This article describes the value added by a stock-and-flow feedback diagram to text-only instruction in macroeconomics. The experiment was motivated by a prior study in which the use of graphs to teach macroeconomics was no more effective than verbal instruction alone. Here, in contrast,...

This paper estimates a New Keynesian model with new and old behavioral elements. Agents in the model exhibit cognitive discounting, or myopia: they discount variables far into the future at higher rates than typically implied in the benchmark model. We investigate the model under different...

We develop a dynamic learning model to study money adoption. Agents own an asset that can potentially serve as money. The asset steadily generates stochastic dividends which can be positive or negative. Agents gradually learn about the distribution of dividends and based on the learning outcomes...

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...

The Federal Reserve has become a Supra-National Central Bank with Monetary Policy Effects on foreign equity markets that exceed the host country’s domestic central bank policy. In this paper we utilize macroeconomic data to demonstrate an outsized effect on domestic equity markets by Federal...

The New Keynesian model with rational expectations unrealistically predicts that unanticipated credible changes in the inflation target lead to an immediate jump in the inflation level while the output gap is unaffected. We set up a theoretical model where agents learn the behaviour of the...

We study the consequences of campaign finance disclosure laws in a model of informative campaign finance. Campaign spending can affect electoral outcomes and also signal policy information to politicians. Under mandatory disclosure donors may engage in spending that runs counter to their...