88th International Atlantic Economic Conference
October 17 - 20, 2019 | Miami, USA

Technology in the classroom: Using Bloomberg analytics to teach economics

Saturday, 19 October 2019: 9:00 AM
Hossein S. Kazemi, Ph.D. , Economics, Stonehill College, Easton, MA
This paper shows the benefits of incorporating current news and data in teaching economics classes. Through use of Bloomberg terminal, the author provides students with a different pedagogy from traditional teaching methods. A five-step approach is used to incorporate Bloomberg (to varying degrees) in each class. Using Bloomberg in the classroom, students are presented with the market reaction to headline news and data in real-time, without the delays associated with other data sources. Using this methodology, three short and uniquely different lectures on a) the Federal Reserve’s establishing of the Federal Funds Rate, b) the Yield Curve, and c) the Taylor Rule are presented in this session to give the audience an idea of what they can do with the available resources to increase their students interest in the subject matter and to maximize their learning.

This experiential learning method brings students into the laboratory of the real world using real time data and news to reinforce and to apply their knowledge of theory and institutions. A methodical way of using this technology in teaching economics courses is discussed. Results suggest that using this strategy improves students’ comprehension of theoretical and applied material. Moreover, their performance in other classes, internships and jobs suggests that this approach improves retention.

This approach in teaching of economics and finance is an effective way of incorporating theory with practice in the classroom. This approach utilizes Bloomberg Technology with real-time data to show what they learn in the classroom in a theoretical way and in a very hands on and applied manner. When students see how a confirmation or further reiteration of a low interest rate environment by the Fed Chairman results in a major celebration of the equity and bond markets through higher prices, they know what they have learned is real. The absorption of the material is improved this way by students, they retain it better and longer and are able to use it in other classes, at their internships and at work. In this paper, the author does not suggest replacing the conventional methods of teaching with this approach. Rather, the idea is to encourage others to give this approach a try, as it is a great complement to the traditional teaching methods in economics and finance.