Hike, hold or ease like Yellen

Think you can do manage the nation's monetary policy better than Federal Reserve Chair Janet Yellen?

Well here's your chance, thanks to the folks at the San Francisco Federal Reserve, with the launch of an interactive policy game called "Chair the Fed," that aims to give players an inkling of what monetary policy makers face in the real world.

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The game allows you to virtually see how you would be at managing inflation and unemployment over 16 quarters, which is the duration of a Fed Chairman's tenure.

Players who are unable to maintain strong economic conditions are not reappointed for a second term.

Dr. Glenn Rudebusch, director of economic research at the San Francisco Federal Reserve, said the simulation "sort of" matches how monetary policy is set in the real world.

"Policymakers at the Fed control a key short-term interest rate called the fed funds rate. Their job in real life, and yours in the game, is to keep the economy on track by adjusting the level of this interest rate," said Rudebusch.

Because the game only considers three variables, unemployment, inflation and the fed funds rate, it does not take into consideration thousands of bits of other economic data Fed members look at every single day.

"In real life, things are a lot more complicated," said Rudebusch. "But taking charge of monetary policy in this game will give you a sense of how Fed policymakers think about these connections".

CNBC's Jackson Burke, Prashant Patel and Jackson Burke contributed to this article