Participate in the “College Fed Challenge” Speaking Competition and receive Speaking Intensive credit. Prerequisites; Econ 201 and 202

Fed Challenge is an annual speaking competition sponsored by the United States Federal Reserve System. Teams of students research and present their recommendation for monetary policy. The presentations are judged by Federal Reserve economists, in mid November. Winners at the District level receive a trip to give their presentation at the Board of Governors in Washington, DC (judged by actual Federal Reserve Governors and Fed Bank Presidents). Winners receive awards and cash prizes. For more information about college Fed Challenge go to www.richmondfed.org/educational_info/academic_competitions/college_fed_challenge.

While students will complete much of the research and preparation necessary for the competition independently, they will also work as a team and will receive guidance from Dr. Margaret Ray (Economics), Dr. Tim O’Donnell (ELS), and other faculty members. Students determine when, where, and how often to meet (subject to syllabus guidelines).

2008 Fed Challenge Team (5^th District Finalists)

Jason Martin

Dam Pathmalal

Kristen Caufield

Kenny Barnes

Tristan Diaz

Michael Warlick

Stephanie Rzepka

Contact any of these students to ask about Fed Challenge!

“Every potential employer I have spoken with has asked me about my experience with Fed Challenge” – quote from former UMW Fed Challenge team member.

For more information or to express interest in taking the course, please contact Dr. Ray (mray@umw.edu, 654-1485).

Fed Challenge: Course Information

The purpose of the Fed Challenge course is to provide an opportunity for a group of students studying economics to participate in a unique and exciting reality-based experiential learning project. The project focuses on participation in the Federal Reserve’s “College Fed Challenge” competition through the Federal Reserve Bank of Richmond. Successful participation in the project/course requires independent research, in-depth economic analysis, effective communication, and a commitment to teamwork.

The goal and objectives of the Fed Challenge project are as follows:

Goal: To develop and present a monetary policy recommendation for the United States, based on an analysis of current economic conditions and economic theory.

Objectives: The Fed Challenge project will attain its goal by meeting these objectives.

ü Conduct extensive, detailed research on current economic conditions.

ü Identify and understand relevant economic theory.

ü Analyze current economic conditions using economic theory to develop a recommendation for monetary policy.

ü Present the economic analysis and consensus policy recommendation in a convincing and compelling presentation.

While each group participating in Fed Challenge will develop its own specific plan for meeting these goals and objectives, the plan should contain each of the following elements:

1) Initial meeting of the entire group and faculty advisors, as early as possible during the second week of classes. Communication between students in the group prior to the initial meeting is encouraged.

2) Development of a method of communication between group members (and shared with faculty advisors) throughout the semester, accomplished by the start of the third week of classes.

3) Development of a group meeting plan/schedule, accomplished by the start of the third week of classes.

4) Division of independent research responsibilities, accomplished as early as possible during the third week of classes.

5) Run-through of final presentation for faculty advisors two weeks before the competition.

6) Run-through for invited faculty one week before the competition date.

The Richmond College Fed Challenge is held at the Federal Reserve Bank of Richmond during the Fall semester. All participants in the course are required to attend the competition. Participants are responsible for confirming their attendance well in advance (i.e. make sure your attendance is approved by instructors, coaches, employers, etc). Transportation will be arranged and funded through the university. Since the specific competition schedule will not be set until closer to the competition date, you will need to have the entire day available.

Fed Challenge Project Evaluation

Group Evaluation

Success in the Fed Challenge competition (as evidenced by competition placing and judges’ written evaluation sheets) is sufficient, but not necessary for the success of the project/ course. That is, winning the competition is only one of the ways to assure success in the course.[1]

The success of the Fed Challenge project will be evaluated and graded based on how well the group meets the goals and objectives listed on the course information sheet. As a baseline, if the group gives a respectable, practiced, well-researched presentation based on economic analysis it can expect to receive a grade in the “A” range. Note: the group should be careful to make sure that each of the required elements listed on the course information sheet is completed by the deadline noted. Each element deadline missed will lower the group grade by one step (i.e. A to A-, B- to C+, etc.).

Individual Evaluation

Individual participation in the Fed Challenge project will be evaluated in each of the following areas listed below (each area is weighted equally). Individual evaluations will be used to adjust individual grades up or down from the group grade.

Ø Independent Research (quality and quantity)

Ø Understanding and Application of Economic Analysis

Ø Teamwork and Cooperation/Collaboration

Ø Contribution to Presentation Development and Delivery

Evidence of success in each area will come from faculty advisor observations (these will be solicited from all faculty involved in the project and synthesized by Dr. Ray), group communications, log and self-evaluation (see below), peer evaluations (see below), and competition judges’ comments. Failure to submit your log/self-evaluation or peer evaluation will lower your individual grade by one letter grade. These will not be accepted late.

Log and self-evaluation: Each participant must keep a log of work completed on the project. Example log entries are provided below. The brief self-evaluation should highlight what you contributed to and gained from the project. It should be no more than 1 page, double-spaced, 12- point font. Each participant must turn in a copy of their log and the brief self-evaluation by noon on the last day of classes. These can be in either a hard copy or electronic format.

Peer Review: Each participant will complete a peer evaluation of each of the other participants in the project. The peer reviews should contain information that identifies and differentiates the contributions of group members. They should be useful for evaluation and be objective, respectful, and constructive. Each peer evaluation should be no more than one page, double- spaced, 12-point font. Peer evaluations are due via e-mail by noon on the last day of classes.

Activities Log

You are required to keep a log of the work you complete throughout the Fed Challenge project. Log entries should be very concise. Your log can be either electronic or hard copy and will be turned in at the end of the semester.

Each time you complete significant work on the project, create a log entry that notes the activity and outcome (what you did and what the result was). You don’t need to write down every time you think about the project, but you do want to be sure to capture the quantity and importance of your contribution. The entries should support your self-evaluation.

Example Log Entries (Use any format you prefer. Concise, neat and easy to follow are the only requirements)

Week 1

Sept. 2, 1 – 2:30 pm Reviewed online Fed Challenge information/resources; printed contest rules, took notes on important sites and resources.

Sept. 3, 3 – 4 pm Online search of Fed resources; found potentially useful Chicago Fed Monetary Policy paper

Sept 4, 4 – 7 pm Collected GDP data and created graphs; Read Mishkin text chapters 12/13; posted graphs and chap. summaries on group site.

Sept. 5, 10-10:30am Met with Dr. Hansen about locating historical monetary policy resources; identified monetary policy history book

Sept. 5, 7 – 8 pm Attended group meeting.

Week 2

Sept. 6, 4-6 pm Reviewed new unemployment data release; searched for articles analyzing new data; found Wall Street Journal article

Sept. 6, 6-6:30 pm Sent e-mails to try to sent up meeting with faculty advisors; posted new data release and WSJ article on the group communication site.

Sept. 7, 2-3 pm Met with Economic Growth sub-group; drafted presentation section on growth

Sept. 9, 3 – 3:30pm Speaking Center consultation on Growth section of presentation.

Sept. 10, 1 – 3 pm Printed out sample Q&A questions; drafted sample responses; posted responses on group communication site; e-mailed econ profs asking for additional questions.