Business & Technology and Quantitative Finance students from the Howe School of Technology Management at Stevens participated in the College Fed Challenge in October 2011 at Pace University.
The College Fed Challenge is an annual team competition for undergraduate college students inspired by the working of the Federal Open Market Committee, sponsored by the NY Federal Reserve Board. It is intended to encourage students to learn more about the U.S. macro economy, the Federal Reserve System and the implementation of monetary policy and financial stability. It is also aimed at spurring interest in economics and finance as subjects for advanced study and as the basis for a career.
A student team from Stevens has competed for the last several years. This year's team included Sabaha Ahmed, Samuel Gleit, Jamie Jeffreys, Ryan Kiczek and Zack Zaorski.
"This year's team made the best presentation of any Stevens team," said Jonathan Kaufman, Professor of Quantitative Finance & Financial Engineering.
The students prepared a slide show, script and press release to illustrate their findings to the judges at the competition. Each student portrayed a member of the Federal Open Market Committee at a mock meeting of the FOMC. They represented the real governors of the FOMC, including Chairman Bernanke, as well as the Philadelphia, Dallas, New York and Chicago chairs. The students developed a strategy for the FED to stay with their dual mandate to promote price stability and full employment. They recommended a program on future FED policy which included no new monetary stimulus, no forward guidance on FED rate changes, and the use of explicit direction for future inflation expectations. The mock vote was 3 to 2 in favor of the recommendation.
“I am really glad that I got the opportunity to participate in the College Fed Challenge because I learned so much more about the unique role the Federal Reserve plays in the economy as well as the importance of the Federal Open Market Committee decisions," said Ahmed. "I am also now able to understand the impact of key economic indicators and have the ability to explain it to others.”
Jan Klein, the student's Banking and Credit professor, said: “We are extremely proud of our students. They represented Stevens well and collectively demonstrated the maturity, market savvy and competence that we want to be our hallmark at Stevens.”
For more information about the Business & Technology program at Howe, visit www.stevens.edu/Howe.