St. John's News

January 2008—This past November, eight Tobin students, led by Dr. Joyce Furfero of the Economics and Finance Department, participated in the Annual College Fed Challenge. The Challenge is sponsored by the Federal Reserve Board of Governors and several eastern and mid-western District Banks with the intent of helping students become more knowledgeable about the Fed and its monetary policy-setting group, the Federal Open Market Committee. By sponsoring this event the Federal Reserve Board of Governors also hopes to foster a greater appreciation and understanding for monetary policy, the mechanics of decision-making and execution, and the role of monetary policy in stabilizing economic activity—what monetary policy can do and what it cannot do.

Participating teams play the roles of monetary policymakers by analyzing current economic conditions and recommending the course for monetary policy. Teams consist of three to five undergraduates from the same college or university. A team’s participation involves a 20 minute presentation and a 15 minute Q&A session led by a panel of judges comprised of economics professionals, college faculty, and/or Fed officials.

Judged by their presentation, teamwork, research, and knowledge, the Tobin undergraduate team scored 33 out of 40. Although the Tobin team, including Sarah Canas, Danielle Connelly, Audra Grassetti, Clynton Kakai, Alexis Miranda, Edgar Pabon, Nabintou Sanogo, and Derek Shu Luen Wong, did not advance onto the semifinals, team captain senior Derek Wong, who had also participated in the challenge in 2006, said this year’s team scored much higher than the previous year. Wong, who is a finance major felt the challenge was extremely competitive. “I learned specific economic theories that helped prepare me for the economics classes I am currently enrolled in,” said Wong. “Being a finance major, I didn’t know a lot about economic policy, but after participating in this challenge I now understand exactly what the Fed is talking about in terms of policy.” 

Winners of the Challenge go on to Washington to compete at the Board of Governors, and the Federal Reserve gives Golden Eagle Trophies to the winning students and Moody’s Foundation sponsors money prizes for the winning team and their schools’ departments.

The Peter J. Tobin College of Business has provided the highest quality business education for over eighty years.  Many alumni have risen to senior executive positions in the financial services community in New York and around the world.  Degrees offered include the Bachelor of Science, Master of Business Administration and Master of Science.  The College encompasses the School of Risk Management, Insurance and Actuarial Science, which is housed at the University’s Manhattan location in the heart of the New York financial district.  Recent recognitions for the Tobin College include a listing by The Aspen Institute among the top ninety business schools in the United States whose graduate curricula reflect a commitment to social responsibility and sustainability as well as representation among the “The Best 290” Business Schools in America according to The Princeton Review.  For further information, please contact Jennifer Maizel at (718) 990-6218 or email Maizelj@stjohns.edu.

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