In my intermediate macroeconomics course, the final project is a simulation of an FOMC meeting where members of the class play the roles of Fed officials. They did exceptionally well. The presentations and discussion were excellent.
My class voted 9 to 7 to cut by another quarter point. (The 7 wanting to hold rates steady)
As far as I can remember, my class has never been wrong, and also as far as I can remember, when the class predicts dissent, there usually, if not always, is (though never as much in the real vote).
It's an unscientific indicator, to be sure. But it is very rewarding to see the students take it so seriously and really learn about how the Fed works.
The real meeting, of course, is tomorrow. More on that later.
Was wondering if you could give me any more details on your simulation? I am an HS econ teacher that would love doing something like this.
Thanks,
Doug
Hi Doug,
Your comment was moderated due to the age of the post, just so you know. My Fed simulation is similar to what students do for the Fed Challenge. You can read about the Fed Challenge here.
http://www.federalreserveeducation.org/teachers/FedChallenge/fedChallenge_calendar.htm
I have been the adviser for the college Fed Challenge team here at WIU and have judged at the high school level for the 7th district.
My guide for starting to do a Fed simulation in class (prior to getting involved with the Fed Challenge) was this paper by Scott Simkins of North Carolina A&T
http://4x4-cmc.ucs.indiana.edu/jee/JeeArticleSearch_VOpenFile.cfm?serverFilePath=D%3A\Inetpub\wwwroot\JEE\pdffiles\summer99\simkins.pdf
If that link doesn't work, go to the Journal of Economic Education, summer 1999.
Good luck! I've had a lot of fun with it over the years, and my students have too.