New Rochelle, NY (November 26, 2013) On Monday, November 18, the Iona College Fed Challenge team advanced to the semi-finals and placed second in the district at the 2013 Federal Reserve Bank of New York’s College Fed Challenge (CFC) competition, for undergraduate college students.
The first round of competition began on November 5, with the Iona team competing against 32 other colleges and universities in the CFC competition. The CFC is an intercollegiate competition in which students present an overview of the macro economy and prescribe a course for monetary policy.
Iona was one of six teams to advance to the semifinal round on November 18th where they placed second to Pace University. Other university and college participants included Cornell, Columbia, Fordham, NYU, and Rutgers.
“This is the strongest showing yet of an Iona team in the competition and our students should be commended for their efforts,” said Caitlin Greatrex, Ph.D., Assistant Professor of Economics and Fed Challenge Moderator.
According to the CFC, each fall, undergraduate students throughout the Second District begin preparing for the College Fed Challenge. The competition, requires students to work as a team to research and analyze current economic data, develop a forecast and review potential future economic risk, develop a presentation and answer questions on a recommendation for monetary policy.
Representing Iona at the competition were Ronald Distante, Mary Ann Gallucci, Ethan Heywood, Tommy Martin, and Sean Poyntz. Brendan Farrell, Denis O’Connor, Paul Traut, Krizia Toro, and Matthew Weeks provided research support.
About the College Fed Challenge: The College Fed Challenge is a team competition for undergraduate college students inspired by the working of the Federal Open Market Committee. 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 policy. It is also aimed at spurring interest in economics and finance as subjects for advanced study and as the basis for a career.