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The Ledger Federal Reserve Bank of Boston’s Economic Education Newsletter A Wider Web: More Economics Resources on the Internet 1 Fall 2011 The Ledger Editor Bob Jabaily Graphic Design Heidi Furse Online Production Tom DeCoff In this issue The Ledger is published twice a year as a public service by the Federal Reserve Bank of Boston. The views expressed in The Ledger are not necessarily those of the Federal Reserve Bank of Boston or the Federal Reserve System. Questions? Comments? Suggestions? Please contact: Robert Jabaily: e-mail: firstname.lastname@example.org phone: (617) 973-3452 mail: Regional and Community Outreach Federal Reserve Bank of Boston 600 Altantic Avenue Boston, MA 02210 4 Blogs 8 Economic History 6 Coins, Currency, and Past Value 9 Economic Literacy, Financial Literacy, Consumer Education 7 Economic Data 10 Entrepreneurship and Innovation @BostonFed Images: gettyimages.com federal reserve bank of boston TM 2 11 Games, Simulations and Just Plain Fun 12 Focus on the Fed 13 Portals and Other Resources Introduction We’re back, and we’ve gone green! In 2008, after almost 35 years in print, we reluctantly suspended publication of The Ledger. Postage and production costs were on the rise, and the expense was becoming harder to justify. But we’re back, and we’ve moved to an all-electronic format with two online issues per year: Fall and Spring. This issue revisits a topic we first covered in 2001: Economic and financial education resources on the web. Much has changed since then. In those days blogs were cutting edge, Facebook was still three years in the future, and fewer people used “google” as a verb. As for Twitter … Be honest! If someone had pitched the concept to you in 2001, you probably would have laughed. In this issue, we’ve highlighted dozens of new resources, and we’ve brought back some classics. We don’t claim to have found every site worth knowing. The online world is a big place, and it’s getting bigger all the time. If we’ve left out your favorite, please let us know, and we’ll add it to the mix. And finally…In preparing this issue we asked colleagues throughout the Federal Reserve System for their recommendations. They came up with a number of sites we might have missed, and we’re grateful for their efforts. So, here, in alphabetical order, is a heartfelt “thank you” to all those who responded. Good colleagues are truly the best resource of all. Suzanne Cummings, Federal Reserve Bank of Boston George “Scott” Guild, Federal Reserve Bank of Boston Amy Hennessy, Federal Reserve Bank of Atlanta Julie Kornegay, Federal Reserve Bank of Atlanta — Birmingham Branch Sara Messina, Board of Governors of the Federal Reserve System Michele Wulff, Federal Reserve Bank of Kansas City — Omaha Branch 3 /Blogs/... Aplia Econ Blog—News for Econ Students http://econblog.aplia.com/ “A place to explore current events that relate to your econ classes” Be sure to check out the extensive archive of previous posts. The posts are highly readable, and each includes discussion questions. The Baseline Scenario—What happened to the global economy and what we can do about it http://baselinescenario.com/ Be sure to check out the extensive list of links to other blogs and resources. Café Hayek—Where Orders Emerge http://cafehayek.com/ Lively commentary on economics and politics, written by Don Boudreaux and Russ Roberts of George Mason University Be sure to check out the EconTalk Podcast link. Cheap Talk http://cheaptalk.org/ “A blog about economics, politics, and the random interests of forty-something professors” Be sure to check out the links to Jeff’s Intermediate Micro Course and Sandeep’s “Conflict and Cooperation” Course. 