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
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. |