Release Date: December 2, 2013
For immediate release
Harvard College won the 10th annual national College Fed Challenge on Monday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The team, from Cambridge, Mass., represented the Boston Federal Reserve District and included Justin Katiraei, Kevin Li, Andreas Schaab, Daniel Tartakovsky, Eugene Wang, Samuel Young, and faculty adviser Benjamin Friedman.
The finals were held in the Board Room at the Board of Governors as the capstone to five district competitions held around the country. The other national finalists were second place University of Pennsylvania, Philadelphia, Pa., with honorable mentions for James Madison University, Harrisonburg, Va.; Northwestern University, Evanston, Ill.; and Pace University, New York, N.Y.
College Fed Challenge is a team competition for undergraduate students. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee.
"Fed Challenge is an invaluable, hands-on opportunity for students to learn about monetary policymaking. I congratulate all of the participants on their hard work, and I hope this program increases their interest in economics and the Federal Reserve," said Federal Reserve Board Member Jeremy C. Stein, one of the judges for this year's competition.
Teams competing in the finals gave 15-minute presentations and answered questions for a panel of judges. Teams were judged on economic analysis, responses to judges' questions, teamwork, and presentation. In addition to Governor Stein, judges for the finals this year were Jamie McAndrews, executive vice president and director of research, Federal Reserve Bank of New York, and John Weinberg, senior vice president and director of research, Federal Reserve Bank of Richmond. Teams competed in their local Reserve Bank Districts, and top teams moved on to the finals in Washington, D.C.