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Federal Reserve Challenge Team | PACE UNIVERSITY

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Putnam County Times featured Dyson student Dylan Seals in "Carmel Student Seals Victory for Pace U"

01/15/2020

Putnam County Times featured Dyson student Dylan Seals in "Carmel Student Seals Victory for Pace U"

(Class of 2018) Dylan Seals helped Pace University top the Federal Reserve’s 2019 College Fed Challenge. Seals, a junior studying Honors Economics at Dyson College of Arts and Sciences (which has campuses in NYC and Pleasantville), was part of a 16-member team that led the school to its fourth victory in six years over universities from all over the country.

“Competing was fantastic!” Dylan said. “I have always been competitive and it was great to work with teammates and showcase our knowledge in front of professional economists. Along the way, I learned more than I had ever hoped to. I really became an expert in monetary policy and have also learned transferable life skills. I have been able to apply my knowledge so far in a number of job interviews where I can show my understanding of the economy and be comfortable doing so through the intense practice in both the academic side and the public speaking side.”

The College Fed Challenge began 16 years ago to test college students’ knowledge of the U.S. economy, monetary policymaking, and the role of the Federal Reserve (the central bank of the United States), which plays a vital role in the economy by regulating monetary policy, banks, interest rates, and more. Participating teams analyze economic and financial conditions and formulate monetary policy recommendations modeled on the work of the Federal Open Market Committee. Teams competing in the 2019 finals gave presentations and answered questions for a panel of senior Federal Reserve officials. Pace has won the Fed Challenge four out of the last six years. Harvard has won twice. According to a Pace spokesperson, Pace started winning when organizers switched to “blind judging” where the team's school is not revealed to the judges until the scores are in.

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Canton Citizen featured Pace’s Dyson College of Arts and Sciences student Marissa Kleinbauer in "CSH grad wins national College Fed Challenge"

01/13/2020

Canton Citizen featured Pace’s Dyson College of Arts and Sciences student Marissa Kleinbauer in "CSH grad wins national College Fed Challenge"

Marissa Kleinbauer of Canton, a student at Pace University in New York, was a member of the winning team at the recently held national College Fed challenge in Washington, D.C. It marked the fourth time in six years that Pace has won the prestigious competition, which tests students’ understanding of the U.S. economy, monetary policymaking, and the role of the Federal Reserve System.  Kleinbauer was one of nine team members, all of whom are economics and business economics students in Pace’s Dyson College of Arts and Sciences. The Pace team faced some formidable competition during the finals, outscoring teams from Harvard University Loyola University Maryland, University of Chicago, and University of Pennsylvania.

Read the Canton Citizen article.

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Press Release: Pace University Students Make History with Win in National Federal Reserve Challenge

12/02/2019

Press Release: Pace University Students Make History with Win in National Federal Reserve Challenge

Pace University’s Team Claims a Top Spot in the Competition’s History as a Four-time, First-Place Winner in Federal Reserve’s Annual College Fed Challenge

NEW YORK (December 2, 2019) – Pace University students won the 16th annual national College Fed Challenge, marking the fourth time in six years that Pace has won the prestigious competition that tests students’ understanding of the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. Since 2010, Pace students have won the competition more than any other school, with Harvard University’s team winning only twice in the same timeframe.

The finals were held in Washington, D.C., as the capstone to five district competitions held around the country. Undergraduate teams from across the country first competed in their local Reserve Bank Districts, and top teams moved on to the finals. The Pace team faced formidable competition from Harvard University, Loyola University Maryland, University of Chicago, and University of Pennsylvania. Earlier this month, the Pace University team won New York’s regional competition.

“Pace University’s powerful combination of classroom instruction and real-world experience is what prepares our graduates for success in their careers—and, as is now apparent, in academic competitions,” said Marvin Krislov, Pace University’s president. “I’m incredibly proud of the hard work and dedication of our Fed Challenge team, which won the National College Fed Challenge last month, for their amazing fourth win in six years.”

“There is no better way to finish my Fed team experience than with a national win! I was always confident in the team, but competition is an extremely unpredictable experience so to see the team utilize the hundreds of hours of practice so well during competition is something that makes me extremely proud as captain. This is my second national win in the Fed Challenge, but my first-year knowledge pales in comparison to what I know now in my third year on the team. So, not only do our team members walk away with the pride of a national title but also with invaluable knowledge and skills we will use in our future education and careers,” said team captain Scarlett Bekus.  

All nine members of this year’s team are economics and business economics students in Pace’s Dyson College of Arts and Sciences. The team members are Scarlett Bekus (captain), Sean Freda, Alexandra Bruno, Joseph Drennan, Marissa Kleinbauer, Dylan Seals, Gabriella Serebryanaya (alternate), Olivia Speno (alternate), and Yesenia Vazquez (alternate). Professor Gregory Colman and Clinical Associate Professor Mark Weinstock served as the team’s faculty advisors.

Participating teams analyze economic and financial conditions and formulate monetary policy recommendations, modeled on the work of the Federal Open Market Committee. Teams competing in the finals gave presentations and answered questions for a panel of senior Federal Reserve officials.

