You are a Federal Reserve policymaker. Over eight FOMC meetings, set interest rates, respond to economic shocks, navigate the dual mandate, and defend your decisions to the press.
This game is not affiliated with or endorsed by the Federal Reserve System, the Federal Open Market Committee, or any Federal Reserve Bank. It is an educational simulation only.
About the Game
What is this?
Hawks & Doves is an educational strategy game designed to help students understand how the Federal Reserve makes monetary policy decisions. The name comes from a longstanding tradition in economics: Fed policymakers who prioritize fighting inflation are called hawks, while those who prioritize supporting employment and growth are called doves.
What will I learn?
By playing, you'll develop intuition for the Fed's dual mandate, how interest rates affect inflation and unemployment, and why monetary policy involves difficult tradeoffs. You'll also experience how central banks manage public communication — what the Fed says to the press can move markets almost as much as the decisions themselves.
How realistic is it?
The game uses a simplified economic model. Real monetary policy involves far more complex models and uncertainty. Think of it as a flight simulator — not a real plane, but good for learning the basics.
In the classroom
Hawks & Doves is designed for high school economics students and college students in introductory macroeconomics courses. It works well as an in-class activity, a homework assignment, or a discussion starter — students can compare their final scores and talk through the tradeoffs they faced.
It pairs especially well with the Federal Reserve's own Take a Seat at the Table: FOMC Simulation lesson plans, which walk students through the real FOMC process in greater depth.
Questions, feedback, and support
If you have any questions or feedback, don't hesitate to reach out at info@hawksdovesgame.com. I'd love to hear from you.
If you'd like to support this work, please buy me a coffee.
Disclaimer & privacy policy
This game is not affiliated with, endorsed by, or connected to the Federal Reserve System, the FOMC, or any Federal Reserve Bank. All characters and scenarios are fictional and for educational purposes only.
Privacy Policy
Last updated: June 2026
What we collect
Hawks & Doves uses Google Analytics (via Google Tag Manager) to collect anonymous usage data, including pages visited, game actions taken (such as rate decisions and scores), session duration, and general location (country/region). This data helps us understand how the game is used and improve the experience.
We do not collect your name, email address, or any information that directly identifies you.
Cookies
Google Analytics uses cookies to distinguish users and sessions. These are standard analytics cookies. No login or account is required to play, and we do not use cookies for advertising or tracking across other websites.
Third parties
Usage data is processed by Google LLC under their Privacy Policy. We do not sell or share your data with any other third parties.
Children
This game is intended for educational use, including by students under 18. We do not knowingly collect personal information from children. The analytics data we collect is anonymous and aggregated.
Your choices
If you prefer not to be tracked by Google Analytics, you can use a browser extension such as the Google Analytics Opt-out Add-on.
Contact
Questions about this policy? Reach us at info@hawksdovesgame.com.
How to Play
Your Goal
Keep inflation near 2% and unemployment stable over 8 FOMC meetings. After each vote, face the press. Spiral into runaway inflation or a recession and you'll lose your mandate.
Key Terms
Federal Funds Rate: The interest rate banks charge each other for short-term loans. When the Fed raises this, borrowing costs rise across the economy — slowing spending and reducing inflation.
PCE Inflation: The Fed's preferred measure of how fast prices are rising. The target is 2% per year.
Unemployment Rate: The share of people who want a job but can't find one. Around 4% is considered healthy.
GDP Growth: How fast the economy is growing. Below 0% means it's shrinking — a recession.
Hawk 🦅: A policymaker who prioritizes controlling inflation, even if it hurts the labor market.
Dove 🕊️: A policymaker who prioritizes keeping unemployment low, even if prices rise a bit faster.
Basis Points (bps): A small unit for measuring interest rate changes. 25 bps = 0.25%.
FOMC: The Federal Open Market Committee — the group within the Fed that votes on interest rate decisions. It meets eight times a year and includes the Board of Governors and regional Reserve Bank presidents.
The Dual Mandate
Congress gave the Fed two jobs: stable prices (≈2% inflation) and maximum employment. These sometimes conflict: raising rates can help fight inflation but can hurt the labor market. Balancing both is the challenge. Learn more about the Federal Reserve.
Choose Your Mode
Solo Play
You're the Fed Chair. Fellow committee members share their perspectives before you decide.
Multiplayer
2–5 players. Each chooses a Reserve Bank and votes independently.