4 economicprincipals http://www.economicprincipals.com/ An independent weekly published by David Warsh Be sure to check out the extensive list of links to economic journalists. Economix http://economix.blogs.nytimes.com/ “Explaining the Science of Everyday Life” Well-written and insightful blog posts on the New York Times web site Be sure to check out any of the posts. They are all worth reading, and they represent diverse viewpoints. Freakonomics http://www.freak onomics.com/ “The Hidden Side of Everything” Created by Steven D. Levitt and Stephen J. Dubner, whose posts live up to the site’s tagline Be sure to check out the podcasts and Marketplace™ segments under the Radio button. Grasping Reality with Both Hands http://delong.typepad.com/ “Fair, Balanced, and Reality-Based: The Semi-Daily Journal of Economist Brad DeLong” Be sure to check out the Among His Best Works. FRB Atlanta Research Department’s macroblog: http://macroblog.typepad.com/ “The Atlanta Fed’s macroblog provides commentary on economic topics including monetary policy, macroeconomic developments, financial issues and Southeast regional trends.” Be sure to check out the Archives. Greg Mankiw’s Blog, http://gregmankiw.blogspot.com/ “Random Observations for Students of Economics” Be sure to check out Advice for Students, Principles of Economics, and A Few Timeless Posts. Knowledge @ Wharton High School — Teachers’ Room http://kwhs.wharton.upenn.edu/teacher-blog/ Created by the people at University of Pennsylvania’s Wharton School of Business Be sure to check out all the various buttons: Entrepreneurs & Leaders, Environment, Fashion, Food & 5 More, Life After High School, Money & You, Social Impact, Sports & Entertainment, and Tech Buzz. Marginal Thoughts http://marginalthoughts.chicagofedblogs.org/ Federal Reserve Bank of Chicago Be sure to check out the posts, which are lucid and informative. MV = PQ: A Resource for Economic Educators http://www.valuingeconomics.blogspot.com “Ideas and discussions about economics and financial literacy issues” Be sure to check out the daily posts, which are concise, informative, and sometimes “quirky” in the best sense of the word. New Economist http://neweconomist.blogs.com/ New economic research, data, events and analysis from a London-based economist Be sure to check out the extensive listing of Economist Weblogs and Economics Resources. PLANET money http://www.npr.org/blogs/money/ “A fun, safe, exciting, accessible place for people to explore the global economy and what it’s doing to them” Be sure to check out the blog posts and twiceweekly podcasts, all of which are invariably interesting and insightful. Robert Reich http://robertreich.org/ Be sure to check out the blog posts, which are always lucid and concise. Tim Harford: The Undercover Economist http://timharford.com/ Be sure to check out the engaging articles and Tim’s Tweets. VoluntaryExchange http://voluntaryexchange.ning.com/ A blog, a bulletin board, a retro form of social media … Voluntary Exchange is a blend of all three. Be sure to check out the whole thing. It’s from the Federal Reserve Bank of Boston! The Wandering Economist http://thewanderingeconomist.com/ “Because ‘It’s the Economy, Stupid!’ isn’t much of an answer.” Be sure to check out the posts, which offer a global perspective on banking, finance, and the economy. /Coins, Currency, and Past Value/... American Currency Exhibit, Federal Reserve Bank of San Francisco http://www.frbsf.org/currency/index.html Be sure to check out the Showcase of Bills. Bureau of Engraving and Printing http://www.moneyfactory.gov/ U.S. Treasury Department Be sure to check out the Youth Education link to learn more about the U.S. currency security features. Measuring Worth http://www.measuringworth.com/ Be sure to check out The Calculators and The Measures of Worth Essay to learn more about the various approaches to making value comparisons between one historical period and another. 6 Money—Past, Present & Future http://projects.exeter.ac.uk/RDavies/arian/money.html “Information on Monetary History, Contemporary Developments, and Electronic Money” Be sure to check out History of Money from Ancient Times to Present Day and Current Value of Old Money. United States Mint http://www.usmint.gov/education/ Education pages of the United States Mint Be sure to check out Educators Home. /Economic Data/... Board of Governors of the Federal Reserve System http://www.federalreserve.gov/ Be sure to check out the Statistics & Historical Data page. Bureau of Economic Analysis http://www.bea.gov/ U.S. Department of Commerce Be sure to check out U.S. Economy at a Glance and Interactive Data. Bureau of Labor Statistics http://www.bls.gov/home.htm United States Department of Labor Be sure to check out Resources for Student or Teacher. 