The Federal Reserve (the Fed), the central bank of the United States, has a Congressional mandate to promote maximum employment and price stability. While those goals were articulated in 1977, the approach and tools used to implement those objectives have changed over time

The aim of our contribution is to present an innovative instrument to teach macroeconomics at the undergraduate and master level. We develop a digital learning platform to present and explore some controversies at the very foundations of macroeconomic theory. For this purpose, we explicitly...

This paper presents an analysis of fiscal and monetary policies in the IS/LM model that relies only on simple reductio ad absurdum arguments. It is done in a version of the IS/LM model which is rather general, without using differential calculus or linear algebra

In this paper, we present a novel framework for macroeconomic analysis, which tries to incorporate recent theoretical developments into a model describing an open economy. The model includes a monetary policy rule instead of the LM function together with an aggregate supply function derived from...

We describe the interactive Fed Chairman Game available on the San Francisco Federal Reserve's website. We describe how the game can be used in a principles of macroeconomics class and provide an assignment to go along with it. Also, we discuss an assignment that can be used to adapt the game...

Despite the transparency and independent operations of the central bank, the costly disinflation in the early nineties and the apparent lack of contemporaneous correlation between inflation and unemployment in the subsequent periods brings into question the validity of the Phillips curve...

Even if the IS-LM model is one of the backbones in the Keynesian economics, its explanation in textbooks has a few conceptual as well as expressional errors. Take the demand for money (Md) for example. Almost all textbook authors, including Keynes himself, explain that Md increases as the...