesson plans they have developed for K-12 students. Lis Turner shows how young students can learn from touring the Money Museum at the Federal Reserve Bank in Richmond, Va. Kimberly Code shows how middle school students can learn about the meaning of money. In a lesson that makes use of the quantity theory of money, Konstantin Georgiadis shows how high school students can gain insights into global interdependence and the rise and decline of nations.

Econ-Exchange is a joint publication of the E. Angus Powell Endowment and the Federal Reserve Bank of Richmond. Each issue of Econ-Exchange features an essay on a unique aspect of economics followed by three practical lesson plans.

We hope you enjoy Econ-Exchange. We welcome your response; please send us your ideas and tell us about your economics lessons. Understanding how incentives work, the Powell Endowment may even pay you for your contributions.