How would it feel to be in control of the monetary policy for a country? To get a feel for the options and limitations of monetary policy, play the Chair the Fed (), in which you act out the role of a fictitious central bank by implementing monetary policy in a simple virtual economy. After playing the game, answer the following questions: Write a brief summary of your experience. What did you learn about the dynamics of monetary policy from playing the game? In other words, what is the relationship between the federal funds rate, inflation, and the unemployment rate? How does the Fed′s monetary policy affect you in your daily life?