ttp://sffed-education.org/chairthefed/default.html
The link above will take you to the \”Fed Chairman Game.\” In this game, you are appointed as the Chair of the Board of Governors of the Federal Reserve by the President in order to implement monetary policy. The game will take you through a simulated economy and allow you to control the federal funds (interest) rate in pursuit of full employment and of price stability. The object of the game is to get appointed for another term. Read the game\’s instructions, and play at least two rounds of the game.
After playing, write a paper reflecting on the simulation and describing your experience (250 word minimum). Include the following items in your reflection paper:
1. Using the concepts you\’ve been studying, describe how the game shows the use of monetary policy?
2.How can unforeseen circumstances effect the economy? Give examples.
3.How does the Fed react to these circumstances? Did you get re-appointed? Why or why not?
Please write and submit this reflection as a doc or docx attachment using the submission link, which is the link for the assignment title above.
Tips: the concepts you\’ve been studying, describe how the game shows the use of monetary policy?
What is monetary policy? What is it trying to do? How does the game show this? How does the game NOT simulate the real thing? Try to analyze and illustrate but avoid a simple play-by-play description of your actions. Analyze and evaluate your actions instead.
How can unforeseen circumstances effect the economy? Give examples.
Tell us examples that you dealt with in the simulation; tell us examples from news of the real world, too. What do these examples do to the money supply?
How does the Fed react to these circumstances? Did you get re-appointed? Why or why not?
How does the Fed really react using all its actual tools for monetary policy, not just those in the game? If you had all the Fed\’s tools, what would you have done?
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