Purpose
College Fed Challenge Mission
- The College Federal Reserve Challenge of the Federal Reserve System is a yearly academic competition sponsored by several reserve banks and is administered by the Eastern Economic Association. The College Federal Reserve Challenge consists of teams of three to five students from nearby colleges and universities. Each team is responsible for creating a presentation 20 minutes in length to be delivered in front of a panel of judges consisting of academics and professional economists. Concluding the presentation, a 15 minute question and answer session ensues between the collegiate group and the panel. By advancing through three rounds of local competition, successful teams win recognition, with the first place team continuing to Washington, D.C. to compete against other regional winners at the Board of Governors. In addition to the educational benefits and confidence arising through rigorous competition, students benefit from opportunities to apply their economic experiences in the real world. These skills learned can be applied to acquire internships, discover potential career paths, and hone skills of public speaking, logical thinking, writing, and analysis. Instructors of undergraduate institutions benefit through the use of a venue to develop enthusiasm for the study of economics and to integrate their curriculum with an active learning experience.
Goals
- To develop an understanding of the components of a modern economy and their long-term contribution to economic growth and development, while appreciating the short-run fluctuations which lead to business cycle activity.
- To comprehend the role of the Federal Reserve System in creating monetary policy designed to promote economic stabilization in furtherance of achieving the dual mandate of price level stability and maximum employment while assuring moderate long term interest rates and financial system stability.
- To understand the short-run and long-run interactions of monetary policy with regard to unemployment, inflation, economic growth, fiscal policy, and exchange rate stability.
- To promote an understanding of current political and economic issues which impact on overall economic and financial system activity.
- To increase students' awareness and understanding of the unique role of the Federal Reserve in the economy.
- To develop students' research, cooperation, presentation, and critical thinking skills.
Complete list of goals.
Read more about this topic: College National Fed Challenge
Famous quotes containing the word purpose:
“Our policy is directed not against any country or doctrine, but against hunger, poverty, desperation and chaos. Its purpose should be the revival of a working economy in the world so as to permit the emergence of political and social conditions in which free institutions can exist.”
—George Marshall (1880–1959)
“It is not the purpose of literature to purvey news. For news consult the Almanac de Gotha.”
—Herman Melville (1819–1891)
“It is my purpose to disclose the mystery at once, and to ask you to look for your interest,—should you choose to go on with my chronicle,—simply in the conduct of my persons, during this disclosure to others.”
—Anthony Trollope (1815–1882)