7 FRED® http://research.stlouisfed.org/fred2/ Federal Reserve Economic Data Be sure to check out GeoFRED™, a data-mapping tool that allows users to create color-coded maps from among 12,000 data series. The link is at the bottom of the FRED page. The National Bureau of Economic Research http://www.nber.org/ “A private, nonprofit, nonpartisan research organization” Be sure to check out the archive of NBER Working Papers. U.S. Census Bureau http://www.census.gov/ U.S. Department of Commerce Be sure to check out Census in Schools and Selected Historical Decennial Census Population and Housing Counts. U.S. Government Accountability Office http://www.gao.gov/ Be sure to check out Multimedia and Long-Term Fiscal Outlook. U.S. Department of the Treasury http://www.treasury.gov/Pages/default.aspx Be sure to check out the Resource Center Visualizing Economics Be sure to check out the entire site. Just get on it and play. Lots of fun and lots to learn! The World Factbook https://www.cia.gov/library/publications/ the-world-factbook/ Central Intelligence Agency “Information on the history, people, government, economy, geography, communications, transportation, military, and transnational issues for 267 world entities” Be sure to check out the Guide to Country Comparisons. Worldmapper: The world as you’ve never seen it before http://www.worldmapper.org/index.html Be sure to check out the A to Z Index of Maps. http://visualizingeconomics.com/ “A web site dedicated to publishing infographics about economic data” /Economic History/... American Memory http://memory.loc.gov/ammem/index.html The Library of Congress Be sure to check out the Maps collection, especially the panoramic maps, and America from the Great Depression to World War II. EH.net http://eh.net/ The Economic History Association Be sure to check out Encyclopedia and How Much Is That? The Great Depression http://www.stlouisfed.org/greatdepression Federal Reserve Bank of St. Louis Be sure to check out all the links in the Curriculum and Online Resources menus. Greatest Engineering Achievements of the 20th Century http://www.greatachievements.org/ National Academy of Engineering Be sure to check out the Timeline. The History of Economic Thought http://www.newschool.edu/nssr/het/ The New School of Social Research Be sure to check out the Web Links and Essays and Surveys 8 Museum of American Financial History www.financialhistory.org Be sure to check out online Exhibits, Education, and Resources New England Economic Adventure http://www.economicadventure.org/ Federal Reserve Bank of Boston Be sure to check out Games & Activities and Teaching Resources Old Sturbridge Village http://osv.org Be sure to check out Explore & Learn and Kids Zone. Tenement Museum http://tenement.org Be sure to check out Education. /Economic Literacy/ Financial Literacy/Consumer Education 360 Degrees of Financial Literacy http://www.360financialliteracy.org/ American Institute of Certified Public Accountants Be sure to check out Life Stages, which covers financial concerns from childhood to retirement. The Calvin K. Kazanjian Economics Foundation http://www.kazanjian.org/ “Promoting economic understanding to all for greater prosperity and happiness since 1947” Be sure to check out the Grants Program section to some of the good ideas that have won recognition. 