A classroom experiment in monetary policy.
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| Title: | A classroom experiment in monetary policy. |
|---|---|
| Authors: | Duffy, John1, Jenkins, Brian C.1 bcjenkin@uci.edu |
| Source: | Journal of Economic Education. Apr-Jun2019, Vol. 50 Issue 2, p89-107. 19p. 2 Charts, 7 Graphs. |
| Subject Terms: | *Macroeconomics education, *Economics education, Monetary policy, Private sector, Central banking industry |
| 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. [ABSTRACT FROM AUTHOR] |
| Copyright of Journal of Economic Education is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.) | |
| Database: | Education Research Complete |
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| Header | DbId: ehh DbLabel: Education Research Complete An: 136642253 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 0 |
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| Items | – Name: Title Label: Title Group: Ti Data: A classroom experiment in monetary policy. – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Duffy%2C+John%22">Duffy, John</searchLink><relatesTo>1</relatesTo><br /><searchLink fieldCode="AR" term="%22Jenkins%2C+Brian+C%2E%22">Jenkins, Brian C.</searchLink><relatesTo>1</relatesTo><i> bcjenkin@uci.edu</i> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Journal+of+Economic+Education%22">Journal of Economic Education</searchLink>. Apr-Jun2019, Vol. 50 Issue 2, p89-107. 19p. 2 Charts, 7 Graphs. – Name: Subject Label: Subject Terms Group: Su Data: *<searchLink fieldCode="DE" term="%22Macroeconomics+education%22">Macroeconomics education</searchLink><br />*<searchLink fieldCode="DE" term="%22Economics+education%22">Economics education</searchLink><br /><searchLink fieldCode="DE" term="%22Monetary+policy%22">Monetary policy</searchLink><br /><searchLink fieldCode="DE" term="%22Private+sector%22">Private sector</searchLink><br /><searchLink fieldCode="DE" term="%22Central+banking+industry%22">Central banking industry</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: 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. [ABSTRACT FROM AUTHOR] – Name: AbstractSuppliedCopyright Label: Group: Ab Data: <i>Copyright of Journal of Economic Education is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.) |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=ehh&AN=136642253 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1080/00220485.2019.1583148 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 19 StartPage: 89 Subjects: – SubjectFull: Macroeconomics education Type: general – SubjectFull: Economics education Type: general – SubjectFull: Monetary policy Type: general – SubjectFull: Private sector Type: general – SubjectFull: Central banking industry Type: general Titles: – TitleFull: A classroom experiment in monetary policy. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Duffy, John – PersonEntity: Name: NameFull: Jenkins, Brian C. IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 04 Text: Apr-Jun2019 Type: published Y: 2019 Identifiers: – Type: issn-print Value: 00220485 Numbering: – Type: volume Value: 50 – Type: issue Value: 2 Titles: – TitleFull: Journal of Economic Education Type: main |
| ResultId | 1 |
