Oct 17, 2022
Podcasts In The Classroom

Podcasts in the Classroom: A Nobel Prize We Can Understand

This week’s PITC uses a variety of shorter, readily available podcasts to discuss how The Nobel Prize in Economics was awarded to former Fed chair Ben Bernanke alongside Douglas Diamond and Philip Dyvbig. These recent headlines are aimed to inspire discussion. 

This week we give you three podcasts of varying lengths on one topic: The Nobel Prize in Economics was awarded last week to Ben Bernanke, Douglas Diamond, and Philip Dybvig for their work on understanding bank panics and financial crises. 

One Minute:

  • 10/11 Marketplace Minute introduces the winners as Ben Bernanke, Douglas Diamond and Philip Dybvig with a brief summary of their findings.

Three Minutes:

  • 10/10 Marketplace Report gives more detail on their work on financial crises and particularly bank runs, the role of banks and deposit insurance.

Ten Minutes:

Assignment:

Determine how much time you want to devote to this activity, and select podcasts to provide students with background information.

Have students then tackle these discussion questions. This can be done individually, in groups, or as a class. You can also access ready-to-use slides here.

  1. What historical event did these three economists study? What was the general finding the three came up with? How has Federal Deposit Insurance changed things?
  2. How has the work of these three individuals helped prevent subsequent financial crises from turning into another Great Depression?
  3. Can you explain the role of banks in terms of bridging the different time horizons of depositors and borrowers?  What other important role do banks play in the world of credit?
  4. What tool did Bernanke implement during the Great Recession to keep things from getting worse?  Has Powell followed the same playbook during the Pandemic?

For more on the work of these Nobel Prize winners, check out this past Saturday’s EconExtra.

About the Authors

Beth Tallman

Beth Tallman entered the working world armed with an MBA in finance and thoroughly enjoyed her first career working in manufacturing and telecommunications, including a stint overseas. She took advantage of an involuntary separation to try teaching high school math, something she had always dreamed of doing. When fate stepped in once again, Beth jumped on the opportunity to combine her passion for numbers, money, and education to develop curriculum and teach personal finance at Oberlin College. Beth now spends her time writing on personal finance and financial education, conducts student workshops, and develops finance curricula and educational content. She is also the Treasurer of Ohio Jump$tart Coalition for Personal Financial Literacy.

Ren Makino

Ren has been working part-time at NGPF since 2014, interning through high school and college. With his knowledge growing alongside NGPF, after graduating from college in 2020, he joined the team to work full time with a focus on teacher onboarding. He is also the editor of the NGPF podcast. During his free time, he likes to try out coffees from different roasters across the world and try out new brewing methods.

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