An Evaluation of the Synergistic Simulation of the Federal Open Market Committee.

Autor/inn/en	Bartlett, Robin Lynn; Amsler, Christine E.
Titel	An Evaluation of the Synergistic Simulation of the Federal Open Market Committee.
Quelle	(1977), (14 Seiten)Verfügbarkeit
Dokumenttyp	gedruckt; Monographie
Schlagwörter	Banking; Cost Effectiveness; Course Evaluation; Data Analysis; Decision Making; Economics; Economics Education; Evaluation Methods; Financial Policy; Higher Education; Management Games; Models; Policy Formation; Simulation + Suchen Sie Ihr Suchwort? Bankgeschäft; Kosten-Nutzen-Analyse; Kosten-Nutzen-Denken; Auswertung; Decision-making; Entscheidungsfindung; Volkswirtschaftslehre; Wirtschaftskunde; Fiscal policy; Finanzpolitik; Hochschulbildung; Hochschulsystem; Hochschulwesen; Analogiemodell; Politische Betätigung; Simulation program; Simulationsprogramm
Abstract	The Federal Open Market Committee (FOMC) simulation employed three techniques: case study, role playing, and model building, in order to acquaint college students studying money and banking with the creation of monetary policy. The specific goals of the FOMC simulation were: (1) to familiarize students with the data used in monetary policy formation, (2) to encourage students to theorize about functional relationships and to build models for their analysis of the data, (3) to enable students to envision the consequences of different policy actions in their models, and (4) to enable students to debate the relative costs and benefits of each policy action. The 66 students who participated in the course evaluations were generally favorable in their responses. They agreed that they learned a great deal, that it seemed like a "real life" situation, and that they actually practiced decision making. Their comments indicated that learning material in this way was practical and enjoyable. The statistical analysis of test results showed that the FOMC simulation does increase student understanding of basic economic facts and policy issues. (MV)
Erfasst von	ERIC (Education Resources Information Center), Washington, DC