Release Date: December 2, 2014
For immediate release
Pace University won the 11th annual national College Fed Challenge on Tuesday, 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 New York, N.Y., represented the New York Federal Reserve District and included Kelsey Berro, Katherine Craig, Jordan Jhamb, Julia Mikhailova, Lauren Price, and faculty adviser Gregory Colman.
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 Princeton University, Princeton, N.J., with honorable mentions for Bentley University, Waltham, Mass.; University of Chicago, Chicago, Ill.; and University of North Carolina at Chapel Hill, Chapel Hill, N.C.
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.
"Students' participation in the Fed Challenge adds to their understanding of the economy and the Federal Reserve's role, and, I hope, spurs some students to pursue further study of economics and finance. In addition, the research, analytical, and communication skills that participants gain through their preparations will help them in whatever careers they choose," said Federal Reserve Board Chair Janet L. Yellen.
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. Judges for the finals this year were Ellen Meade, senior adviser in the Division of Monetary Affairs at the Federal Reserve Board, Jamie McAndrews, executive vice president and director of research, Federal Reserve Bank of New York, and William Strauss, senior economist and economic advisor at the Federal Reserve Bank of Chicago. Teams competed in their local Reserve Bank Districts, and top teams moved on to the finals in Washington, D.C.