For Immediate Release — Friday, November 18, 2005
Mary E. McCrank
Media Relations Officer
SUNY Geneseo Students Win Federal Reserve Bank of New York Competition, Advance to Nationals
GENESEO, N.Y. — A student team from the State University of New York at Geneseo has won the Federal Reserve Bank of New York College Fed Challenge, edging out a half-dozen private schools — including Harvard University and last year's winner, Rutgers University — throughout a daylong competition Thursday in New York City.
In the final round, Geneseo beat Rutgers University, Boston College and Seton Hall University. Earlier in the day, Harvard University, Bard College and Ramapo College of New Jersey were eliminated in the semi-finals round.
The team won the $5,000 top prize and an additional $10,000 for Geneseo's Jones School of Business. The Moody's Foundation established the competition and provides the monetary awards. Geneseo has continuously advanced in the Federal Reserve Bank of New York (FRBNY) competition, placing second last year and third in 2003.
The team will next compete in the national championship before the Federal Reserve's Board of Governors on Nov. 28 and 29 in Washington, D.C. Geneseo will compete against Northwestern University, winner of the Chicago competition, and another team that is competing today for top prize in the Richmond, Va., competition, said Lloyd Bromberg, director of educational programs for the FRBNY. The top performing team will win $15,000 for the team and $10,000 for their college.
This year's Geneseo student team includes: Mohammed Partapurwala of Brooklyn, N.Y., Kristin Walker of Williamsville, N.Y., Carolyn Miller of Loudonville, N.Y., Robert Boyd of Fairport, N.Y., Jenny Syverud of Canandaigua, N.Y., Peter Gray of Rochester, N.Y., Sergey Zinger of Fairport, N.Y., and A.J. Hameline of Holland Patent, N.Y.
Leonie L. Stone and Christopher Annala, both assistant professors of economics at Geneseo, are advisors to the team.
"This is an example of the continuing excellence demonstrated by SUNY Geneseo's teams in this competition," said Bromberg. "From the beginning, Lee Stone and students who have made up her teams have always placed very highly in the competition, which is a testament to the quality of the economics education at the school."
Jones School of Business Dean Mary Ellen Zuckerman said the college is thrilled with the students' hard work.
"We are extremely proud of our Fed Challenge team and delighted with their first-place finish among such keen competition. The students and advisor Lee Stone have worked extremely hard to hone the team's research, analytical and presentation skills for this competition," she said.
"The team's outstanding performance is a reflection of the high quality of the economics program at SUNY Geneseo and the excellent students who come to Geneseo. A number of faculty members and friends of the school of business provided useful feedback to the team as well, and we thank all those supporters. We look forward to this talented team's performance in the national competition in Washington."
The College Fed Challenge is designed to help business, finance and economics undergraduates become more knowledgeable about the Federal Reserve Bank of New York and the decision-making process of the Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting group. Teams of students engage in mock discussions of the Fed's Federal Open Market Committee that sets short-term interest rates. The teams make a recommendation about whether to change interest rates and why, just as the real FOMC does, and must support their analysis and arguments.
The Geneseo team won the Upstate New York competition in Buffalo on Nov. 4, beating Hamilton College, SUNY Binghamton and Cornell University.