1997•Economic InquiryRequires access

TEACHING TOOLS: SIMULATING MONEY SUPPLY CREATION IN CLASS

Norman Cameron

Abstract

Students in introductory economics or intermediate macroeconomics can learn and experience the process of creating money through an interactive simulation in which students play the roles of bankers, loan customers, and business firms. The simple version of this simulation is easy to set up, though many instructors will find the more structured version worth the additional setup cost. During the structured simulation, students encounter other macroeconomic concepts such as the marginal efficiency of investment curve, and broad versus narrow money. This simulation offers some experiential learning and adds variety to a macroeconomics course. (JEL A22)

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Key concepts: Experiential learning, Economics, Loan, Class (philosophy), Variety (cybernetics), Set (abstract data type), Investment (military), Process (computing)