Board of Governors of the Federal Reserve System

Pace University won the 14th annual national College Fed Challenge on Friday, a competition that encourages students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. The team, from New York, N.Y., represented the New York Federal Reserve District and included Carly Aznavorian, Salil Ahuja, Scarlett Bekus, Klejdja Qosja, and Marina Testani. Gregory Colman and Mark Weinstock were the team's faculty advisers.

The finals were held in the Board Room at the Board of Governors as the capstone to five district competitions held around the country. The other national finalists were second place: Harvard University, with honorable mentions for Princeton University, Virginia Commonwealth University, and the University of Wisconsin--Whitewater. College Fed Challenge is a team competition for undergraduate students. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee.

"For someone who has spent her career as an educator and economist, it's wonderful to see bright young people motivated to learn about the role monetary policy plays in fostering a healthy economy," said Federal Reserve Board Chair Janet L. Yellen. "I am hopeful that this experience will spur some of the students to pursue further study of economics and finance."

Teams competing in the College Fed Challenge finals gave 15-minute presentations and answered questions for a panel of judges. Teams were evaluated on economic analysis, responses to judges' questions, teamwork, and presentation. The judges were Dr. Ellen Meade, senior adviser in the Division of Monetary Affairs at the Federal Reserve Board; Dr. Thomas Lubik, senior research advisor at the Federal Reserve Bank of Richmond; and Dr. Andrea Tambalotti, assistant vice president and function head of the Macroeconomic and Monetary Studies Function at the Federal Reserve Bank of New York. The teams competed in their local Reserve Bank Districts, and the top teams moved on to the finals in Washington, D.C.

For media inquiries, call 202-452-2955