These were the 10 questions posed to the teams during the finals of the 2010-11 High School Fed Challenge Championship:
What is your assessment of the outlook for growth and the labor market?
What is your assessment of the outlook for inflation?
Economists talk about the "balance of risks" to growth and inflation - by which they mean weighing risks to both the Fed's employment and inflation objectives. Please explain and justify your assessment of the "balance of risks" at the present juncture.
What effect does the rise in oil prices have on your view as to the economic outlook and what are the monetary policy implications?
If Congress and the White House reach agreement on significant fiscal consolidation what would be the implications for the outlook and for monetary policy?
There is a lot of talk about inflation expectations at present. What are they and what role do they play in the inflation process?
At the appropriate moment, the Fed will have to begin normalizing policy again. Please explain what exit strategy you expect to deploy.
The Fed has a dual mandate, but some in Congress think the law should be changed to give it a single mandate expressed in the form of an inflation target instead. What difference if any would this make to the conduct of policy?
What role should international considerations, including the value of the dollar, play in monetary policy?
What is the relationship, if any, between monetary policy and financial stability?