About Dyson College of Arts and Sciences

Pace University’s liberal arts college, Dyson College offers more than 50 undergraduate and 14 graduate programs, spanning the arts and humanities, natural sciences, social sciences, and pre-professional programs (including pre-medicine, pre-veterinary, and pre-law), as well as numerous courses that fulfill core curriculum requirements. The College offers access to numerous opportunities for internships, cooperative education and other hands-on learning experiences that complement in-class learning in preparing graduates for career and graduate/professional education choices.

About Pace University

Pace University has a proud history of preparing its diverse student body for a lifetime of professional success as a result of its unique program that combines rigorous academics and real-world experiences. Pace is ranked the #1 private, four-year college in the nation for upward economic mobility by Harvard University’s Opportunity Insights, evidence of the transformative education the University provides. From its beginnings as an accounting school in 1906, Pace has grown to three campuses, enrolling 13,000 students in bachelor’s, master’s, and doctoral programs in more than 150 majors and programs, across a range of disciplines: arts, sciences, business, health care, technology, law, education, and more. The university also has one of the most competitive performing arts programs in the country. Pace University has a signature, newly renovated campus in New York City, located in the heart of vibrant Lower Manhattan, next to Wall Street and City Hall, and two campuses in Westchester County, New York: a 200-acre picturesque Pleasantville Campus and The Elisabeth Haub School of Law in White Plains. Follow us on Twitter or on the Pace News website.

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"Axios" featured Pace University in "Axios Markets"

11/25/2019

"Axios" featured Pace University in "Axios Markets"

5. 1 fun thing: College students as the Fed

Pace University won this year’s “National College Fed Challenge” — an annual collegiate competition hosted by the Federal Reserve on Friday.

How it works: Students evaluate the economy and present a monetary policy decision — just like the Fed's rate-setting committee — to a panel of judges (working Fed officials).

  • Pace’s team recommended holding interest rates at the current level, implementing “temporary price level targeting" and instituting a standing repo facility.
  • They were also quizzed on the practicality of negative rates in the U.S. (something President Trump is keen on) and monetary policy's impact on income inequality.
  • "Probably the most intense work ethic I've ever had is preparing for this competition," said the team's captain, Scarlett Bekus — who also noted that the team prepped seven days a week as the contest approached.

The team met Fed chair Jerome Powell. Marissa Kleinbauer, a junior on Pace's Fed team, tells me they predict Powell will keep rates on hold until [the Fed] sees inflation consistently high for a severe amount of time.”

Read the full Axios article.

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Press Release: Pace Students Win Regional College Federal Reserve Challenge at the New York Federal Reserve Bank

11/21/2019

Press Release: Pace Students Win Regional College Federal Reserve Challenge at the New York Federal Reserve Bank

Experiential Learning Propels Team to Victory in Federal Reserve’s Regional ‘College Fed Challenge'

The Pace University College Federal Reserve Challenge Team won first place in the Second District at a debate competition held at The Federal Reserve Bank of New York on November 12. Pace students bested teams from Columbia, NYU, Rutgers-New Brunswick, Fordham, Colgate, West Point, and thirty-five other colleges and universities. The team will compete at the National Competition at the Board of Governors of the Federal Reserve System in Washington, DC, on Friday, November 22, 2019. 

This is the team’s sixth win in New York Regional competition and the team has won the National Competition three times in the last six years. Housed within the Dyson College of Arts and Sciences at Pace University, this year’s team consisted of economics and business economics majors Scarlett Bekus (captain), Sean Freda, Joseph Drennan, Dylan Seals, Marissa Kleinbauer, Gabriella Serebryanaya (alternate), Yesenia Vazquez (alternate), and Olivia Speno (alternate).

Team captain, Scarlett Bekus ‘20 said, "I am beyond proud of every member of this team because this was truly a group effort. Going head-to-head with Ivy Leagues is intimidating, but we worked together tirelessly for the past six months and had incredibly dedicated faculty advisors and proved that hard work pays off. This is my third year on the team and watching the new members step up to the challenge and the returning members take on increased responsibility is something I just couldn't be more proud of." 

“We are incredibly proud of this year’s College Fed Challenge team. Their success is a testament not only to their dedication and knowledge, but also to the support the department faculty provide them. Our faculty mentors have done a tremendous job in developing the team members’ skills, their deep knowledge of the field, and their ability to perform so well in a high pressure situation,” said Dean Nira Herrmann, PhD, Dyson College of Arts and Sciences. 

For their bid to compete at the national competition, the students are required to create a fifteen-minute PowerPoint presentation on current financial and economic conditions and make recommendations for monetary policy actions. After the presentation, Federal Reserve economists question the team on their knowledge of the US economy, central banking, and monetary policy. The team’s success depends on solid analytical thinking, research ability, strong communications and public speaking presentation skills, and the capacity to function harmoniously with others in a team driven environment.

