Renewing Economics studies in the face of crisis: a digital and real learning experience

Main Article Content

Antonio Sánchez-Bayón
https://orcid.org/0000-0003-4855-8356
Miguel Ángel Alonso-Neira
https://orcid.org/0000-0002-6778-3594
César Bernal Bravo
https://orcid.org/0000-0002-2802-1618
Pedro Mellado Moreno
https://orcid.org/0000-0001-8982-2120

Abstract

There is a feeling of skepticism and apathy among the college students in Economics due to the excessive abstraction and mathiness into the economic models, under the mainstream methods based on designed troubles and modelizations; for that reason, this paper advocates for heterodox approaches and procedures more realistic, digital, applied and professional. In particular, it shows a teaching innovation project which has helped to improve the Macroeconomics learning (in reconnection of Economics with other Social Sciences), and for students re-engagement. In this project, with these toolkits, the students have had continuous access to practical documents and data from the online platform FRED® (Federal Reserve Economic Data), published by the Federal Reserve Bank of St. Louis, to promote the quality and effectiveness of training from the study of practical cases based on real economic data. In this sense, this paper presents as an example the study of the Phillips curve and its evolution in recent decades. Given the repercussion achieved by this educational initiative, it has begun to be applied at more advanced levels, which involve the use of other related databases such as ALFRED® or FRASER®.

Downloads

Download data is not yet available.

Article Details

Section

Research Article

Author Biographies

Antonio Sánchez-Bayón, Rey Juan Carlos University

Prof. Contratado Doctor de Economía Aplicada en Universidad Rey Juan Carlos-URJC, y doctorando en prog. CC. Educación-URJC (antonio.sbayon@urjc.es). ORCID: https://orcid.org/0000-0003-4855-8356 *Autor de correspondencia.

Miguel Ángel Alonso-Neira, Rey Juan Carlos University

Investigador independiente.

César Bernal Bravo, Rey Juan Carlos University

Profesor  titular de Educación, Universidad Rey Juan Carlos-URJC (cesar.bernal@urjc.es). ORCID: 0000-0002-2802-1618

Pedro Mellado Moreno, Rey Juan Carlos University

Investigador independiente.

How to Cite

Sánchez-Bayón, A., Alonso-Neira, M. Ángel, Bernal Bravo, C., & Mellado Moreno, P. (2026). Renewing Economics studies in the face of crisis: a digital and real learning experience. Discimus. Revista Digital De Educación, 5(1), 45-70. https://doi.org/10.61447/20260130/07

References

Alonso MA, Sánchez-Bayón A (2025). Yield curve as a leading indicator of recession: Austrian Economics Insights. Panoeconomicus, 72(4): 501-524. https://doi.org/10.2298/PAN230217018A

Alonso MA, Sánchez-Bayón A, Gallego-Morales D (2024a). Enhancing Visual Literacy and Data Analysis Skills in Macroeconomics Education. In Valls Martínez M & Montero J (eds) Teaching Innovations in Economics. Cham.: Springer, p. 51-76 https://doi.org/10.1007/978-3-031-72549-4_3

Alonso MA, Sánchez-Bayón A (2024b). Spanish Boom-bust Cycle Within the Euro Area: Credit Expansion, Malinvestments & Recession (2002-2014). Politická ekonomie, 72(4):597-625 https://doi.org/10.18267/j.polek.1429

Alonso MA, Sánchez-Bayón A, Castro-Oliva M (2023). Teoría austriaca del ciclo económico aplicada al caso español: del inicio del euro a la gran recesión y su recuperación. Revista De Métodos Cuantitativos Para La Economía Y La Empresa, 35, 280–310. https://doi.org/10.46661/revmetodoscuanteconempresa.6837

Bennett J (2021) A Dollar’s Worth: Inflation Is Real, Page One Economics (URL: https://bit.ly/3R8acEU)

Bertelsen K (2021) Coping With COVID: Crises, Young People’s Housing Choices, and Preparing in Uncertainty, Page One Economics (URL: https://bit.ly/3RmEvrg)

Blanchard O (2006) Macroeconomía (trad.). Madrid: Pearson.

Bloom B (1956) Taxonomy of Educational Objectives. New York: Mckay.

Bullard J (2018) The case of the Disappearing Phillips Curve. 2018 ECB Forum on Central Banking Macroeconomics of Price- and Wage-Setting. Sintra (URL: https://bit.ly/3AyHNRn).

