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A Classroom Experiment in Monetary Policy

This repository contains software and instructions for running the experiments in the article A Classroom Experiment in Monetary Policy by John Duffy and Brian C Jenkins. Also included are sample homework questions to complement the in-class experiment.

Instructions for running monetary policy game

  1. Install the z-Tree program, ztree.exe on a web server. Install zleaf.exe on client workstations. Both executables are available in the zTree directory in this repository or from the z-Tree website: Connect to the z-Tree webserver using zleaf.exe client.
  2. Run ztree.exe and check that enough clients are connected. Then open and run the monetary policy game, the .ztt file.
  3. The program is currently set up for 10 clients, 2 groups of 5. These choices can be easily modified by doubleclicking on the background tab in z-Tree and changing the number of players and groups.
  4. The policy regime can be changed under the background tab as well, by changing the value for lambda in the "Setting Global Parameters" table of the program. For further assistance, contact John Duffy, UC Irvine,

Files for running experiments

For the experiments in our paper, we provide z-Tree programs for running the experiments and instructions for subjects in MS Word format. Find these in the Experiments directory of this repository. Experiment versions include:

  1. Central bank with a dual mandate
  2. Central bank with an inflation target
  3. Inflation target or dual mandate with normally-distributed shocks
  4. Central bank following a Taylor rule + Phillips curve with lagged inflation + normal shocks

Each experiment requires groups of five participants except for the Taylor rule experiment, which requires groups of four since the central bank is automated.


  1. A set of sample problems designed to complement the in-class experiment and help the students to better-understand the underlying theoretical framework.
  2. Example Excel files for computing the rational expectations equilibrium using given demand shocks.
    1. SampleSpreadsheet_Blank.xlsx: Example of file to be given to students without formulas.
    2. SampleSpreadsheet_Complete.xlsx: Example of what students are to compute.


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