New approaches in pedagogy: Integration of Bloomberg in economics curriculum
Abstract:
This article illustrates the use of the Bloomberg Professional platform in teaching of economics and finance in a variety of introductory to upper level undergraduate and graduate courses. Courses such as Macroeconomic Theory, Money and Banking, Monetary Policy, International Finance, Impact of News on Financial Markets, Capital Markets and Investments, Investments and Portfolio Analysis, Money and Financial Markets, Fixed Income Analysis and Portfolio Management are among the list of those courses in which Bloomberg technology was used.
A methodical way of using the Bloomberg technology, as part of the teaching of economics and finance classes, is presented in this paper. The Bloomberg technology brings the economics and finance student into the laboratory of the 'real' world to reinforce and to apply his or her knowledge of theory and institutions, and can be used to complement the often used chalk-and-talk or power-point methods of teaching. The method demonstrates the power of the Bloomberg technology in facilitating teaching so that students learn more and retain more than they would with more traditional approaches. The unique nature of the Bloomberg technology facilitates the process of engaging students while preparing them for internships and careers.
Most students and faculty have no prior knowledge or background in Bloomberg. Often there is a misperception that the material available on Bloomberg could be as easily and as reliably found on the internet. Whereas in reality, the efficiency of finding reliable information on the internet and then being able apply it in appropriate and efficient ways is highly questionable. Moreover, for many forms of financial data, access, or at least real-time access, is unavailable. This is the case more especially when it is imperative for the instructor to have that type of data to show the relationship between the news and/or events and the financial markets in order to capture the nature and the direction of the markets’ response to the news/events as they occur. Following the the news in the next day’s media, while helpful in reinforcing materials learned or discussed in the classroom, does not often add any vertical or horizontal dimensions to the students’ learning.