Cueva J & Sánchez-Bayón A (2024) Estudio bibliométrico de Economía Digital y sus tendencias. Revista De Estudios Empresariales. Segunda Época, (1): 195–209. DOI: https://doi.org/10.17561/ree.n1.2024.8229

Fortanet C, González C, Mira E & López J (2013) Aprendizaje cooperativo y flipped classroom, en Tortosa, M et al (2013) XI Jornadas de Redes de Investigación en Docencia Universitaria. Alicante: Univ. Alicante, p. 1151-1162.

Friedman M (1968) The Role of Monetary Policy, The American Economic Review, 58(1): 1-17

Friedman M (1977) Nobel Lecture: Inflation and Unemployment, Journal of Political Economy, 85: 451-472

Hansen W (1986) What Knowledge is Most Worth Knowingfor Economics Majors? American Economic Review, 76(2): 149–152.

Hansen W (2009) Reinvigorating liberal education with an expected proficiencies approach to the academic major, en Colander D & McGoldrick (ed.). Educating economists. Cheltenham: Edward Elgar, p. 107-125

Huerta de Soto J (2004) Estudios de Economía Política. Madrid: Unión Editorial.

Huerta de Soto J (2000) Escuela Austriaca. Madrid: Síntesis.

Ihrig J & Wolla S (2020) The Fed’s New Monetary Policy Tools, Page One Economics, https://bit.ly/3TvItzK

Ihrig J & Wolla S (2021) Teaching the Linkage Between Banks and the Fed, Page One Economics, https://bit.ly/3Ttwra7

Ihrig J & Wolla S (2022) How Does the Fed Use Its Monetary Policy Tools to Influence the Economy? Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3ABNTk6).

Ihrig J, Peneva E & Wolla S (2021) Inflation Expectations, the Phillips Curve, and the Fed’s Dual Mandate, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3ecv67p).

Ihrig J, Weinbach G & Wolla S (2020) COVID-19’s Effects on the Economy and the Fed’s Response, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3e4rPH3).

Jacob P & van Florenstein, T (2019) The Flattening of the Phillips Curve: Rounding Up the Suspects, Reserve Bank of New Zealand Analytical Note Series AN2019/06. https://bit.ly/3KF0Zl1

Lucas R (1972) Expectations and the Neutrality of Money, Journal of Economic Theory, 4: 103-124.

Lucas R (1973) Some International Evidence on Output-Inflation Tradeoffs, The American Economic Review, 63(3): 326-334.

Mazur E (1997) Peer Instruction: A User's Manual, Upper Saddle River: Prentice Hall.

Mendez-Carbajo D (2015) Visualizing Data and the Online FRED Database, The Journal of Economic Education, 46(4): 420-429. https://doi.org/10.1080/00220485.2015.1071222

Mendez-Carbajo D (2019a) Active learning with FRED data, The Journal of Economic Education, 51(1): 87-94. https://doi.org/10.1080/00220485.2019.1687377

Mendez-Carbajo D (2019b) Should We Fear the Inverted Yield Curve? Page One Economics, https://bit.ly/3cAPChq

Mendez-Carbajo D (2019c) Experiential learning in macroeconomics through FREDcast. International Review of Economics Education, 30(1): 1-10. https://doi.org/10.1016/j.iree.2018.05.004

Mendez-Carbajo D (2020a) Measuring Financial and Economic Risk with FRED®, Page One Economics, https://bit.ly/3edVRsc

Mendez-Carbajo D (2020b) Temporary Open Market Operations and Large-Scale Asset Purchases, Page One Economics, https://bit.ly/3e4uyQN

Mendez-Carbajo D, Podleski G (2021) Federal Reserve Economic Data, The American Economist, 66(1): 61-73. https://doi.org/10.1177/0569434520973989

Mendez-Carbajo D, Taylor K, Bayles M (2017) Building a Taylor rule using FRED. Journal of Economics Teaching, 2(1): 14–29. https://bit.ly/3cv52Ec

Page One Economics (URL: stlouisfed.org/education/page-one-economics-classroom-edition),

Perkis D (2020) Making Sense of Private Debt, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3KBPPh5).

Phelps E (1967) Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time, Economica New Series, 34(135): 254-281.

