A team of undergraduate students won honorable mention in a national competition based on the decision-making process of the Federal Open Market Committee (FOMC), the Federal Reserve System’s monetary policy-setting body.
The students on the Fed Challenge Team are advised by Michael Aguilar (Ph.D. ’08), a faculty member in the department of economics. The Fed Challenge competition encourages economics and business students on teams to undertake research, analyze data about current and near-term economic conditions, and then decide upon a specific course for monetary policy. The teams make interest rate recommendations before a panel of Federal Reserve economists.
This was the first time the UNC team has made it to the national competition in Washington, D.C., held on Nov. 29. To make it to nationals, the UNC team had to first win the branch and district competitions in Charlotte, N.C., and Richmond, Va., respectively.
Aguilar also teaches a course, “Econ 496: Fed Challenge,” for students who want an intense study experience, although the course is not required to participate on the team.
Aguilar said it was a great experience for the students, who got to sit in the actual board room where the FOMC meets.
“Ben Bernanke, the chairman of the board of governors of the Federal Reserve and the FOMC, came out and took pictures with our team. We also got to meet and have lunch with board of governors member Elizabeth Duke, who is a UNC alumna,” he said. “The questions were very intense, with many of them focused on the European debt crisis.”
The Fed Challenge gives students a chance to actively participate in an activity that combines different disciplines within economics, he said.
“It takes finance, statistics, economics and current events and challenges students to be able to articulate the material,” he said. “It was rewarding as an adviser to watch them grow.”
“I can honestly say that UNC is now a legitimate contender for the national championship in years to come.”
Team members who made the D.C. trip included Andrew Owens (captain), Ryan Delgado, Sam Grote, Russell Martin, Sean Myers, Nick Nohling and Gabriel Tan.
