The Fed Challenge is a national competition sponsored by the Federal Reserve Board. In this competition, teams of three to five students assume the role of advisors to the Federal Open Market Committee in the conduct of monetary policy. Teams make a twenty-minute presentation and are then questioned by a panel of Federal Reserve officials for the final competition. IPFW competes in the regional competition held by the Federal Reserve Bank of Chicago.
The competition encourages students to apply theoretical topics in macroeconomics and monetary policy to the actual, current economic situation. The competition requires students to assemble and process current macroeconomic information and data. It also requires students to move beyond a theoretical understanding of monetary policy into a detailed understanding of the implementation of monetary policy. Participants are expected to develop a very professional presentation style.
The students that participated in Chicago on Monday, November 10, were Alix Hughes, Kyle Knerr, Betsy Krueckeberg, Kevin McKay, Dave Rolf, and Brad Steenport. The team of advisors are from the Department of Economics and include Dr. Nodir Adilov, Dr. David Dilts, John Kessler, Dr. Hedayeh Samavati, and Dr. Carolyn Stumph.
The students competeted in the first round against Central Michigan University, Grinnell College, Michigan State University, University of Illinois - Chicago, and University of Michigan - Dearborn. They won the first round and advanced to the second round, which was held in the afternoon. In the second round, they competed against Marquette University, Northwestern University, and the University of Iowa. Northwestern University placed first and the runner up was University of Iowa. The score for the team was 85.5! Congratulations!