Fed Challenge

Well, what can I say another Fed Challenge competition completed. All though I don't really like talking about the challenge simply because typically no one knows what I'm talking about. The Fed for many people is mysterious, monolithic aberration that the news reports on all the time. That is exactly what the competition is attempting to change. The Fed is simply the banker’s banker and steward of the financial system in the United States. The competition requires not only a focus on macro economic variables to assess economic well-being of the country. But the core of the competition is the ability to understand the social implications that the actions of the Fed have the entire system from large financial markets like the NYSE to individuals looking for a car loan.

Each year every district invites schools to participate in this rewarding and appropriately named challenge. Our district compromise of some of the top economic programs in the nation, Northwestern and University of Chicago are the biggest heavy hitters in country. Last year we fell short of U of Chicago by a heart breaking three points. This year was different armed with a greater focus and a well devised plan built on three years of obsession; we were able to accelerate into the finals. I can honestly declare in all humility that the progress made in three years of participation in the program is more than impressive given the nature of the competing forces involved.

This was my second time in the competition and I can easily say that is the single greatest thing I have done in my college career. The opportunity to be openly invited into one the most influential institutions in the country is hard to describe. Furthermore the willingness of the great minds willingly giving up there time to help my own personal develop and education is something is impossible to pass.

Kevin McKay

Wait?... What the? WHO?!

This year was an amazing experience: it was my first time participating in the Fed Challenge, and believe me, they don't call it a challenge for nothing. When your first experience is receiving 109 in-depth macro-economic questions (yeah... that kind that make you think and synthesize with previous knowledge) to ponder during your summer break, I should have known.... that it would be an amazing experience.

Participating in the Fed Challenge is probably the highlight of my undergraduate curriculum. I was able to finally utilize all of the knowledge collected during my time in college and apply it in a very specific manner: the macro economic implications of monetary policy, and the goals and objectives of the Federal Reserve system.

While our team was short handed, I think that for the number of people we had we did very, very, very, very well; especially considering some of the "Big Name" colleges we beat out (IU, University of Illinois, University of Michigan - Ann Arbor, Ball State, UNIVERSITY OF CHICAGO). Our goal this year was to make it to the afternoon round, something which IPFW has never done before, and also something that some schools rarely reach. While it would have been amazing to move on, I feel honored to participate in the whole project.

I think one of the most memorable parts was when they named the room winners. The look on every one's faces when "Team 'P', Indiana University-Purdue University Fort Wayne" was said, was immeasurably priceless.

While the competition is daunting, strenuous, and stressful; it is one of the best ways to apply concepts learned in the classroom to real life. It allowed me to push myself to extremes that I didn't know were possible (like working full time, taking a full course load of 400 level classes, tutor economics, and run for Treasurer of the Finance Society). It also allows you to build interesting friendships with your peers and professors.

Ultimately, as I said before, this was probably the most fun I have had with regards to academic events, and I encourage everyone to devote themselves to it.

Kyle "Will Discuss Monetary Policy for Food" Knerr, Senior - Finance/Economics Double Major

A Memoir of The Eloquent Fed Challenge

This year I played a support position on the Fed Challenge. I did not know what to expect when I went to the first meeting. All I knew was that it had something to do with the Federal Reserve. Right from the first start I was extremely impressed with the team. We began by dividing economic indicators among team members; each individual team member was given a specific area to focus on. We analyzed data on an individual basis then meet weekly with our professors to discuss the data. Although we each had a specific area to concentrate on we were not alone in the task. Every team member was more than willing to help and explain areas that they were knowledgeable on. The most impressive part of the whole experience was that the professors gave the students free reign on the organization of the team and took a passive role by allowing us think for ourselves. The only assistance provided was in the interpretation of the data. Presentation of the data was left entirely to the team. It was a very strong team and I was impressed with how well we all worked together. I learned so much from the entire experience. I gained a deeper appreciation for the role of the Federal Reserve System and the important role that the central bank plays in the US economy. I also learned about the different tools that the Fed uses to enact monetary policy and the historical evolution of these tools. The best part about being a part of the Fed Challenge this year is that I had an opportunity to put the theories we learned in the classroom into real a world context. This gave me a perspective of the Federal Reserve System that I could not have gotten out of a book.

Kidus Dirasse, Senior, Economics Major, IPFW Doermer School of Business.

Welcome

Welcome to the new IPFW Doermer School of Business Student Competition blog. We will be updating this on a regular basis with information on competitions that our students regularly participate in. The first student competition to report will be the Fed Challenge for the Department of Economics. Be on the lookout for that coming Monday, November 10 or Tuesday, November 11.