Cashless Economies, Data Analysis, and Research-Based Teaching: The Versatility of the Velocity of Money for Teaching Macroeconomics (2020)
Simple concepts such as the velocity of money can be powerful tools to stimulate classroom discussions about complex issues in macroeconomics classes. For example, are cashless societies likely or is monetary policy likely to be effective? Such concepts are also ideal for in-class data analysis and for research-based teaching. The velocity of money for example only requires values from three commonly available variables, a simple calculation, and can be analysed by plotting it on a graph. In this paper we provide a summary of the velocity of money, what affects it, and illustrate these with two fascinating cases. We also provide two assignments, including how to create data sets, along with grading rubrics. Finally, we discuss experiences from an assignment we set our class.
CitationGunby P, Hickson S (2020). Cashless Economies, Data Analysis, and Research-Based Teaching: The Versatility of the Velocity of Money for Teaching Macroeconomics. 1-39.
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KeywordsTeaching Macroeconomics; velocity of money; cashless society; data analysis; FRED; undergraduate research
ANZSRC Fields of Research38 - Economics::3801 - Applied economics::380112 - Macroeconomics (incl. monetary and fiscal theory)
RightsAll rights reserved unless otherwise stated
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