In these videos, Dr. Glenn Rudebusch, Executive Vice President & Director of Economic Research at the Federal Reserve Bank of San Francisco, explains the economic model behind Chair the Fed: A monetary policy game.
- How has the game kept pace with changes in monetary policy?
- What economic model is used in the Chair the Fed game?
- In what ways is the game similar to the real world?
- In what ways is the game different than the real world?
- Why does the Fed watch both inflation and unemployment?
- Is the Fed’s goal to reach an unemployment rate of zero?
- Why isn’t a zero rate of inflation a good idea?
- How long before changes in the fed funds rate affect the economy?
- How do changes in the fed funds rate affect the economy?
- What is the appropriate level for the fed funds rate?
- How much should I change the fed funds rate in the game?
- What key economic concepts does the game teach?
- Is the fed funds rate the only monetary policy tool?
Dr. Glenn Rudebusch is Executive Vice President & Director of Economic Research at the Federal Reserve Bank of San Francisco assisting in the implementation of monetary policy. He has over 25 years of experience in the Federal Reserve System and is a world renowned expert on macroeconomics, finance, and monetary policy. Dr. Rudebusch often lectures at central banks and universities around the world on business-cycle dynamics and forecasting, monetary policy strategy, central bank communication policy, and macro-finance interest rate models. He holds a Bachelor’s degree in mathematics from Northwestern University and a Master’s and Ph.D. in economics from the University of Pennsylvania.