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Pittsford Mendon High School Team Wins National Fed Challenge Competition in Washington, D.C.
|May 24, 2005|
NEW YORK—A team of students from Pittsford Mendon
High School, Pittsford, New York, returned victorious from
the national finals of the Fed Challenge, held at the Board
of Governors of the Federal Reserve System in Washington,
D.C., on May 15-16.
The competition tested the students’ knowledge and understanding of how the Fed formulates and implements monetary policy. Competing teams were required to give their analyses of the current economic situation through presentations or by simulating a Federal Open Market Committee meeting in which members vote to set target short-term interest rates. Each team recommended and defended a course of action for the direction of U.S. monetary policy before a panel of judges.
The judges for this competition were Governor Donald L. Kohn, Board of Governors of the Federal Reserve System; Laurence H. Meyer, former member of the Board of Governors; and Deborah Perelmuter, senior vice president at the Federal Reserve Bank of New York.
The Fed Challenge was established in 1995 to promote among students a greater understanding of economics and the role of the Federal Reserve in the economy, and to work with schools to develop the next generation of economists. The competition is sponsored by the Board of Governors and eight regional Federal Reserve banks.