Economics coverage becoming easier for business journalists?

The Charlotte branch of the Federal Reserve Bank of Richmond held a one-day workshop on Tuesday for business journalists who want to get a better grasp on what’s going on in the economy.

One of the panels was a toundtable discussion of the subprime mortgage market, but I came away more intrigued by Richmond Fed president Jeff Lacker’s comments about why the bank was holding such an event.

Lacker commented that the better ordinary people are informed about economics and economic policy, then the better the economy will perform. “We realized communications professionals like you are where a lot of citizens learn about economics and economic policy,” said Lacker.

Lacker also noted that the Fed overall under Ben Bernanke is becoming more forthcoming, calling the workshop “an experiment” in opening the lines of communication.

One of the more interesting exchanges during the day came when Charlotte Observer business writer Rick Rothacker asked RIchmond Fed director of research John Weinberg if he thought negative news coverage about the economy influenced consumer behavior.

Weinberg replied that he didn’t know of any study that has examined whether there’s an effect. “When things turn down,” said Weinberg, “the news is going to report that things have turned down.”

Disclosure: I was a speaker at the workshop and helped organize the event.