Fed up with the endless talk about interest rates and inflation? Think economic growth could be faster? Think you can do monetary policy better than Federal Reserve head Janet Yellen?
Then try “Chair the Fed,” a new online game that challenges your ability to manage an economy.
The game puts your hand on the interest rate lever and tests how effective you would be managing unemployment and inflation — and whether, as former Fed chair William McChesney Martin once said of the Fed’s central duty as a spoiler, you are ready to remove the punch bowl just as the party gets going.
The game was put online as a tool for economics and other students by the Fed’s San Francisco branch, available here.
“Our hope is that the ‘Chair the Fed’ game will inspire students of all ages to take an interest in monetary policy and its role in the US economy,” said Jody Hoff, director of education and outreach at the San Francisco Fed.
For hard-core gamers, the technology is ancient, but it gives a good idea of some of the challenges with the Fed’s mission.
As the newly appointed Fed chair, the player has to figure out if the momentum in inflation at, say, 2.3 percent, requires a pre-emptive rate increase, or how far to cut rates as joblessness edges above five percent.
As a rate decision is posed each quarter, you meanwhile are buffeted by alternating comforting and unnerving headlines: “Tight job market suggests more inflation ahead,” “Economy in contractionary spiral” or “Uncontrolled economic boom signals problems.”
The game gives you a Fed Chair’s normal four-year term to keep both joblessness and inflation stable, as is the Fed’s mandate.
When you fail — unemployment rockets to nine percent or deflation sets in — it delivers the humbling message: “Sorry. Because of disappointing economic results, you have not been reappointed.”
Britain’s Prince Harry and Meghan to give up royal titles — ‘the hardest #Megxit possible’
Britain's Prince Harry and his wife Meghan will give up their royal titles and public funding as part of a settlement with the Queen to start a new life away from the British monarchy.
The historic announcement from Buckingham Palace on Saturday follows more than a week of intense private talks aimed at managing the fallout of the globetrotting couple's shock resignation from front-line royal duties.
It means Queen Elizabeth II's grandson Harry and his American TV actress wife Meghan will stop using the titles "royal highness" -- the same fate that befell his late mother Princess Diana after her divorce from Prince Charles in 1996.
GOP senator tells home-state press that impeachment trial must be ‘viewed as fair’: report
Republican Sen. Lisa Murkowski (R-AK) spoke to local reporters on Saturday about her role in the upcoming Donald Trump impeachment trial.
Murkowski explained she would likely vote with Majority Leader Mitch McConnell (R-KY) on an initial vote on whether to allow witnesses. However, she left the door open to voting for witnesses after House impeachment managers make their opening case.
"I don't know what more we need until I have been given the base case," she said. "We will have that opportunity to say 'yes' or 'no' ... and if we say 'yes,' the floor is open."
Overall, Murkowski said it was important for the trial to been viewed as fair.
White House press secretary urged to do her job: ‘We don’t pay you to be a Twitter troll’
White House press secretary Stephanie Grisham was blasted on Saturday over the confusion resulting from her refusal to hold daily press briefings.
CNN senior media reporter Oliver Darcy was alarmed that Grisham's assistant, Hogan Gidley, was forcing reporters to refer to his remarks as coming from a "sources close to the President's legal team."
Darcy noted that Trump had repeatedly questioned the veracity of unnamed sources, making it problematic for Gidley to demand to be quoted as such.
Grisham responded to the criticism and asked Darcy to "stop with the righteous indignation.