Sponsored by the US Federal Reserve Bank of St. Louis

FRED® (Federal Reserve Economic Data) is a free economic database that contains over 818,000 US and international time series from over 100 sources. FRED is used by researchers, journalists, analysts, and data enthusiasts alike to visualize, save, and download data. During last year, we improved several of our key features, such as the mapping and search tools. 

The scholarly literature on teaching and learning has put forward several pedagogical benefits to using FRED for instructional purposes: it allows instructors to place abstract concepts in realistic and relevant contexts; it replaces made-up examples with real data; because the data updates, the examples themselves do not become outdated; and student work with FRED helps lay the skill foundation for more sophisticated exercises in statistical analysis later in the curriculum. 

This workshop introduces professors to using FRED in the hybrid classroom, and guides instructors through two activities: (a) building and reading FRED graphs illustrating concepts such the purchasing power parity theory of interest rates; (b) using data visualizations as part of an international trade decision case; and (c) using real data to calculate the price elasticity of demand for gasoline. The workshop demonstrates how to access a variety of FRED features, and also how to use data to increase student comprehension of economic concepts by connecting numeracy and analytical skills. 

In this workshop, staff from the Research Information Services team at the St. Louis Fed will guide participants through data transformation and visualization exercises aimed at crafting engaging in-class activities and out-of-class assignments. We will also assist participants in finding data in FRED that is relevant to both their teaching and research. At the end of the workshop, participants will have online instructional resources ready to use in the hybrid classroom.