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Fairfield SHU Students Compete In NY College Fed Challenge

FAIRFIELD, Conn. – Five students in the Department of Economics and Finance at Sacred Heart University represented the Fairfield-based college at the New York College Fed Challenge in New York City last month.

The five Sacred Heart University students who competed in the New York College Fed Challenge. From left: George Ferris, Kyle Czarnecki, Scott Gaffney, Ken Arnold and Elias Gharios.

The five Sacred Heart University students who competed in the New York College Fed Challenge. From left: George Ferris, Kyle Czarnecki, Scott Gaffney, Ken Arnold and Elias Gharios.

Photo Credit: Sacred Heart University

The John F. Welch College of Business members who made up Sacred Heart's team were Kyle Czarnecki, Scott Gaffney, Elias Gharios, Ken Arnold and George Ferris.

The Fed Challenge is an economic forecasting competition among universities nationwide. Each team is responsible for creating and executing a 15-minute presentation in front of New York Federal Reserve Bank economists.

The presentation is designed to cover current economic and financial conditions, provide forecasts for near-term changes in those conditions, identify possible issues that could present positive or negative risks to the economy and end with a policy response.

After each presentation, the economists spend 15 minutes asking questions. The final score is based on both the students' presentation and the follow-up questions.

Czarnecki, who has a double major in finance and business economics, describes the research needed to compete as 'thorough.'

“Preparation was months in the making. Over the course of the summer, the team was tracking economic indicators and fed statements to prepare for the presentation,” he added.

Professors Bridget Lyons, who started the SHU program in 2005, and Khawaja Mamun acted as mock judges for that research throughout the fall.

While the team didn't make the Fed Challenge semifinals, their score was higher than last year's. Regardless of the result, Czarnecki and other members consider the experience a highlight of their college careers.

“Presenting at the Federal Reserve in front of their employees and economists allows you to recognize how much you really know. There is truly no room for error,” says Czarnecki.

For more information on the Fed Challenge and the competition, visit www.ny.frb.org/education/fedchallenge_college.html

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