Macro Policy Workshop
| Group activity: “Macro Policy Workshop“, March 2018 and complete the Macro Policy Workshop Form. |
There is a Harvard simulation called Econland that I haven’t used yet, but intend to do so.
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Macroeconomics Simulation: Econland, by Tim Rogmans, Harvard Business School
Prerequisites: See my video on Macro Policy [Macro Policy flashcard] and take this follow up quiz.
Recommended reading:
- Memo to the Biden administration on priorities for the US Treasury, by Larry Summers, November 10th 2020
- Does government debt matter any more?, by Philip Coggan, Prospect Magazine, May 3rd 2021
Recommended audio:
- How the Phillips Curve shaped macroeconomics, Planet Money, September 8th 2023
Consider the following quote from Chari, Anusha, Peter Blair Henry, and Hector Reyes. 2021. “The Baker Hypothesis: Stabilization, Structural Reforms, and Economic Growth.” Journal of Economic Perspectives, 35 (3): 83–108:
Macroeconomic stability and economic efficiency are not sufficient conditions for a flourishing society, but they are absolutely necessary for sustainable and inclusive growth that allows an increasing fraction of a country’s population to have choices and opportunity. The hard-won economic successes of the past three decades underscore the benefits of policymakers finding the will and the ways to meaningfully and constructively address the prospect of continued catch-up growth by emerging and developing economies.
If you think you could have done a better job than Mervyn King at leading the Bank of England through the global financial crisis, see my role-playing app
- Download via http://www.financialcrisisapp.com/
The concepts discussed in this section should help students to understand the rationale for Georgia’s “Law on Economic Freedom”, which limited the government to the following (see Lawson and Powell, 2019, p. 114):
- Annual budget deficit of no more than 3% of GDP
- National debt of no more than 60% of GDP
- Annual government spending of no more than 60% of GDP
- No new tax without voter approval
Instructor Resource:
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| Learning Objectives: Test understanding and utilisation of important macro concepts.
Focus on diversity: In 2014 Janet Yellen became the first female chair of the Federal Reserve. In 2020 she was widely tipped to become the first female U.S. Treasury secretary. This would mean that she’s occupied the twin positions of being in charge of monetary and fiscal policy. You can learn more about her here. |