Phillips A (1958) The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957, Economica New Series, 25(100): 283-299. https://doi.org/10.1111/j.1468-0335.1958.tb00003.x

Romer P (2015) Mathiness in the theory of economic growth. American Economic Review, 105(5): 89-93 DOI:10.1257/aer.p20151066.

Romer P (2016) The Trouble With Macroeconomics. New Haven: Commons Memorial Lecture of the Omicron Delta Epsilon Society-Yale University.

Samuelson P, Solow R (1960) Analytical Aspects of Anti-Inflation Policy, The American Economic Review, 50(2): 177-194.

Sánchez-Bayón, A. (2025). Revisión de las relaciones ortodoxia-heterodoxia en la Economía y la transición digital. Pensamiento, 81(314): 523-550. DOI: 10.14422/pen.v81.i314.y2025.012

Sánchez-Bayón A (2021) The digital economy review under the technological singularity. Sociología y Tecnociencia, 11(2): 53-80. https://doi.org/10.24197/st.Extra_2.2021.53-80

Sánchez-Bayón A (2020) Renewal of business & economic thought after the globalization. Bajo Palabra, 24: 293-318. https://doi.org/10.15366/bp.2020.24.015

Sánchez-Bayón A, Sastre FJ & Sánchez LI (2024) Public management of digitalization into the Spanish tourism services: a heterodox analysis. Review of Manageral Science, 18(4): 1-19. https://doi.org/10.1007/s11846-024-00753-1

Sánchez-Bayón A, Urbina D, Alonso-Neira MA, & Arpi R (2023a) Problema del conocimiento económico: revitalización de la disputa del método, análisis heterodoxo y claves de innovación docente. Bajo Palabra, (34), 117–140. https://doi.org/10.15366/bp2023.34.006

Sánchez-Bayón A & Cerdá L (2023b). Digital Transition, Sustainability and Readjustment on EU Tourism Industry: Economic & Legal Analysis. Revista de Direito, Estado e Telecomunicacoes, 2023, 15(2): 146–173. DOI: 10.26512/lstr.v15i2.44709.

Sánchez-Bayón A, García Vaquero M, Lominchar J (2021). Wellbeing Economics: beyond the Labour compliance & challenge for business culture. Journal of Legal, Ethical and Regulatory Issues, 24(1S). 1-13.

Sargent T & Wallace N (1975) “Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule, Journal of Political Economy, 83(2): 241-254.

Simkins S & Maier M (2009) Using pedagogical change to improve student learning in the economics major. En Colander, D. y McGoldrick. Educating economists: The Teagle discussion on re-evaluating the undergraduate economics major, Cheltenham: Edward Elgar, p. 83–91.

Snowdon B, Vane H & Wynarczyk P (1994) A Modern Macroeconomics Guide to Macroeconomics. An Introduction to Competing Schools of Thought, Cheltenham: Edward Elgar.

Sokoloff D & Thornton R (1997) Using Interactive Lecture Demonstrations to Create an Active Learning Environment. Physics Teacher, 35(6): 340-347. https://doi.org/10.1119/1.2344715

Staveley-O'Carroll J (2018) Integrating graphing assignments into a money and banking course using FRED, The Journal of Economic Education, 49: 72-90. https://doi.org/10.1080/00220485.2017.1397573

Suiter M & Taylor K (2016) Resources for economic educators from the Federal Reserve Bank of St. Louis, The Journal of Economic Education, 47(1): 71-75. http://dx.doi.org/10.1080/00220485.2015.1106365

Wolfe J (2020) Integrating data analysis into an introductory macroeconomics course, International Review of Economics Education, 33, 100176. https://doi.org/10.1016/j.iree.2020.100176

Wolla S (2016) Making Sense of Unemployment Data, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3AYygVg ).

Wolla S (2019) A New Frontier: Monetary Policy with Ample Reserves, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3qioqrj).

Wolla S (2021) Minding the Output Gap: What Is Potential GDP and Why Does It Matter? Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3Twtaql).

Wolla S & Burton M (2021) Automation and the Minimum Wage, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3CIcGpi).

Wolla S & Sullivan J (2017) Education, Income, and Wealth, Page One Economics Newsletter, Federal Reserve Bank of St. Louis (URL: https://bit.ly/3R7Bs6v)

Similar Articles

You may also start an advanced similarity search for this article.