The Fed Challenge Team: Back row from left to right, Brian Reese, Margaret Ray, judge, Anne Hallerman , judge, Dennis O'Toole, Ray Owens, judge, and Matthew Kona. Siting from left to right is Hulusi Zarpll, Pasant Abbas and Aaron Dale.

VCU Wins Federal Reserve Bank of Richmond College Fed Challenge Competition

Richmond, VA – One of two teams representing Virginia Commonwealth University has won the Federal Reserve Bank of Richmond’s fourth annual College Fed Challenge Competition. Held November 15 and 16, the competition included student teams from Bridgewater College, James Madison University, Liberty University, Old Dominion University, University of Richmond, Virginia Commonwealth University (VCU), Virginia Tech, Virginia Union University, and the College of William and Mary.

VCU Team 1 winners included Pasant Abbas, Aaron Dale, Matthew Kona, Brian Reese, and Hulusi Zarpli. The two VCU teams actually make up a class, Economics 491, that studies a broad range of economic conditions during the semester. It is taught by Dr. Dennis O'Toole, who decided to combine the competition into a class four years ago. Final preparation for competing in the Fed Challenge became an School of Business activity this year with presentation coaching from several economics professors including Dr. Steven Peterson, Dr. George Hoffer, Dr. David Harless and Dr. Edward Millner, department chair, Dr. Shannon Mitchell, Dr. Leslie Stratton, Dr. Neil Murphy, Dr. Iris Johnson, Dr. Jon Ackley, Dr. Tai Shin, Dr. Kemper Baker and Dean Michael Sesnowitz.

VCU's teams delivered 20-minute presentations on monetary policy to Federal Reserve economists and were scored on content, teamwork, responses to questions, presentation and style. "In other words, the team predicts, based on their studies of the economy, what the Federal Reserve should do with the Federal Funds rate at its December 14 meeting," said Dr. O'Toole.

Federal Reserve judges included Tom Humphrey and Ray Owens, Research Department; Margaret Ray, Economic Education Division; and Anne Hallerman, Research Library. Old Dominion University and University of Richmond were finalists in the academic competition.

The five team members unanimously declared this an enlightening experience and expressed their high respect for Dr. O'Toole and the faculty members that coached them.

"This definitely is an excellent experience. We not only learned a great deal about the economy, but we learned to work together as a team." said Pasant Abbas "We learned a lot from it."

"This has been the most enlightening experience I have had at VCU. There are no tests, it is just pure self initiative and then a drive to win the competition," said Aaron Dale.

"This is an educational experience that only grad students receive. It is a learning experience of bringing a lot of facts together and integrating them into an economic portrait," said Hulusi Zarpli.

Brian Reese agreed. "It is because of the time, and contributions and criticisms and love of the professors that participated that we were able to put our presentation together so thoroughly."
He compared it to going into a dark room with a flashlight and flipping the switch to see the entirety of the economy. "In most classes you just receive a segment of the financial picture. In this class you study the entire economic picture.

Matt Kona, a junior, felt it was an excellent experience in focusing on learning, improving your communications skills and working as a team.

The Richmond Fed sponsors College Fed Challenge, a regional academic competition, to encourage better understanding of the nation’s central bank, the forces influencing economic conditions in the United States and abroad, and the ways the economy affects everyone.

The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., makeup the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.