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4.1 - Introduction: FRED.xla

from 4 - Macro Data with FRED in Excel

Published online by Cambridge University Press:  05 May 2016

Humberto Barreto
Affiliation:
DePauw University, Indiana
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Summary

Teaching economics is a very big responsibility these days. Right now [1983] is an especially difficult time to do a good job – particularly in teaching macroeconomics. That's partly because the subject itself is in a somewhat unsettled state and partly because there's always pressure to conform to current ideologies whether left or right, whether liberal or conservative.

– Robert M. Solow

There will always be controversy about content and delivery in teaching economics, but one thing we can all agree on is that we need to incorporate data into a modern macroeconomics course. It is obvious that we want our students to be aware of historical trends and the current economic environment. The days of presenting a time series that has not been updated for several years are long gone. Computers and the Internet have removed the constraint on obtaining and processing the latest measures of economic performance and financial statistics.

The Web offers an embarrassment of riches from which to obtain data. Many professors have favorite sources from blogs, aggregator sites, and government portals, such as BLS.gov, WorldBank.org, Penn World Tables, IMF.org, and GapMinder.org. We bookmark our favored sites and return to them to stay up to date and build examples for lectures and assignments. We share these sites with our students and sometimes create detailed instructions on how to use them.

One major problem with teaching students how to access data from a particular website is that it will not remain constant over time. Web redesigns and changing URLs guarantee that our instructions and handouts will be obsolete almost as fast as they are created. This constant evolution of the Web can also make updating an example or lecture handout a chore.

If several different sites are used, there is something to be said for exposing students to various interfaces, but the fixed costs of learning each site (especially if only occasionally accessed) can be quite high. For the professor who visits a site once a semester, it can be frustrating to have to remember how to navigate a site or figure out a new interface. For the student who has never downloaded data, the process can be challenging and time consuming.

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Publisher: Cambridge University Press
Print publication year: 2016

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References

The epigraph is from Solow, R., “Teaching Economics in the 1980s,” Journal of Economic Education 14, no. 2 (1983): 65, http://www.jstor.org/stable/1182796. Solow's stress on the importance and difficulty of teaching economics, especially macroeconomics, applies today as well as it did in 1983. There is no reason to believe this will change in the foreseeable future.Google Scholar
A video series of short tutorials for using the FRED Excel add-in is available at http://fredqa.stlouisfed.org/2013/06/07/fred-video-series-from-nyu-stern.
“Okun's Law and FRED,” at http://fredqa.stlouisfed.org/2012/03/28/okuns-law-and-fred, shows how to download data from FRED to estimate Okun's famous relationship between unemployment and real GDP.
Help with FRED is here: http://research.stlouisfed.org/fred2/help-faq. E-mail stlsFRED@stls.frb.org for support. They respond quickly (usually in a few hours and at most within one business day).
McCracken, W., and Ng, S.. 2015. “FRED-MD: A Monthly Database for Macroeconomic Research.” Working Paper 2015-012A. http://research.stlouisfed.org/wp/2015/2015-012.pdf.

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  • Introduction: FRED.xla
  • Humberto Barreto, DePauw University, Indiana
  • Book: Teaching Macroeconomics with Microsoft Excel®
  • Online publication: 05 May 2016
  • Chapter DOI: https://doi.org/10.1017/CBO9781316451014.017
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  • Introduction: FRED.xla
  • Humberto Barreto, DePauw University, Indiana
  • Book: Teaching Macroeconomics with Microsoft Excel®
  • Online publication: 05 May 2016
  • Chapter DOI: https://doi.org/10.1017/CBO9781316451014.017
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Introduction: FRED.xla
  • Humberto Barreto, DePauw University, Indiana
  • Book: Teaching Macroeconomics with Microsoft Excel®
  • Online publication: 05 May 2016
  • Chapter DOI: https://doi.org/10.1017/CBO9781316451014.017
Available formats
×