Abstract

In this article, the authors describe a classroom experiment on exchange rates appropriate for undergraduate courses in macroeconomics, international economics, and money and banking. Student teams compete by managing virtual portfolios of six foreign currencies over a period of several weeks. Trading requires a few minutes in class. Students gain an understanding of currency movements, financial risk, and portfolio management. The experiment allows for a test of the efficient markets hypothesis. A single class spreadsheet is used to record the history of trades and portfolio balances, assist in formulation of team strategy, and provide the raw data for students to analyze their performance in an end-of-semester reflection paper. Sample outcomes from classes in money and banking and international economics are discussed.

摘要

在本文中，作者描述了一种适用于宏观经济学，国际经济学以及货币与银行学本科课程汇率的课堂实验。学生团队通过在几周内管理六种外币的虚拟投资组合来竞争。交易需要上课几分钟。学生将了解货币走势，金融风险和投资组合管理。该实验允许对有效市场假设进行检验。单个班级的电子表格用于记录交易和投资组合余额的历史记录，协助制定团队策略，并提供原始数据供学生在学期末的反思论文中分析其表现。讨论了货币，银行和国际经济学课程的样本结果。