MCC Business Administration Students Win Federal Reserve Challenge, District 1

Manchester, Conn. (November 30, 2016) – In only their second time participating in the College Fed Challenge, District 1, earlier this month, six Manchester Community College accounting and business administration students took home a win in the Community College Division.

The MCC team included three returning students from last year — Nicole Holyst, captain, of Tolland; Phillip Hylton, of Hartford; and Rebekah Webb, of Willington — as well as three newcomers, John Roberts, of South Glastonbury; Muhammad Chudary, of Vernon, and Molly Gosselin, of East Hartford. They were supported by Associate Professor Martin Hart and Instructors Malton Edwards and Kevin Bechard as they traveled to the Federal Reserve Bank of Boston for the competition held November 14.

The Federal Reserve Challenge, District 1, competition involves teams of undergraduate students from approximately 25 universities and colleges located within the Boston Federal Reserve District, which comprises all of New England except Fairfield County. All two-year and four-year colleges and universities are eligible to compete.

Teams analyze current and past macroeconomic conditions – for example, gross domestic product (GDP), state of the labor market, inflation, productivity, wages, housing and other indicators – and formulate monetary policy recommendations, modeling the Federal Open Market Committee.

They then make a presentation and defend it in front of judges, who are economists at the Federal Reserve Bank of Boston. Last year, as a first-time participant, MCC held its own against heavy competition that included baccalaureate institutions, according to Hart, chair of the MCC Accounting, Business and Marketing department.

“This year they were determined to win,” Hart said. “They met as a group over the summer on a weekly basis. They also got together twice a week during the fall semester to develop the plan and discuss research gathered for the presentation.”

Edwards and Bechard put the students through their paces to prepare them. “An argument has to be developed about why the team thinks the Fed should or should not increase the federal funds rate, which currently sits at 25 to 50 basis points,” Edwards said, “In preparation, students go over research papers, the Fed’s balance sheets, minutes from Fed meetings, economic data published by the Bureau of Economic Analysis, the Census Bureau, the Bureau of Labor Statistics and other crucial documentations.”

Edwards added, “Considering the caliber of schools that enter and the sheer amount of work required, this is great for MCC since it points to the quality of our programs and reinforces our mission of academic success.”