12/05/2018
On November 14th 2018, BMCC Finance and Banking Club competed in Maiden Lane division of Fed Challenge Competition. Team consisted of students Mateja Tokic, Ambar Peralta, Kimberly Suarez, Celia Nightingale, Charles Reid and Jason Guan.
The College Fed Challenge competition brings real-world economics into the classroom. Led by Professors Yanni Tournas and Julian Schroeder, the BMCC team took on the role of monetary policymakers by analyzing economic conditions and recommending a course for monetary policy during the New York Fed district competition.
“We didn't know that we could sit in front of experienced economists at the Federal Reserve Bank of New York and talk with such confidence about economics and monetary policy until we took the opportunity and just did it”, said Kimberly Suarez.
To prepare for the competition, team members met several times a week, analyzed the data, explored possible policy recommendations and looked for supporting materials. They also worked on their presentation skills and team dynamics: “My experience with the FED Challenge taught me that it is an extraordinary thing to work with a team of people who are as passionate and dedicated to a subject as you are”, said Celia Nightingale.
“The sense of community and camaraderie we shared is an intangible, invaluable experience I will always cherish”, added Charles Reid.
The team was awarded with the trip to Federal Reserve in Washington D.C. on November 29th 2018 to watch the national finals and meet Mr. Jerome Powell, the chairman of the Federal Reserve System (photo attached below).
“I am very grateful that I got to learn from professionals in the area of finance and economics that work in the most prestigious institutions in this country, and after Fed Challenge I am inspired to seek for more opportunities”, added Mateja Tokic.
Members shared their interest to continue working and growing in the areas of economics and finance, some of them even hoping to work in the Federal Reserve Banks.
“After participating in the Fed Challenge I realized that school isn’t about going to sit in a class for hours and then leave, but it is about us getting involved in the things we are passionate for”, shared Ambar Peralta.