9 Consumer World® http://www.consumerworld.org/ One of the internet’s more comprehensive education/reference sites for consumers Be sure to check out Mouse Print* to learn more about “the strings and catches buried in the fine print” of ads and commercial offers. JA Student Center http://studentcenter.ja.org/Pages/default.aspx Junior Achievement Be sure to check out Manage Your Money. Federal Deposit Insurance Corporation Americans the basics about financial education” Be sure to check out My Resources and Calculators. Money Smart — A Financial Education Program. National Endowment for Financial Education http://www.fdic.gov/ Be sure to check out Consumer Protection and Federal Trade Commission http://www.ftc.gov/ Be sure to check out Consumer Protection for links to FTC publications. It All Adds Up http://www.italladdsup.org/ Personal Finance for Teens Be sure to check out the Teachers’ Guide and any of the games or simulations on credit management, buying a car, budgeting, saving and investing. The Jump$tart Coalition for Personal Financial Literacy http://jumpstart.org/ Jump$tart has been working since 1995 to get basic personal financial skills into the k-12 curriculum. Be sure to check out the Jump$tart Reality Check. LifeSmarts: The Ultimate Consumer Challenge http://www.lifesmarts.org/ The questions in this gameshow-style competition cover personal finance, consumer rights and responsibilities, health and safety, the environment, and technology. Be sure to check out LifeSmarts U. for lesson plans and teaching materials. Making Sen$e with Paul Solman — Your Guide to the Economy http://www.pbs.org/newshour/economy/making sense/ Be sure to check out the Economics Lesson Plans. My Money (The Financial Literacy and Education Commission) http://www.nefe.org/ “A nonprofit foundation partnering for financial well-being” Be sure to check out the NEFE High School Financial Planning Program® National Financial Educators Council http://www.financialeducatorscouncil.org/ Be sure to check out The Financial Literacy and Education Blog. Money Counts: Young Adults and Financial Literacy Series, NPR http://www.npr.org/series/136275928/money-counts -young-adults-and-financial-literacy Be sure to check out the Money Quiz and Calculate How Your Savings Can Grow. Squared Away: Frontiers in Financial Literacy http://fsp.bc.edu/squared-away-blog/ From the Financial Security Project at Boston College Be sure to check out Get Rich Slow, a simulation that gives you the opportunity to make financial decisions for a fictional couple at four life stages. Stossel in the Classroom http://www.stosselintheclassroom.org/ Be sure to check out Teacher Guides and Teacher Ideas to Share. Understanding Fiscal Responsibility http://understandingfiscalresponsibility.org/ Teachers College, Columbia University Be sure to check out the economics curriculum. You have to register, but it’s worth the effort. http://www.mymoney.gov/ “The U.S. government’s website dedicated to teaching all /Entrepreneurship and Innovation/... Entrepreneurship and Education http://www.kauffman.org/ Ewing and Marion Kauffman Foundation Be sure to check out Youth Entrepreneurship. 10 On Innovation http://www.oninnovation.com/ “Visionaries Thinking Out Loud™” Be sure to check out Innovation 101: Lesson Plans. /Games/Simulations/ and Just Plain Fun/... Council for Economic Education’s Geni Revolution: http://www.genirevolution.org/ EconStories http://www.economicadventure.org/gamesand activities/games.html Federal Reserve Bank of Boston http://econstories.tv/ Be sure to check out the videos, especially Fight of the Show Business: The Economic$ of Entertainment Limericks Economiques San Francisco’s Fed Chairman Game: So you want to be in charge of monetary policy … Century. http://www.limericksecon.com/ Poems on the Dismal Science of Economics Be sure to check out “Dr. Goose’s Favorite Links” at the bottom of the splash page. Peanuts & Crackerjacks: Economics of Pro Team Sports 11 Pursuit! http://www.bostonfed.org/peanuts/ indexnosound.htm Federal Reserve Bank of Boston Be sure to check out The Sports Page and The Teachers Guide links at the bottom of the splash page. http://www.bostonfed.org/entertainment/ Federal Reserve Bank of Boston http://www.frbsf.org/education/activities/chairman/ index.html You Are Here www.ftc.gov/bcp/edu/microsites/youarehere/ Federal Trade Commission /Focus on the Fed/... Federal Reserve Education http://www.federalreserveeducation.org/ Federal Reserve System Core Concept Cards http://www.federalreserveeducation.org/resources/ coreconcepts/ Federal Reserve Bank of Kansas City Maybe we’re biased, but … If you have even the slightest interest in the Federal Reserve, you should visit this site, which brings together the educational resources of all 12 Reserve Banks and the Board of Governors. And it is very user-friendly. Just a few of the resources you will find: A Day in the Life of the FOMC: An Inside Look at the Federal Reserve’s Monetary Policymaking Body http://www.philadelphiafed.org/education/teachers/ resources/day-in-life-of-fomc/ Federal Reserve Bank of Philadelphia Building Wealth http://www.dallasfed.org/ca/wealth/index.cfm Federal Reserve Bank of Dallas 12 Econ Explorers http://www.chicagofed.org/digital_assets/others/ education/econ_explorers_students.pdf Federal Reserve Bank of Chicago and Federal Reserve Bank of New York Economic Literacy Test http://www.minneapolisfed.org/publications_papers/ studies/econlit/test.cfm Federal Reserve Bank of Minneapolis Explore Money From Around the World http://www.clevelandfed.org/Learning_Center/ Online_Activities/explore_money/index.cfm?DCS. nav=Local Federal Reserve Bank of Cleveland The Federal Reserve System: Purposes & Functions In Plain English: Making Sense of the Federal Reserve Fedville Katrina’s Classroom: Financial Lessons from a Hurricane http://www.federalreserve.gov/pf/pf.htm Board of Governors of the Federal Reserve System http://www.frbsf.org/education/fedville/ Federal Reserve Bank of San Francisco Historical Beginnings … The Federal Reserve http://www.bos.frb.org/about/pubs/begin.pdf Federal Reserve Bank of Boston http://www.stlouisfed.org/inplainenglish/default.html Federal Reserve Bank of St. Louis http://www.frbatlanta.org/forms/katrina.cfm Federal Reserve Bank of Atlanta Katrina’s Classroom provides a financial literacy perspective you won’t find on other sites, and it packs an emotional punch. Historical Figures Bookmarks http://www.richmondfed.org/publications/education/ historical_figure_bookmarks/index.cfm Federal Reserve Bank of Richmond /Portals and Other Resources/... CEOExpress® http://www.ceoexpress.com Be sure to check out the links to more things than we have space to list. Classroom Economist http://www.frbatlanta.org/edresources/classroom economist/ Federal Reserve Bank of Atlanta Be sure to check out the links within the posts. The College Board http://www.collegeboard.com Be sure to check out the links to past AP exams and resource materials in Macroeconomics and Microeconomics. Dismal Scientist® http://www.economy.com/dismal/ “Economics Made Clear” Be sure to check out the Tools section. econedlink — economics and personal finance resources for K-12 http://www.econedlink.org/ Council for Economic Education Be sure to check out the lessons, interactive tools, data resources, and parent resources at the bottom of the splash page. 13 EconEdReviews http://www.econedreviews.org/ “Teachers Helping Teachers Find Outstanding Economics Materials on the Web” The Calvin K. Kazanjian Economics Foundation Be sure to check out the Reviews (of course). EcEdWeb: Resources for Teachers K-12 http://ecedweb.unomaha.edu/home.cfm University of Nebraska-Omaha Center for Economic Education Be sure to check out K-12 Teaching Resources and College Teaching Resources. EconSources! http://www.econsources.com/ Gary E. Clayton, PhD Be sure to check out any of the categories. Lots of good resources listed. Globalization 101: A student’s guide to globalization http://www.globalization101.org/ The Levin Institute—The State University of New York Be sure to check out Teaching Tools International Monetary Fund http://www.imf.org/external/ Be sure to check out For Students. Reffonomics www.reffonomics.com Steven Reff and Dick Brunelle’s Online Economics Textbook Be sure to check out Basic Concepts, Microeconomics, and Macroeconomics. RFE: Resources for Economists on the Internet http://www.rfe.org/ American Economic Association Be sure to check out Teaching Resources and Neat Stuff. The White House http://www.whitehouse.gov Be sure to check out Economy and Fiscal Responsibility. 14