For the third consecutive year, a team of Niagara University students from the Holzschuh College of Business Administration participated in the College Fed Challenge, a team competition that gives undergraduate students the opportunity to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee.
This year, Allison Shepard, Chase Luly, Erik Marshall, and Natalie Killion competed against teams from 118 schools nationwide in the challenge, which was held virtually last fall. Dr. Dennis Nsafoah, assistant professor of finance and economics, served as advisor to the team as they prepared their 15-minute video submission.
“Participating in events like the Federal Reserve Challenge transforms classroom theory into real-world practice, as students conduct rigorous research, collaborate under pressure, and present policy recommendations to industry experts,” said Dr. Nsafoah. “This process hones essential skills—such as communication, critical thinking, and leadership—qualities highly valued by employers. Competitions like these also create valuable networking opportunities and provide direct feedback from seasoned professionals, aiding students’ growth beyond the academic sphere. By championing such national competitions, the Holzschuh College of Business Administration not only reaffirms its commitment to cultivating well-rounded, career-ready graduates, but also broadens its visibility and reputation, showcasing the institution’s academic excellence to a wider audience.”
“This competition and the presentation offered me a hands-on learning experience about the U.S. economy and the role of the Federal Reserve,” said Shepard. “By researching and analyzing economic data, I gained an understanding of how various economic indicators are interconnected. This class allowed me to develop my data analysis skills and learn how to synthesize information from various sources. What’s more, the challenge of formulating a monetary policy recommendation showed me the complexities of economic policy making and the trade-offs the Fed has to consider. Lastly, the class showed me how the Fed’s decisions have a real-world impact on consumers and businesses by influencing economic factors like mortgage rates, housing affordability, and business investment.”
“Participating in the Fed Challenge provided me with invaluable hands-on experience that directly applied the concepts I’ve learned in college to real-world economic issues,” said Killion. “The research I conducted on the U.S. GDP and currency allowed me to deepen my understanding of macroeconomics, while also giving me the opportunity to analyze data and predict economic trends. Moreover, the collaborative aspect of the challenge proved to be a rewarding experience that enhanced my teamwork and communication skills. Although my career goal is to enter law, I am a major in economics, so I felt like this closely aligned with my studies and would benefit me in that regard. Knowing and understanding the economy will not only give me an upper hand in whatever field of law I enter, but also offer opportunity if I choose to go down a different path.”
Participants were invited to the Federal Reserve Board in Washington, D.C., in February for an open house. The NU students also toured the Capitol and visited other landmarks, including the Lincoln Memorial, Washington Monument, and the Smithsonian Museum of Natural History during their time there.