Active learning with FRED data

Abstract

In this article, the author describes the practice of active learning with Federal Reserve Economic Data (FRED). First, he outlines the broad intellectual context of learning with and about economic data, summarizing the recent scholarly contributions made to the topic. Next, the author presents several strategies for teaching with FRED in the classroom. Following that, he describes a type of interactive instructional resource called FRED Interactive (FRED-I) modules, accessible through econlowdown.org, the online repository of multimedia teaching and learning resources produced and curated by the Federal Reserve Bank of St. Louis. The author then illustrates the use of these modules in hybrid classrooms through several examples. He concludes by presenting potential lines of research on the topic of active learning with data.

Keywords:

• Active learning
• data
• Federal Reserve Bank of St. Louis
• FRED

JEL Codes:

• A20
• A22

Notes

1 The National Academies of Sciences, Engineering, and Medicine define inquiry-based learning as the process by which students learn science by engaging in many of the same activities and thinking processes employed by scientists. See https://www.nap.edu/read/9596/chapter/2.

2 In the International Encyclopedia of the Social & Behavioral Sciences, situated learning is defined as a situational context for learning that strongly resembles realistic and relevant application situations. See https://www.sciencedirect.com/science/article/pii/B0080430767024426.

3 The learning goals, context of use, and content of the Literacy module are described in full detail by Mendez-Carbajo, Jefferson, and Stierholz (2019).

4 The Starting Point: Teaching and Learning Economics portal defines just-in-time teaching as the instructional use of brief pre-class, Web-based questions to identify student learning gaps. Then, in-class activities can be developed to address those particular learning gaps. See https://serc.carleton.edu/econ/justintime/index.html.