Rutgers team places second in national competition hosted by Federal ReservePhoto by Photo by Courtesy of Jeff Rubin | The Daily Targum The team presented topics such as inflation, unemployment and output in the boardroom at the Federal Reserve. They prepared by constantly reading economics and financial news, academic research and speeches from Federal Reserve officials.
Rutgers—New Brunswick came in second place this year at the College National Fed Challenge in Washington, D.C. behind Yale University.
The team qualified for the national tournament after coming in first place in the Liberty Street Division for the New York regional competition, hosted by the Federal Reserve Bank of New York.
Before the challenge began, the team was able to meet and take pictures with Chair of the Federal Reserve Jerome Powell. Its presentations were done in the boardroom at the Federal Reserve, where federal policy is actually created.
“It was definitely a bit intimidating, but a great experience,” said Mihir Trivedi, a School of Arts and Sciences senior.
Jeffrey Rubin, professor emeritus in the Department of Economics and one of the team’s advisors, said this was the second time in three years that the team came in the top five of schools that attended nationals.
At the event, the team presented some key indicators of the economy like inflation, unemployment and output, while discussing the course of monetary policy going forward. Trivedi personally focused on inflation.
“We were asked about the Federal Reserve's inflation target, the effects of inequality on monetary policy and about financial regulation,” he said.
In order to prepare for examination by three judges — who were top economists from the Federal Reserve Board — the team met twice a week with faculty advisors to rehearse its presentation and answer questions.
Independently, the team would prepare by constantly reading about economic and financial news, speeches from Federal Reserve officials and academic research on policy-relevant issues, Trivedi said.
“It is definitely rewarding to see all of our hard work and teamwork pay off,” he said.