For Immediate Release — Wednesday, November 30, 2005
Mary E. McCrank
Media Relations Officer
SUNY Geneseo Places a Very Close Second in National Federal Reserve Competition
GENESEO, N.Y. — A student team from the State University of New York at Geneseo placed a very close second in the national Federal Reserve Bank College Fed Challenge at the Federal Reserve Board in Washington, D.C. Northwestern University of Chicago took the top honors, and Mount St. Mary's University of Emmitsburg, Md., took third place.
This was the first year Geneseo competed in the national competition. The college placed second in the Federal Reserve Bank of New York (FRBNY) College Fed Challenge in 2004 and third in 2003.
By placing second, the Geneseo team received a total of $15,000. The team will split a prize of $10,000, and $5,000 will go to Geneseo's Jones School of Business.
Geneseo previously defeated Harvard, Rutgers and Cornell universities, as well as a half-dozen other colleges and universities, to win the Federal Reserve Bank of New York College Fed Challenge and the Upstate New York competition. The other teams Geneseo faced were Boston College, Seton Hall University, Bard College, Ramapo College of New Jersey, Hamilton College and SUNY Binghamton.
Along with its victory in the New York competition, the Geneseo team received a total of $15,000 — $5,000 for the students to share and $10,000 for the Jones School of Business. The Moody's Foundation established the competition and provides the monetary awards, said Lloyd Bromberg, director of educational programs for the FRBNY.
This year's Geneseo student team includes: Mohammed Partapurwala of Brooklyn, N.Y., Kristin Walker of Williamsville, N.Y., Carolyn Miller of Loudonville, N.Y., Robert Boyd of Fairport, N.Y., Jenny Syverud of Canandaigua, N.Y., Peter Gray of Rochester, N.Y., Sergey Zinger of Fairport, N.Y., and A.J. Hameline of Holland Patent, N.Y.
Leonie L. Stone and Christopher Annala, both assistant professors of economics at Geneseo, are advisors to the team.
Jones School of Business Dean Mary Ellen Zuckerman said the college is thrilled with the students' hard work.
"We are extremely proud of this talented team who have represented Geneseo so well. Their performance in this national Fed Reserve final reflects both the hard work they put into this competition and the top quality education they have received. We congratulate them on their second-place finish, and congratulate the other two finalist teams as well."
The College Fed Challenge is designed to help business, finance and economics undergraduates become more knowledgeable about the Federal Reserve Bank of New York and the decision-making process of the Federal Open Market Committee (FOMC), the Federal Reserve's monetary policy-setting group. Teams of students engage in mock discussions of the Fed's Federal Open Market Committee that sets short-term interest rates. The teams make a recommendation about whether to change interest rates and why, just as the real FOMC does, and must support their analysis and arguments.