General

Re: Fed Chairman Game

Rcder — Thu, 26 May 2011 12:40:40 GMT

I got unemployment to 19%. I guess we need the Federal Reserve after all!

The lesson I've learned from this exercise is that without the Federal Reserve, America is doomed to either massive unemployment or massive inflation. Thanks, poorly-constructed Flash game! Without you, I'd still be an Austrian jumping at shadows on a cave wall.

Re: Fed Chairman Game

Tony Fernandez — Thu, 26 May 2011 04:24:58 GMT

I got unemployment to 19%. I guess we need the Federal Reserve after all!

Re: Fed Chairman Game

Rcder — Thu, 26 May 2011 03:08:09 GMT

Actually, raising the FFR to such heights effectively neutralizes monetary policy. It's like setting minimum wage to $0.01/hour.

Do you have any links that flesh this out in greater detail?

Re: Fed Chairman Game

Caley McKibbin — Thu, 26 May 2011 02:23:28 GMT

Interest rates above market equilibrium have just as much of an effect in creating intertemporal discoordination and maluse of capital as do those below market rate. As such, the mass unemployment and deflationary concerns of the fed game are justified, even in the context of standard rothbardian/hayekian analysis.

Actually, raising the FFR to such heights effectively neutralizes monetary policy. It's like setting minimum wage to $0.01/hour.

Re: Fed Chairman Game

aervew — Thu, 26 May 2011 02:18:03 GMT

I set the FFR at 19%. I got sacked in the end of the game for causing deflation and mass unemployment.

Interest rates above market equilibrium have just as much of an effect in creating intertemporal discoordination and maluse of capital as do those below market rate. As such, the mass unemployment and deflationary concerns of the fed game are justified, even in the context of standard rothbardian/hayekian analysis.

Re: Fed Chairman Game

Michelangelo — Thu, 26 May 2011 00:57:17 GMT

I set the FFR at 19%. I got sacked in the end of the game for causing deflation and mass unemployment.

Re: Fed Chairman Game

auctionguy10 — Wed, 25 May 2011 20:09:48 GMT

lol I kept the rate steady at 13%, inflation eventually went to zero but at the same time but I kept seeing newspapers that said "Oil prices rising! Jobs vanish as inflation lowers!" and unemployment is at 9%. Aren't oil prices rising with unemployment at 9% or higher right now in reality?

Re: Fed Chairman Game

Caley McKibbin — Wed, 25 May 2011 19:59:06 GMT

I was hoping it would be Whack-a-Bernanke.

Re: Fed Chairman Game

CrazyCoot — Wed, 25 May 2011 10:08:54 GMT

Oh my God, these people are morons. This game was funny at first, but now it's just depressing. I set the FFR at 0% at apparently imports are being hurt by a strong dollar. And when I set the FFR at around 8% and inflation was - 3% the economy was apparently shrinking.

Re: Fed Chairman Game

CrazyCoot — Wed, 25 May 2011 10:05:34 GMT

Deflation!!! Oh Noes!!!

Fed Chairman Game

Gero — Wed, 25 May 2011 08:24:20 GMT

The following “educational” interactive game is provided by the Federal Reserve Bank of San Francisco: Fed Chairman Game.