A Classroom Experiment in Monetary Policy

Autor/inn/en	Duffy, John; Jenkins, Brian C.
Titel	A Classroom Experiment in Monetary Policy
Quelle	In: Journal of Economic Education, 50 (2019) 2, S.89-107 (20 Seiten)Infoseite zur Zeitschrift PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	0022-0485
DOI	10.1080/00220485.2019.1583148
Schlagwörter	Economics Education; Experiments; Macroeconomics; Class Activities; Group Activities; Role Playing; Undergraduate Students; Computer Uses in Education; Discussion (Teaching Technique); Instructional Effectiveness; California (Irvine) + Suchen Sie Ihr Suchwort? Wirtschaftskunde; Erprobung; Makroökonomie; Gruppenaktivität; Rollenspiel; Computernutzung; Unterrichtserfolg
Abstract	The authors propose a classroom experiment implementing a simple version of a New Keynesian model suitable for courses in intermediate macroeconomics and money and banking. Students play as either the central bank or members of the private sector. The central banker sets interest rates to meet twin objectives for inflation and the output gap or to meet only an inflation target. In both settings, private sector agents are concerned with correctly forecasting the inflation rate. The authors show that an experiment implementing this setup is feasible and yields results that enhance understanding of the New Keynesian model of monetary policy. They propose alternative versions where the central bank is replaced by a policy rule and provide suggestions for discussing the experimental results with students. (As Provided).
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Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01