Alternatives and Supplements: Fun on the
Internet
(For an explanation of what this page is all about, read
the explanation at the bottom.)
Monetary History
An official from the Bank of Canada explains how floating
and fixed exchange rates have influenced Canadian monetary
policy:
http://www.bankofcanada.ca/en/speeches/2005/sp05-8.html
Paul Krugman examines the conflict between those who
wanted fixed exchange rates and those who favored floating
rates:
http://www.econlib.org/library/Enc/ExchangeRates.html
The Federal Reserve Bank of Minneapolis explains the
real-bills doctrine as a sidebar to an interview with Alan
Meltzer (which is somewhat long but worth reading):
http://minneapolisfed.org/pubs/region/03-09/bills.cfm
The Federal Reserve Bank of Richmond has a article on the
life and contributions of William McChesney Martin, who
dominated the Federal Reserve during the 1950s and
1960s:
http://www.richmondfed.org/publications/economic_research/the_fiftieth_anniversary_of_the_treasury-federal_reserve_accord/biographies/martin.cfm
The Federal Reserve Bank of New York explains Federal
Funds:
http://www.newyorkfed.org/aboutthefed/fedpoint/fed15.html
I have not yet found an appropriate entry for this topic.
Until I do, here is a game or simulation in which you get to
set monetary policy in a fictional economy:
http://www.frbsf.org/education/activities/chairman/
One of the most discussed policy rules currently is the
Taylor rule, which is ignored in CyberEconomics. The
Federal Reserve Bank of San Francisco explains what the
Taylor rule is:
http://www.frbsf.org/education/activities/drecon/9803.html
The article, "Fed Power Tied To Policy Credibility,"
appeared in Forbes magazine:
http://www.forbes.com/business/2006/09/19/us-federal-reserve-biz-cx_0920oxford.html
The late James Tobin, one of America's premier
Keynesians, writes about monetary policy in The Concise
Encyclopedia of Economics:
http://www.econlib.org/LIBRARY/Enc/MonetaryPolicy.html
These links were checked on May 27, 2007
CyberEconomics arose from my dissatisfaction of the
standard college economics textbook of the 1960s and 1970. I
set out to write a book that would reflect a different way
of organizing the course, a way that I thought better
reflected the state of economics in the 1970s and 1980s than
what I saw in the textbooks. In the years since, other
authors have moved towards my organization, and on some
topics they have moved past me.
A few years ago I began to question the need for any
economics textbook, even mine. With the new technology of
the internet, could the textbook as we know it be obsolete?
What would a textbook look like if it were composed of bits
and pieces that could be assembled from the internet? In the
summer of 2007, I decided to find out by composing such a
textbook, and this page and the pages like it are the
result. However, in making this alternative textbook, I kept
the same structure that exists in CyberEconomics. If
I were really serious about getting rid of the textbook, I
would want a different organization, one that dropped many
of the topics from the traditional textbook and went into
more depth on a few key remaining ideas. But the cost of
that project is too high, given my time, abilities, and
alternative opportunities.
I am moderately satisfied with the results. In many cases
finding readings that were roughly compatible with topics
and coverage of the chapter was difficult. I used a lot of
entries from Wikipedia because they seemed better
than the alternatives I could find in the limited time given
to this endeavor. I found Wikipedia an uneven source:
some articles are very good, others are overly technical,
and a few are a mess. I also used many entries from The
Concise Encyclopedia of Economics even though in many
cases they were longer and more detailed that what I really
wanted. The temptation to link to the work of the many great
economists who have written for The Concise Encyclopedia
of Economics was just too great.
Even though this first (summer 2007) version leaves much
to be desired, with feedback future editions might develop
into something much better. I am especially interested in
relatively short readings that have stable urls. Newspaper
articles sometimes have stories that illustrate economic
concepts in entertaining ways, but finding them is very time
consuming, and often they do not have lasting urls. If you
have suggestions of sites that are informative,
entertaining, and/or interactive, send them to me at schenk
at saintjoe.edu.
The reason these sections are called "Alternatives and
Supplements" is that they can serve not only as alternative
readings, but they can also be used to explore the topics in
more depth or from another point of view. I really do not
want to make my text obsolete: I am hoping that this new
feature will make it more useful, not less useful.
 
Copyright
Robert Schenk
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