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.
- 10/11 Marketplace Minute introduces the winners as Ben Bernanke, Douglas Diamond and Philip Dybvig with a brief summary of their findings.
- 10/10 Marketplace Report gives more detail on their work on financial crises and particularly bank runs, the role of banks and deposit insurance.
- 10/11 The Indicator from Planet Money details the work of Bernanke in particular and how he put his work into practice during the Great Recession.
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.
- 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?
- How has the work of these three individuals helped prevent subsequent financial crises from turning into another Great Depression?
- 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?
- 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.