The Economics Department, a part of the Dyson College of Arts and Sciences on Pace’s New York City Campus, is among the most innovative in the country in developing research and participating in national conferences.  The Pace Fed Challenge team is under the faculty training and mentorship of Greg Colman, PhD, professor of economics, and Mark Weinstock, clinical associate professor of economics, who spend countless hours coaching the students. 

More than three hundred Pace students, many of whom are women and underrepresented minorities, have participated in the College Federal Reserve Challenge over the past fifteen years. As graduates, team participants are in lucrative  careers at prominent firms in finance, management, marketing, consulting, public policy, and in the public sector including the Federal Reserve System.

About Dyson College of Arts and Sciences

Pace University’s liberal arts college, Dyson College offers more than 50 programs, spanning the arts and humanities, natural sciences, social sciences, and pre-professional programs (including pre-medicine, pre-veterinary, and pre-law), as well as numerous courses that fulfill core curriculum requirements.  The College offers access to numerous opportunities for internships, cooperative education and other hands-on learning experiences that complement in-class learning in preparing graduates for career and graduate/professional education choices. 

About Pace University

Pace University has a proud history of preparing its diverse student body for a lifetime of professional success as a result of its unique program that combines rigorous academics and real-world experiences. Pace is ranked the #1 private, four-year college in the nation for upward economic mobility by Harvard University’s Opportunity Insights, evidence of the transformative education the University provides. From its beginnings as an accounting school in 1906, Pace has grown to three campuses, enrolling 13,000 students in bachelor’s, master’s, and doctoral programs in more than 150 majors and programs, across a range of disciplines: arts, sciences, business, health care, technology, law, education, and more. The university also has one of the most competitive performing arts programs in the country. Pace has a signature, newly renovated campus in New York City, located in the heart of vibrant Lower Manhattan, next to Wall Street and City Hall, and two campuses in Westchester County, New York: a 200-acre picturesque Pleasantville Campus and the Elisabeth Haub School of Law in White Plains. 

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Pace University Wins 11th Annual National College Federal Reserve Board Challenge

12/04/2014

Pace University Wins 11th Annual National College Federal Reserve Board Challenge

Experiential Learning Drives Victory As Pace Bests Princeton and U of Chicago In Nationwide Competition

Photo caption: (left to right) Lauren Price, Professor Anna Shostya, Yulia Mikhailova, Professor Gregory Colman, Kelsey Berro, Katherine Craig, Jordan Jhamb, Federal Reserve Chair Janet Yellen, Professor Joseph Morreale

Pace University won the 11th annual national College Federal Reserve Challenge on Tuesday, a competition that  tests students’ understanding of the U.S. economy, monetary policymaking, and the role of the Federal Reserve System.

The finals were held in Washington, D.C. as the capstone to five district competitions held around the country. Undergraduate teams competed in their local Reserve Bank Districts, and top teams moved on to the finals. The other national finalists were second-place Princeton University, and, with honorable mentions, Bentley University, the University of Chicago, and the University of North Carolina at Chapel Hill. The Pace University team had placed first in the semi-final New York regional competition, ahead of 35 other teams in the region. Pace’s win was the first for the NY Fed District in the history of the College Fed Challenge.

The Pace Team represented the New York Federal Reserve District and included Dyson College Economics majors Kelsey Berro (co-captain), Jordan Jhamb (co-captain), Julia Mikhailova, Katherine Craig, Lauren Price, and Daniella Gambino. The team was coached by Economics professors Mark Weinstock, Gregory Colman, and Anna Shostya, faculty members from the Department of Economics in the Dyson College of Arts and Sciences at Pace’s New York City campus. Berro and her professors have been part of winning College Fed Challenge teams since 2012, when Pace first won the New York District challenge and advanced to the national level.

Participating teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeled on the work of the Federal Open Market Committee.  Teams competing in the finals gave 15-minute presentations and answered questions for a panel of senior Federal Reserve officials.

"Students' participation in the Fed Challenge adds to their understanding of the economy and the Federal Reserve's role, and, I hope, spurs some students to pursue further study of economics and finance. In addition, the research, analytical, and communication skills that participants gain through their preparations will help them in whatever careers they choose," said Federal Reserve Board Chair Janet L. Yellen.

“Our students demonstrated the quality, hard work and commitment to success that characterizes education at Pace,” President Stephen J. Friedman said. “This victory graphically illustrates the competitive advantage and professional experience offered to students who choose the Pace Path. The result is a group of students who are more effective at graduation; they understand how to deal with major challenges and achieve long-term career success.”

About Pace University: Since 1906, Pace University has educated thinking professionals by providing high quality education for the professions on a firm base of liberal learning amid the opportunities for professional experiences offered by the New York metropolitan area. A private university, Pace has campuses in New York City and Westchester County, New York, enrolling nearly 13,000 students in bachelor’s, master’s, and doctoral programs in its Lubin School of Business, Dyson College of Arts and Sciences, College of Health Professions, School of Education, School of Law, and Seidenberg School of Computer Science and Information Systems. www.pace.edu