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Instituting a Monetary Economy in a Semester-Long Macroeconomics Course

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  • Victor J. Valcarcel

Abstract

The author provides a general model to incentivize student involvement in an economics course on an ongoing basis. Rather than presenting students with a discrete number of diverse experiments to illustrate different economic concepts, he opts for the adoption of a single experiment that lives for the duration of the semester. This approach provides the flexibility to illustrate a substantial number of concepts while forgoing some of the more in-depth analysis typically afforded by more traditional one-day experiments. By instituting an experimental unit of currency that takes on value throughout the semester, many concepts related, but not exclusive, to income, redistribution, intertemporal substitution, and banking can be reinforced with minimal loss of lecture time due to setup and rule exposition.

Suggested Citation

  • Victor J. Valcarcel, 2013. "Instituting a Monetary Economy in a Semester-Long Macroeconomics Course," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(2), pages 129-141, June.
    • Handle: RePEc:taf:jeduce:v:44:y:2013:i:2:p:129-141
    DOI: 10.1080/00220485.2013.770337
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    References listed on IDEAS

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    1. William E. Becker & Michael Watts, 2001. "Teaching Economics at the Start of the 21st Century: Still Chalk-and-Talk," American Economic Review, American Economic Association, vol. 91(2), pages 446-451, May.
    2. William E. Becker, 2000. "Teaching Economics in the 21st Century," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 109-119, Winter.
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