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A Lafayette team took third place at the recent College Fed Challenge National Championship in Washington, D.C. The academic competition is designed to promote student understanding of the Federal Reserve System and U.S. monetary policy.
The students will share a $5,000 award and the economics and business department will receive $2,500.
The team advanced by winning the regional competition last month at the Baltimore Branch of the Federal Reserve of Richmond, prevailing in a field of 12 teams that included last year’s champion.
This was just the second time that Lafayette participated in the event. The Fed Challenge team was comprised of international affairs major Vijay Krishnan ’07(Maharashtra, India) and economics and business majors Peter Gagliano ’05 (Flushing, N.Y.), Jennifer Rute ’05 (Pen Argyl, Pa.), Shreedhar Sasikumar ’05 (Kerala, India), Samantha Schackman ’05 (Scotch Plains, N.J.), Daniela Simova ’06 (Sofia, Bulgaria), Katelyn Wilkins ’05 (Stroudsburg, Pa.), and Dogan Yiginer ’06 (Cigli/Izmir, Turkey).
Simova also is pursuing a B.S. biology degree, Yiginer is adding a B.S. in mechanical engineering, Rute has a second major in art, and Sasikumar is majoring in international affairs as well.
“It was a great way to finish a semester of hard work,” says Wilkins.
Fed Chairman Alan Greenspan spoke to the students before the presentations began. Lafayette’s team was mentored by James DeVault and Edward Gamber, associate professors of economics and business.
“These students worked really hard,” said DeVault. “It’s a great educational experience that teaches the students a tremendous amount.”
Student teams simulated a Federal Open Market Committee meeting during their presentations, using their knowledge of the Fed and economics to forecast where the economy is headed and recommend national monetary policy. Each team member took on the identity of a committee governor or chairperson. Students then were questioned by three judges for about 15 minutes.
Judges scored students based on a variety of factors, including their knowledge of U.S. monetary policy, the quality of their research, the organization and creativity of their presentation, and their ability to respond to questions.
Lafayette’s team prepared for the competition by gathering data, analyzing the Fed’s most recent monetary policy decisions, developing their own monetary policy recommendations, and rehearsing their presentation.