SUNY Oneonta’s Fed Challenge team of economics and business economics students took third place overall at the 2017 College Fed Challenge, held Nov. 14 at the Federal Reserve Bank of New York.
Donning blazers and nametags and standing in front of an audience and panel of judges, the students delivered a 15-minute presentation in which they analyzed economic conditions and recommended a course for monetary policy.
Five students – Melissa Voyer, Heather Teichman, Carlos Salomon, Mike Deyak and Kevin Stearns – presented, while a group of non-presenters supported teammates and toured the vault at the Fed.
Forty-three teams competed in the preliminary rounds on Oct. 31. Twelve teams advanced to the Nov. 14 semifinals, and three teams made it to the finals, where SUNY Oneonta took third place, Rutgers University - New Brunswick took second, and Pace University came in first.
SUNY Oneonta’s exact scores have not yet been received, but the students said they felt they performed well, especially since they earned a round of applause from the judges.
“I couldn’t be prouder of the performance and teamwork of the entire team,” said Assistant Professor of Economics Christine Storrie, the team’s adviser. “To see them obtain such high honors is a wonderful payoff for all of their commitment and dedication.”
Each team is evaluated in four categories — knowledge of current economic conditions; understanding of monetary policy; data and analysis; and teamwork.
Inspired by the workings of the Federal Open Market Committee, the College Fed Challenge requires that students work as a team to research and analyze current economic data, develop a forecast and review potential future economic risks, and prepare a presentation and answer questions on a recommendation for monetary policy. It’s designed to bring real-world economics into the classroom.
Students said the competition was challenging but rewarding. “I have been able to use what I've learned in class the past four years in real-life economics," said Voyer. "I have learned about all different aspects of the economy and how much it impacts our daily lives.”
Salomon agreed, saying the best part of the Fed Challenge has been being able to “apply the things you have learned in other classes.”
“Sometimes you don’t realize the things you have learned until you actually need to use them,” he said.
Voyer said her favorite part was “being able to build a relationship with Dr. Storrie and the other students in my class from working so closely together.”
According to Storrie, this particular team of students had “the amazing ability to be able to work incredibly hard while still having a lot of fun and laughs along the way.”
“It has truly been an honor,” Storrie said, “to work with the entire team.”
Attendance at the competition was made possible, in part, by student grants from the Caroline ’67 and David D’Antonio Student Travel for Excellence Fund.