2008-2009 Schedule of Events

	HIGH SCHOOL	LOCATION	DATE(S) (TENTATIVE)
	Teacher orientation meeting	New York Fed	12/09/08
	Fed Challenge Institute (1)	New York Fed	02/25/09
	Fed Challenge Institute (2)	New York Fed	03/04/09
	First Round (2nd District)	New York Fed	03/30 - 04/03/09
	Semi-finals (2nd District)	New York Fed	04/21/09
	Finals (2nd District)	New York Fed	05/01/09
	National Championship	Washington, DC	To be determined

The Challenge
The Federal Reserve Bank of New York invites high school teams in the Federal Reserve's Second District (New York State; New Jersey counties of Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Passaic, Somerset, Sussex, Union and Warren; and Fairfield County in Connecticut) to enter the Fed Challenge. This multilevel national competition is designed to bring real-world economics into the classroom.

Goals

• increase understanding of the Federal Reserve's role in setting U.S. monetary policy,
• develop students' research, cooperation, presentation and critical-thinking skills,
• promote interest in economics, not only as a subject for undergraduate and postgraduate study, but as the basis for a career, and
• foster a closer relationship between schools and the New York Fed.

How it works
The Fed Challenge is a 25-minute performance-based assessment conducted at the head office or Buffalo branch of the New York Fed. Each performance consists of two parts: a 15-minute presentation—inspired by the work of the Federal Open Market Committee (FOMC)—and a ten-minute question-and-answer session.

High School teams, made up of three to five students each, gather research to make a presentation including:

• an analysis of economic and financial conditions (as of the day of the presentation),
• a near-term forecast of economic, financial and international conditions of critical importance in the development of monetary policy (for example, unemployment, inflation, output),
• identification of risks to the economy that should be of special concern for monetary policymakers, and
• a recommendation to increase, decrease or leave unchanged the level of short-term interest rates.

Following the presentation, a panel of judges, comprised of Federal Reserve staff members, financial professionals and educators will question the team. The panel will ask the team about its analysis, forecast and recommendation and the Federal Reserve's role in developing and implementing monetary policy. Judges will score teams based on five criteria:

• knowledge of the Federal Reserve's role in developing and implementing monetary policy,
• response to judges’ questions,
• quality of the presentation,
• quality of the research and analysis, and
• evidence of teamwork and cooperation.

The winner of the Fed District competition will compete for the national championship against other District winners at the Board of Governors in Washington, D.C.

All participants will receive a college recommendation letter. Second District finalists will receive a plaque. The Second District champion will be awarded the Benjamin Strong Trophy. National finalists will also receive a plaque. The national champion will be awarded the FOMC cup.

The McGraw-Hill Companies will sponsor a reception in Washington, D.C., for all students and teachers of Federal Reserve District champions.

The Fed Challenge has been endorsed by the Wharton School of the University of Pennsylvania, the National Academy Foundation and the Conference Board.

For more information

• Outside 212 area code, call toll free: 1-877-FED-CHLG
  (1-877-333-2454)
• In area codes 212, 718, 516 and 914, call: 212-720-1836
• E-mail: FedChallenge@ny.frb.org