We’re not sure what we think of this.
The San Francisco Fed has put up an online video game that lets you test your monetary prowess. Basically, you get to change the interest rate and see what happens to inflation and unemployment. It seems designed to prove that monetary policy is hard.
One thing we immediately noticed, however, is that there are no asset class bubbles in the game. All you have to worry about is inflation and unemployment. Based on recent history, shouldn’t we know by now that this is not a good way to make monetary policy?
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