Three different assessment methods are used to determine the effectiveness of the curriculum package Open and Operating: The Federal Reserve Responds to September 11 in improving the economic knowledge of 1291 California high school students. Student performance is found to vary by race and gender depending on the assessment method used: multiple choice questions, an essay question, or a group creative poster activity. Consistent with prior studies, white male students perform better on the multiple choice questions. However, these gender and racial differences disappear for the essay instrument, and females and Asians outperform others on the group creative activity. Economists who work training high school teachers are encouraged to recommend that teachers use different assessment methods to encourage the success of different types of students.

Chair the Fed is an award-winning online simulation developed by the Federal Reserve Bank of San Francisco to teach about the role of the Fed in achieving its dual mandate goals of stable prices and maximum employment. It is widely used, with an average of close to 85,000 games started each month in 2019. This article describes Chair the Fed and the results of a controlled experiment to determine its effects on learning in high school economics classes in the Fed’s 12th district. We find that students who played Chair the Fed score significantly higher on a 10-question posttest compared with students who learned about the Fed and monetary policy in more traditional ways. In evaluating our results, we compare difference-in-difference regression modeling with the traditional economic education model where the posttest score is regressed on the pretest score, and find that our results are robust across both specifications. JEL Classifications: A20, A21, E52, E58

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