Learn Lots Of Things While Having Fun -Banking Simulation Games

Games are part of the newly developed field of education, focused on advanced technology and entertainment elements. Because of their ability to increase visualizations and challenge the student's imagination, they were seen as good supplements to help the learning processes. They can improve education and training programs and initiatives considerably. A computer game is introduced that places the player in the shoes of the governor of the central bank. The game is a stochastic simulation of a typical reduced form macro model, and the player interacts with the banking  business simulation game by controlling the interest rate. 

To add on, the banking simulation game was designed with two goals in mind: First, the game provides a simulation of the monetary authority's decision problem which is quite realistic in many respects. The consumer will agree on the correct interest rate based on very limited information which is not perfectly reliable. The shocks that reach the economy cannot be measured by the user and must seek to infer them from the time series available to him. Their decisions communicate in complicated ways with a simulated virtual economy, and the consequences of these decisions are mostly only apparent with a significant lag, much as they are in a real economy. Second: the best business banking simulator game offers an alternative to the normal curve-shifting exercises that we normally do in the process of beginning economics. Instead of examining the consequences of shocks and policy interventions in a comparative static way, the consumer faces a constant flow of shocks and observes the complexity of their policy decisions over time. The stochastic simulator can be a valuable complement to the traditional teaching method by offering a different view. 

Moving forward, the banking simulator game is quite versatile because people can customize several aspects of the simulation model. But sadly, there are also significant limitations to the game. Firstly, it cannot respond to systemic fiscal policy. As such, the model cannot be analyzed for any relationship between fiscal and monetary policy. Second, it closes the virtual economy of MoPoS. No foreign linkages or volatile fluctuations in exchange rates make life difficult for the monetary policymaker. Banking simulator games are not meant to replace a monetary policy analysis along more traditional lines. It is a compliment, not a replacement. It offers a hands-on understanding of the issue of monetary policy decision-making. But the biggest advantage, at the same time, is that students can learn and have fun.

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Created on Mar 16th 2020 07:25. Viewed 258 times.

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