For Immediate Release — Thursday, November 10, 2005
Mary E. McCrank
Media Relations Officer
SUNY Geneseo Students Advance in Federal Reserve Bank Competition
GENESEO, N.Y. — A five-member student team from the State University of New York at Geneseo has advanced to the final round of the Federal Reserve Bank of New York College Fed Challenge.
The Geneseo team beat rivals from Hamilton College, the State University at Binghamton and Cornell University on Nov. 4 to win the Upstate New York competition in Buffalo. The students will travel to New York City for the Nov. 17 competition. If the team wins that competition, it would advance to the national championship Nov. 28 and 29 in Washington, D.C.
Last year, SUNY Geneseo's team placed second in the final New York competition, and the year before the team placed third.
This year's 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.
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 Nov. 4 competition was judged by an M&T Bank Corp. vice president, a Federal Reserve Buffalo branch senior economist, and a Pittsford-Mendon High School economics teacher who advised the current national champion team.
The competition level in the Fed Challenge is "incredibly high," said Lˇonie Stone of Dansville, N.Y., an assistant professor of economics at Geneseo and an advisor to the team. This year was the first year the Challenge included a district competition, she said. Previously, teams went directly to New York City.