Undergraduates present monetary policy proposals based on real-world economics
November 2026 – For the third consecutive year, Drew University economics students participated in the National College Fed Challenge, a nationwide academic competition hosted by the Federal Reserve Board of Governors.
The annual competition attracts teams from approximately 139 colleges and universities across 39 states, with nearly one fifth of participants representing institutions within the Federal Reserve Bank of New York district.
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As part of the challenge, undergraduate teams produce a 15-minute presentation analyzing current economic and financial conditions, assessing key risks, and forecasting the U.S. economic outlook. Teams conclude by presenting a monetary policy recommendation, mirroring the work of the Federal Open Market Committee (FOMC), the Federal Reserve’s policymaking body responsible for setting interest rates and promoting stable prices and maximum employment.
Representing Drew were Owen Browne C’27, Alexander Graziano C’26, Nolan O’Grady C’26, Hunor Harsanyi C’27, Joseph Hernandez C’29, Eberardo Perez C’26, Bella Polizzi C’26, and Erik Rothman C’27 (team captain). The team was advised by Karen Smith, Assistant Professor of Economics.
As part of their preparation, students attended the New York Fed’s College Fed Challenge orientation program and participated in industry visits to Bloomberg and J.P. Morgan, hosted by Drew alumni Krystal Palmer and Rebecca Kuhar, respectively. These experiences provided students with firsthand exposure to how economists, market strategists, and financial professionals analyze economic developments and interpret monetary policy in practice.
“The Fed Challenge pushed me to think beyond whether an economic indicator was simply good or bad,” said Harsanyi. “We had to understand what was driving inflation and growth, how those forces interacted, and ultimately decide what the Federal Reserve should do in an environment where the data did not always point in the same direction. Speaking with economists and market professionals throughout the process made that decision-making aspect especially valuable.”
Over the first five weeks of the fall semester, the team met regularly through a combination of in-person and virtual sessions to analyze developments in labor markets, inflation, artificial intelligence, economic growth, and financial markets. Working collaboratively, students evaluated incoming economic data, debated competing interpretations of the outlook, and developed a formal policy recommendation.
“Being captain has taught me that the best ideas rarely come from one person,” said Rothman. “My job is to make sure everyone’s voice is heard, then pull those perspectives together into a policy outlook we all stand behind. Watching the team grow from recruiting through our submission has been the most rewarding part.”
“Working through the data for the FED Challenge, I learned that the most interesting stories are usually one level below the headline number,” added Graziano. “Inflation, growth, and jobs all looked different once we broke them apart, and figuring out how to present that clearly was half the challenge.”
Students interested in joining the 2027 National College Fed Challenge team are encouraged to contact Team Captain Erik Rothman or Assistant Professor Karen Smith for additional information.
