Does Active Learning Improve Student Performance? Results of a Quantity Theory Game

Holleran, Philip M.; Taylor, Barbara; Santopietro, George D.

doi:10.2139/ssrn.951244

Cited by 2 publications

(1 citation statement)

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“…While Hazlett (1999) presents a game that includes several teaching points about real and nominal values (including GDP), this game has a focus on inflation and uncertainty and does not lend itself to explaining GDP and the GDP deflator. While real and nominal values are also at the core of the game proposed by Holleran, Taylor, and Santopietro (2006), the game is more focused on the money-inflation relationship than on GDP. Finally, O'Sullivan and Steven (1998) provide another GDP-related game, but in the game the GDP is focused on a production function approach, and the game deals extensively with costs and profits and thus, it is not a good starting point to discuss the GDP and GDP deflator.…”

Section: Literature Reviewmentioning

confidence: 99%

The Candy Price Index and the Gumball Domestic Product

Ruediger

Batova

2020

jeconteach

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The "Candy Price Index" by Hazlett and Hill (2003) introduces students to the biases of the Consumer Price Index (CPI). This paper extends their assignment to also calculate real wages, real interest rates, real and nominal Gross Domestic Product (GDP), and the GDP deflator. Thus, it is well suited to complete the sequence of classes on measuring macroeconomic activity. In addition, the assignment provides insight into the differences between the GDP deflator and the CPI that result from their equations and not the basket of goods. Thus, this activity is a worthwhile starting point to discuss the differences between the CPI and GDP deflator.

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Section: Literature Reviewmentioning

confidence: 99%