By Matt Radman,
International Business Editor
For the second year, the Seton Hall University chapter of the College Fed Challenge took to 33 Liberty Street in Manhattan to demonstrate their economic analysis and present monetary policy recommendations to a panel of Fed economists. The team met at the Fed on October 15 to compete for the second time.
The annual competition, hosted by the New York Federal Reserve Bank, gives college students studying economics, business, diplomacy, and related fields, the opportunity to develop their research and presentation skills by discussing their views on the economy with actual Fed economists. Every year, about 30 schools from all over the east coast join at the Fed with hopes of impressing judges and moving forward in the competition.
Ultimately, the best teams are invited to the Washington D.C. Federal Reserve Bank where they present to the Board of Governors.
The Federal Reserve banks of New York, Chicago, Washington D.C., Richmond, Boston, and Philadelphia all participate in giving students, from varying regions of the United States, the invaluable and exciting opportunity.
Teams gather and analyze economic indicators such as unemployment, labor market efficiency, worker productivity, demographics of the population, GDP, and inflation.
These tools are used to examine the state of the economy. Based on their findings, the teams ultimately recommend specific monetary policies aimed at fulfilling the Fed’s dual mandate of full employment and stable prices.
A panel of New York Fed economists hear the presentations before grading them for their overall quality. Half of the time is dedicated to the presentations themselves while the rest of the time is allotted to a question and answer segment that tests all presenting students’ overall economic knowledge.
The program is very competitive, and since 2004, it has been dominated by Harvard University and Northwestern University. The universities won eight of the last thirteen contests.
Other universities have recently dethroned the economic power-schools including Pace University in 2014 and 2015, as well as Rutgers – New Brunswick in 2016. Seton Hall aims to soon rise to the ranks of those more experienced teams.
The club currently has four members including Alexander Dombrowski (Diplomacy), Matthew Radman (Economics), Jonathan Soyka (Economics), and Maciej Wilowski (Economics).
Being that most of the team is new to the program and it is only the second year, the group was undoubtedly disadvantaged in experience compared to other competing universities. However, that did not hold the team back from presenting a substantive presentation. Unfortunately, the team did not move on from the October presentation.
Yet, the group is committed and motivated to utilize the experience gained to better next year’s presentation.
The program is still in its infancy but is growing substantially every year. The club provides the invaluable opportunity to expand one’s knowledge base of economic theory as well as polish presentation and public speaking skills. All related majors or anyone with interest in economics and policy is welcome and would be a valuable asset to the new organization.
The College Fed Challenge offers an intellectually fulfilling experience, combined with the exciting New York City environment, which has grabbed the attention of many and should continue to see immense growth in the coming years. Being a young club offers students the ability to join on the ground level. Students who contribute in these founding years have the potential to leave a lasting impact on Seton Hall University and leave a legacy of intellectual betterment that will remain even after current members turn into alumni.
Armed with a talented team, dedicated faculty, and support from the Stillman School of Business and well as Seton Hall University as a whole, Seton Hall’s College Fed Challenge team is ready to make an even stronger push towards the championship in Washington DC next year.
A version of this article appeared in the Tuesday, November 7th print edition.
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