Last Tuesday, Pace University won the 11th annual national College Federal Reserve Challenge in Washington D.C. - a competition that tests students’ understanding of the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The Challenge was the culmination of five district competitions held around the country.
Participating teams analyzed economic and financial conditions and formulated a monetary policy recommendation, modeled on the work of the Federal Open Market Committee. Teams competing in the finals gave 15-minute presentations and answered questions for a panel of senior Federal Reserve officials.
"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," stated Federal Reserve Board chair Janet L. Yellen.
Princeton University was the second-place team, with Bentley University, the University of Chicago, and the University of North Carolina at Chapel Hill receiving honorable mentions. The Pace University team had placed first in the semi-final New York regional competition, ahead of 35 other teams in the region. Pace’s win was the first for the NY Fed District in the history of the Federal Reserve Challenge.
The Pace Team was comprised of Dyson College Economics majors Kelsey Berro (co-captain), Jordan Jhamb (co-captain), Julia Mikhailova, Katherine Craig, Lauren Price, and Daniella Gambino. The team was coached by Economics professors Mark Weinstock, Gregory Colman, and Anna Shostya, faculty members from the Department of Economics in the Dyson College of Arts and Sciences at Pace’s New York City campus. Berro and her professors have been part of winning College Fed Challenge teams since 2012, when Pace first won the New York District challenge and advanced to the national level.
“Our students demonstrated the quality, hard work and commitment to success that characterizes education at Pace,” said University president Stephen J. Friedman, in a statement. “This victory graphically illustrates the competitive advantage and professional experience offered to students who choose the Pace Path. The result is a group of students who are more effective at graduation; they understand how to deal with major challenges and achieve long-term career success.”
For more information on the Federal Reserve Challenge, head to their site here.