This game is not affiliated with, endorsed by, or connected to the Federal Reserve System, the Federal Open Market Committee, or any Federal Reserve Bank. It is an educational simulation only.
Hawks & Doves is an educational strategy game designed to help students understand how the Federal Reserve makes monetary policy decisions.
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.
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.
If you have any questions or feedback, don't hesitate to reach out at info@hawksdovesgame.com. We'd love to hear from you.
If you'd like to support this work, please buy us a coffee.
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.
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.
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 means slower hiring.
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%.
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.
You're the Fed Chair. Fellow committee members share their perspectives before you decide.
2–5 players. Each chooses a Reserve Bank and votes independently.