{"id":2672,"date":"2011-11-18T17:21:55","date_gmt":"2011-11-18T22:21:55","guid":{"rendered":"http:\/\/www.multiplier-effect.org\/?p=2672"},"modified":"2011-11-21T11:45:10","modified_gmt":"2011-11-21T16:45:10","slug":"the-ecbs-miserable-online-game","status":"publish","type":"post","link":"https:\/\/blogs.bard.edu\/multiplier-effect\/the-ecbs-miserable-online-game\/","title":{"rendered":"A Miserable but Revealing Online Game"},"content":{"rendered":"<p>The European Central Bank has finally responded to overwhelming public demand and created an online game, <a href=\"http:\/\/www.ecb.int\/ecb\/educational\/economia\/html\/index.en.html\">\u20acconomia<\/a>, in which you get to direct monetary policy for the eurozone.\u00a0 The game appears to reward achievement in a distressingly instructive manner.\u00a0 According to <a href=\"http:\/\/thinkprogress.org\/yglesias\/2011\/11\/18\/372102\/economia-the-game-of-terrible-monetary-policy-lessons\/?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+matthewyglesias+%28Matthew+Yglesias%29\">Matt Yglesias<\/a>:<\/p>\n<blockquote><p>&#8230;they grade you on the basis of a pure inflation targeting regime asymmetrically centered at 2 percent. I played a round in which inflation averaged -0.25% and we had a continent-wide depression in which output fell for twelve straight quarters. They gave me 2 stars out of four. I also ran a game in which inflation average[d] 4.16% and we had zero quarters of recession. They gave me zero stars <em>even though in the higher inflation scenario I was closer to the 2% target!<\/em><\/p><\/blockquote>\n<p>So now you can wreck the European economy over the weekend.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The European Central Bank has finally responded to overwhelming public demand and created an online game, \u20acconomia, in which you get to direct monetary policy for the eurozone.\u00a0 The game appears to reward achievement in a distressingly instructive manner.\u00a0 According to Matt Yglesias: &#8230;they grade you on the basis of a pure inflation targeting regime [&hellip;]<\/p>\n","protected":false},"author":202,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40],"tags":[121],"class_list":["post-2672","post","type-post","status-publish","format-standard","hentry","category-monetary-policy","tag-ecb"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/users\/202"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/comments?post=2672"}],"version-history":[{"count":12,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2672\/revisions"}],"predecessor-version":[{"id":2681,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/posts\/2672\/revisions\/2681"}],"wp:attachment":[{"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/media?parent=2672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/categories?post=2672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.bard.edu\/multiplier-effect\/wp-json\/wp\/v2\/tags?post=2672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}