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:
“The United States is the only great nation whose government is operated without a budget. The fact is to be the more striking when it is considered that budgets and budget procedures are the outgrowth of democratic doctrines and have an important part in developing the modern constitutional rights.... The constitutional purpose of a budget is to make government responsive to public opinion and responsible for its acts.”
—William Howard Taft (1857–1930)
“Science and art, or by the same token, poetry and prose differ from one another like a journey and an excursion. The purpose of the journey is its goal, the purpose of an excursion is the process.”
—Franz Grillparzer (1791–1872)
“A material resurrection seems strange and even absurd except for purposes of punishment, and all punishment which is to revenge rather than correct must be morally wrong, and when the World is at an end, what moral or warning purpose can eternal tortures answer?”
—George Gordon Noel Byron (1788–1824)