Enhancing Visual Literacy and Data Analysis Skills in Macroeconomics Education: A Beveridge Curve Analysis Using FRED® Data

Abstract

The emergence of online data platforms and data visualization tools offers a substantial opportunity to transform pedagogical and learning strategies in Economics. This paper introduces an innovative approach that combines data analysis with the flipped classroom model to bridge the gap between theoretical knowledge and practical application. The proposed methodology involves four stages: pre-test, construction, visualization, and analysis of economic variables, post-test, and discussion within a flipped classroom setting. Suggested activities include the use of real economic data, such as analyzing the Beveridge curve, to study macroeconomic issues. The learning outcomes reveal a substantial improvement in students’ abilities to analyze data, apply theoretical concepts to real-world scenarios, develop complex economic diagnoses, and retain knowledge. Moreover, they develop critical and analytical thinking, which enhances their ability to make informed decisions based on data-driven insights. This article contributes to the existing literature by providing evidence on the effectiveness of combining data visualization and analysis with active learning strategies. By engaging students in the interpretation of real-time economic data from platforms such as FRED®, this methodology significantly enhances their visual literacy and analytical skills. Additionally, artificial intelligence can support these learning objectives by enabling students to interact with economic data through detailed prompts and guided instructions, facilitating the visualization and understanding of complex economic theories.