Sim Fed Chairman

The Federal Reserve Bank of San Francisco has released a simulator that challenges you to be the Chair of the Federal Reserve and "achieve full employment and low inflation."

The game is more interesting for what it says about economic orthodoxy than how it reflects reality. All simulations exclude some nuance and complexity, but this one rules out exogenous shocks, and acts as though there's a deterministic, linear relationship between interest rates, investment, inflation and employment.

Still, it's good fun to play, and, with the right critical framing, would be a useful way to teach about monetarism and the Federal Reserve system.

Chair the Fed: A monetary policy game [Federal Reserve Bank of San Francisco]

(via 4 Short Links)