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Cashless Economies, Data Analysis, and Research-Based Teaching: The Versatility of the Velocity of Money for Teaching Macroeconomics

Philip Gunby and Stephen Hickson ()
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Stephen Hickson: University of Canterbury,

Working Papers in Economics from University of Canterbury, Department of Economics and Finance

Abstract: 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.

Keywords: Teaching Macroeconomics; Velocity of Money; Cashless Society; Data Analysis; FRED; Undergraduate Research (search for similar items in EconPapers)
JEL-codes: A22 B22 E41 E42 E51 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2020-03-01
New Economics Papers: this item is included in nep-mac, nep-mon and nep-pke
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