- The Washington Times - Monday, October 1, 2001

Monetary policy has never been so easy to grasp.
At least that's what the Federal Reserve Board hopes students and teachers will be saying after checking out Fed101, a cyber lesson introduced last week to make the central bank more user-friendly.
"This Web site is intended to improve the information resources available to educators, students and others with an interest in the Federal Reserve and how it works," Fed Chairman Alan Greenspan said in a statement.
Fed101 located at www.FederalReserveEducation.org is designed to supplement high school and college economics and social studies classes. Marty Creel, social studies supervisor for Montgomery County schools, said he would recommend it to educators.
"Monetary policy is not an interesting topic to students," he said. "The Web site makes it a little bit more interesting, by explaining things in a clear manner."
The interactive nature of the site also could appeal to students, Mr. Creel said.
"At times you find textbooks are no longer necessary because you can find a great deal of information on the Internet," he said.
The lesson is organized into five categories: history, structure, monetary policy, banking supervision and financial services. Within each category are links to more sites.
Fed101 answers the questions, "How does the Fed create money?" and "How does the Fed combat inflation?"
It explains where a check goes once it is written and signed. It even provides a series of quizzes.
Russ Phipps, high school social studies specialist for Fairfax County schools, said he had not had a chance to look at the Fed101 portion of the Federal Reserve Board Web site, but added that the Internet was a great resource in education.
Peter Morici, a professor of business and public policy at the University of Maryland, said he found Web sites put up by federal sources and major companies "extraordinarily useful," both for his own research and for his students. "It really democratizes the process of getting information," he said.
Fed101 is designed to be used with a newvideo, "The Fed Today," narrated by Charles Osgood.

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