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Data Resources, Data Visualization, and Data Literacy: FREDCast
An instructor’s guide to using St. Louis Fed resources in the classroom and at the library
FREDcast™ is an interactive forecasting game in which players make forecasts for four economic releases: GDP, inflation, employment, and unemployment. All forecasts are for the current month—or current quarter in the case of GDP. Forecasts must be submitted by the 20th of the current month.
Why use FREDcast in the classroom?
Instructors can set up private leagues and compare the scores of students within a course. This particular feature adds an engaging social dimension to the study of macroeconomics. The game offers a truly realistic and contemporary background to the study of macroeconomic topics, instructors can design in-class active learning activities around data search and analysis tasks. Also, instructor-led discussions of forecasting strategies—as well as forecasting errors—can reinforce the understanding of the structural theoretical relationships among unemployment, employment, economic activity, and price inflation at the core of the economics curriculum.
What is a league?
A league is a collection of players who have a private leaderboard for forecasts. Within each league, the leaderboard ranks the players’ forecasting accuracy. This allows members of a class or an organization to easily compare each other’s scores over time.