Huntington Economics Students Visit New York Fed

Huntington High School Advanced Placement Macroeconomics students recently traveled to Manhattan to visit the New York Federal Reserve Bank, seeing firsthand part of the system responsible for monetary policy they had studied during class sessions.

The New York Federal Reserve Bank or “New York Fed” in the industry, plays a key role in US monetary policy.

The trip started with a tour of the bank’s museum, highlighting the artistic and architectural elements of the design. The museum also highlighted the Fed’s role in the supervision of banks and circulation of money in the economy.

The class was then able to hear how the monetary policy tools covered in the curriculum are implemented in real life. Students took the opportunity to ask questions about the process beyond the theorems presented in the textbook.

Huntington social studies teacher James Graber led the delegation of AP economics students into New York City’s financial district for the trip.

“At the New York Fed, our mission is to make the US economy stronger and the financial system more stable for all segments of society,” according to the New York Fed’s website. “We do this by executing monetary policy, providing financial services, supervising banks and providing thought leadership on issues that impact the nation and communities we serve.”

The New York Fed works “to create conditions that generate jobs, promote stable prices and encourage economic growth throughout the Second District (New York) and the nation.”

The US Congress created the Federal Reserve System in December 1913 following a series of financial panics that threatened the country’s economy.

“The Federal Reserve System is the central bank of the United States,” according to an online history. “As the nation's central bank, it performs five key functions in the public interest to promote the health of the U.S. economy and the stability of the U.S. financial system. The Federal Reserve System works to promote the effective operation of the U.S. economy and, more generally, to serve the public interest. The specific duties of the Fed have changed over time as banking and economics have evolved.”