Our Fed Challenge team went to Washington D.C. to learn more about the economic policies and implementation. They met the Chair of the Federal Reserve of the United States, Jerome Powell.
What is the Fed Challenge?
The College Fed Challenge is an annual national team competition for undergraduate students interested in macroeconomics and monetary policy. Teams of students from colleges across the nation have the opportunity to present an analysis of current economic conditions and monetary policy recommendations to a panel of judges from the Federal Reserve! The presentation is then followed by a Q&A portion about recommendations made in the presentation, as well as macroeconomic theory and hypothetical questions or questions about the Fed.
(See official website for more in-depth information)
Why should I compete?
(From the Boston Fed Challenge website):
In addition to the educational benefits and confidence arising through rigorous competition, students benefit from participation through opportunities to apply their experience, to acquire internships, discover potential career paths, and hone skills of public speaking, critical thinking, writing, and analysis which are essential to successful integration into the global economy. Instructors of undergraduate institutions benefit through the use of a venue to develop enthusiasm for the study of economics and to integrate their curriculum in macroeconomics, money and banking, and financial markets with an active learning experience promoting both necessary skills for students as well as student awareness of current events and conditions in the economy and the financial system.
Students who participate in the competition learn an incredible amount about the economy and the policy process. Sparked by the competitive spirit and desire to learn, many students who participate often go on to internships or careers in the Federal Reserve system, or graduate school studies at the master’s or PhD level in economics, finance or other related fields. In short, the competition provides a vital link to students who wish to challenge themselves and apply theory to real-world problems in a unique competitive setting, as well as provide a springboard to potential future careers.
Who can apply?
Anybody! We’re looking for motivated undergraduates with a passion and/or interest in macroeconomics and monetary policy. Prior coursework or experience in related subjects is preferred, but not required.
Current Team for the Fall 2023 Challenge
Ankit Patro, Wentao Chen, Camilla Silvestri, Samuele Petruccelli, Adetayo Abinusawa.
Name: Adetayo Abinusawa
Year: Junior
Major: Economics
Fun Fact: I worked on a sheep farm in Switzerland for 6 weeks during my gap semester
Insights on Fed Challenge: The Fed challenge gives me the opportunity to grasp economic theories and policies in a practical and hands-on way and also pushes me to keep myself more updated on the current state of the economy.
Name: B.Ankit Patro
Year: Junior
Major: Economics and International Relations
Fun fact: I saw Chris Evans in front of NYU
Insights on Fed Challenge: Analysing one of the largest economies and giving solutions to the change-makers is always a learning opportunity. So, joining the Fed challenge team is one of the best decisions I took.
Name:Camilla Silvestri
Year: Sophomore
Major: Economics with a Business minor
Fun fact: I was born on the same day as Greta Thunberg
Insights on Fed Challenge: I’m intrigued by how fundamental economic principles shape our daily lives. Understanding how these mechanisms work from the inside enlightens me with a whole new perspective.
Name: Samuele Petruccelli
Year: Senior
Major: Economics, Journalism
Fun Fact: I’ve been chased by a German Shepard in Italy, twice. It was the same dog both times.
Insights on Fed Challenge: My work as a reporter means I watch The Fed’s moves pretty closely. It’s been so educational to play behind the scenes and make decisions that impact nearly every sector of the economy. The most fun I have is explaining the complexity of The Fed’s actions in a manner everyone can understand.
Name: Wentao Chen
Year: Senior
Major: Econ & Math and International Relations
Fun fact: A road trip through America along the East Coast and East to West
Insights on Fed Challenge: The competition provides me with a platform to understand the real-world implications of economic theories and policies. It bridges the gap between textbook knowledge and real-world application for me to get a real taste of real Monterey policy-making process.