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Students
Offer Advice to New York Federal Reserve Bank in The College
Fed Challenge
New
York, N.Y. – Aspiring economists from New York colleges
and universities, including a team of Barnard and Columbia
students, will offer the Federal Reserve Bank of New York
(FRBNY) advice on how to deal with the slumping economy on
Monday, March 3.
The competition, the College Fed Challenge, is sponsored by
the FRBNY and was initiated by Parastu Malik ’04.
"The knowledge, motivation, and skill of the students
involved this year is extraordinary," Malik said. "Through
much cooperation and collaboration, they have created an impressive
presentation."
Five-member teams of students from eight local colleges (twice
the number of last year’s participants) will each give
15-minute presentations to FRBNY economists analyzing current
economic conditions and recommending how the Fed should respond.
Judges will then question the students about their presentation,
macroeconomic analysis, and the Federal Reserve system. Presentations
can take a variety of forms, ranging from a mock open market
committee meeting to debates over research reports documenting
and interpreting macro trends.
The Barnard/Columbia team, which has prepared for the competition
in its independent study course under the guidance of Professor
of Economics David Weiman, has spent hours researching various
economic indicators, financial markets, and the prospects
for an economic recovery. The student team includes: Jonas
Mendoza CC ’03; Julie Herman ‘04, Rachel Feld ‘03,
Michelle Beck ‘04, and Yevgenya Tolochko ‘04. Supported
by the rest of the independent study group researchers, the
Barnard/Columbia team has gathered information from many sources,
including FRBNY’s research and data from the Bureau of
Labor Statistics.
The program was first started at the high school level with
14 schools participating and has since grown to a nationwide
competition involving 260 high schools annually. Across the
country, teams of high school students analyze current market
data and present their findings for the appropriate course
for monetary policy to the Federal Reserve economists. Each
presentation is followed up with questions from economists
at participating Federal Reserve Banks.
Malik, who participated in the high school version of the
competition while attending Montclair High School, found the
experience so positive that when she started her studies at
Barnard she wanted to initiate a similar competition for college
students.
"It showed me how fundamental economics is to everyday
life. It made me realize how economic indicators such as the
GDP or unemployment are relevant and crucial to the understanding
of society. Furthermore, I had the opportunity to work with
top economists at the New York branch in preparation for the
national competition held in Washington, D.C.," she said.
Last year, Malik contacted Lloyd Bromberg, the director of
education programs at FRBNY, who agreed to sponsor the idea.
Now in its second year of existence, the program has expanded
dramatically, and Malik and others are working with faculty
to develop a syllabus for a potential Barnard course based
on the College Fed Challenge’s principles.
Contact:
Petra Tuomi, Public Affairs, 212-854-7907
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