FOR IMMEDIATE RELEASE
Tim Schilling, Economic Education Specialist
CHICAGO – Students from six Midwestern colleges will visit the Federal Reserve Bank of Chicago on November 1 to test their knowledge of how the Fed creates policy that fosters a strong and stable economy.
Teams from Michigan State, Notre Dame, Northwestern, the University of Chicago, the University of Illinois at Chicago, and the University of Michigan at Dearborn will participate in Fed Challenge, a regional competition that will determine which school will represent the Midwest in a national Fed Challenge competition in Washington, D.C. on November 29-30.
The top three teams at the national level will receive cash prizes totaling $47,500 from Moody’s Investor Service.
Each team is required to face a panel of judges consisting of economists from the Federal Reserve, the private sector and academia. The judges will question the students following each team’s 20-minute presentation.
Bernard W. Dan, President and CEO of the Chicago Board of Trade, will announce the winning team and speak to the students as part of the awards ceremony and luncheon.
· Provides education on how Federal Reserve policy-makers develop and implement monetary policy that influences the amount of credit and money in the economy.
· Teaches students to conduct economic research, think critically, and make presentations.
· Promotes economics and finance as a career choice.
Preparing for the competition gives students an idea of how economists get ready for a meeting of Federal Open Market Committee, the Federal Reserve group that creates national monetary policy under the guidance of Chairman Alan Greenspan.
Each team is comprised of three-to-five undergraduate economics students researching existing economic, financial and international conditions; preparing a forecast of what’s in store for the economy; identifying potential concerns; and making recommendations for national monetary policy.
Each team will be ranked on a 1-10 scale related to their understanding of the Fed and its role in implementing monetary policy, their responses to economists’ questions, and the quality of their research and presentation.
For more information, call Tim Schilling at (312) 322-5109.